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Tuesday, July 7, 2020

[ACCA_Profs] Two Interesting Articles On Sections 56(2)(x) And 153A Of The Income-tax Act, 1961

 

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The following important updates are available at itatonline.org:

Oppression Mismanagement Related Resolution Out Of Section 56(2)(x) Of The Income-tax Act 1961

CA Ashish Chadha has explained the provisions of Section 56(2)(x) of the Income-tax Act, 1961 and Rule 11UAC of the Income-tax Rules 1962 (which was inserted vide Notification No. 40/2020 dated 29th June 2020). He has pointed out the Rule provides relief from the levy of income-tax in case of resolution of stressed companies under specific scenarios, where the resolution is either initiated by the Central Government keeping the public interest in mind, i.e. the cases involving oppression and mismanagement, or in special cases like that of Yes Bank

Can The Amendment To S. 153A, Which Extended Limitation For Reopening Assessments To 10 years, Be Resorted For Reopening Proceedings Which Were Barred By Limitation?

The Finance Act, 2017 has amended section 153A of the Income-tax Act to empower an assessing officer to issue notice to an assessee beyond 6 assessment years but not beyond ten assessment years. CA Rohit Kapoor has dealt with the important question whether the extended period of limitation for reopening assessment could be resorted to for reopening proceedings which were already barred by limitation on the date of the amendment made by the Finance Act 2017 (01-04-2017). He has cited numerous judicial precedents in his analysis

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:

A Comprehensive Guide To The law Of Reopening Of Assessments Under Sections 147 To 153 Of The Income-tax Act, 1961 (Updated: July 2020)

Advocate Ajay Singh has conducted a meticulous assessment of the entire law in sections 147 to 153 of the Income-tax Act relating to the reopening of assessments. He has explained the entire procedure in a systematic manner and also cited all the important judgements on the issue. The Guide is an imperative read for all taxpayers and professionals. The law is updated as of July 2020. A pdf copy of the Guide is available for download

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