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Sunday, June 7, 2020

[ACCA_Profs] Articles By Legal Luminaries On Reopening Of Assessments Us 147 And Retrospectivity Of The Benami Law

 

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The following important updates are available at itatonline.org:

Remanding Back Of Assessment: An Exercise In Futility

Advocates Amol Sinha and Ashvini Kumar have pointed out that though the law is very clear on the procedure that has to be followed by the Assessing Officer when reopening an assessment under section 147 of the Income-tax Act, the same is often not followed. When the assessees challenge the breach, Courts tend to remand the entire matter back to the AO for being redone. The learned authors have argued that the practice of remand causes unnecessary hardship and harassment to the assessees. They have submitted that Courts ought to quash the proceedings and declare them void ab initio. This will also send a clear message to the AOs that they should always follow the proper procedure

Is The Benami Act Retrospective?

CA Tilak Chandna has raised the interesting question whether The Prohibition of Benami Transactions Act, 1988 as amended by the Benami Transactions Prohibition Act, 2016, has retrospective or retroactive operation? He has answered the question in a clear-cut manner after an extensive research into the legislative scheme and several important judicial precedents

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

Regards,

 

Editor,

 

itatonline.org

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Latest:

Overview Of Section 56(2) Of The Income-tax Act,1961

CA Chandrakant K Thakkar has prepared a compilation in which he has traced the legislative history of section 56(2) of the Income-tax Act and explained the rationale of the numerous amendments. He has also set out in a tabular format the various controversial issues that have arisen to date and the judicial pronouncements which answer them. The compilation will prove invaluable as a ready-reckoner of all important case laws on section 56(2) of the Act

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