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Analysis Of The Judgement Of The Supreme Court In PCIT vs. Maruti Suzuki India Ltd Along With Subsequent Developments
In PCIT vs. Maruti Suzuki India Ltd 107 Taxmann..com 375, the Supreme Court considered the important issue whether proceedings initiated by the Department against a person who ceases to exist due to death or amalgamation is valid or not. CAs Nehal Shah and Tanupriya Patel have explained the true scope of the judgement and raised several pertinent follow-up questions. One of the interesting questions raised is whether, if the assessee's successor omits to inform the Department of the death or amalgamation of an entity, the proceedings against the entity are curable and valid. A pdf copy of the article is available for download See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Higher Tax Rate On Income In View Of Amended Section 115BBE – Whether Retrospective?
Advocate Parveen Kumar Bansal (Former ITAT Vice President) and CA Gaurav Bansal have raised the interesting question whether the amendment to section 115BBE by the Taxation Laws (Second Amendment) Act, 2016 to tax unexplained cash credits, investments, expenditures etc under sections 68 etc at the higher tax rate of 60% can have retrospective application. The ld. authors have canvassed the convincing argument that the increased tax rate is prospective and should be confined only to additions made on account of unexplained demonetized currency and not for other additions. A large number of judicial precedents have been relied upon to support the argument. A pdf copy of the article is available for download__._,_.___
Posted by: "editor@itatonline.org" <itatonline.org@gmail.com>
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