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Tata Education and Development Trust vs. ACIT (ITAT Mumbai)
S. 254(2A): ITAT President to consider whether a Special Bench should be constituted to decide two very significant aspects relating to the powers of the ITAT to grant unconditional stay of demand after the amendment in first proviso to s. 254(2A) by the Finance Act 2020, namely, (i) The legal impact, if any, of the amendment on the powers of the Tribunal u/s 254(1) to grant stay; and, (ii) if the amendment is held to have any impact on the powers of the Tribunal u/s 254(1),- (a) whether the amendment is directory in nature or is mandatory in nature; (b) whether the said amendment affects the cases in which appeals were filed prior to the date on which the amendment came into force; (c) whether, with respect to the manner in which, and nature of which, security is to be offered by the assessee, under first proviso to s. 254(2A), what are broad considerations and in what reasonable manner, such a discretion must essentially be exercised, while granting the stay,by the Tribunal We are of the considered view that these issues are of vital importance to all the stakeholders all over the country, and in our considered understanding, on such important pan India issues of far reaching consequence, it is desirable to have the benefit of arguments from stakeholders in different part of the country. We are also mindful of the fact, as learned Departmental Representative so thoughtfully suggests, the issues coming up for consideration in these stay applications involve larger questions on which well considered call is required to be taken by the bench. Considering all these factors, we deem it fit and proper to refer the instant Stay Applications to the Hon'ble President of Income Tax Appellate Tribunal for consideration of constitution of a larger bench and to frame the questions for the consideration by such a larger bench, under section 255(3) of the Income Tax Act, 1961
Income Tax Measures Under Economic Stimulus Packages
Advocate Shashi Bekal has systematically summarized the three major Covid-19 reforms ushered in by the Government by way of extension of due dates, reduction in rates and disbursement of tax refunds. He has explained the scope of these reforms and provided a link to the relevant notification, press releases etc. He has pointed out that there are some proposals which have so far not received legislative sanction, which is causing confusion amongst taxpayers and tax professionals. He has requested the Government to address these issues as soon as possibleDeferment Of Tax – Issues Arising In The Context Of Section 45(5A) Of The Income-tax Act, 1961
The taxability of capital gains arising from Joint Development Agreements (JDAs) has been a subject matter of ongoing controversy. Section 45(5A) was inserted in the Income-tax Act, 1961 to incorporate special provisions for the taxability of these agreements. Advocate Rano Jain, a former Member of the ITAT, has explained the nuances of the entire law on the topic in a succinct and clear manner 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
Essar Shipping Limited vs. CIT (Bombay High Court)
S. 28(iv): The Dept's argument that the waiver of a loan constitutes an operational subsidy which is taxable is not correct. There is a fundamental difference between "loan" and "subsidy" & the two concepts cannot be equated. While "loan" is a borrowing of money required to be repaid back with interest; "subsidy" is not required to be repaid back being a grant. Such grant is given as part of a public policy by the state in furtherance of public interest. Therefore, even if a "loan" is written off or waived, which can be for various reasons, it cannot partake the character of a "subsidy". The waiver of a loan cannot be brought to tax u/s 28(iv) of the Act__._,_.___
Posted by: "editor@itatonline.org" <itatonline.org@gmail.com>
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