Shri Firoze B. Andhyarujina, Sr. Advocate, has explained the entire law relating to the interplay between the Income-tax Act and the Evidence Act with particular reference to retraction of recorded statements and affidavits, cross-examination, drawing of presumptions etc. All the important judgements on the topic, including the latest Supreme Court judgements, have been discussed threadbare. The discussion will prove invaluable to all taxpayers and tax professionals. A pdf copy of the article is available for download
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Tag: Income-tax Act
Understanding General Anti-Avoidance Rules (‘GAAR’): Part 2
In Part I, CA Paras Dawar explained the legal aspects of GAAR’s applicability and its consequences. In Part II, he has explained the procedural aspects with respect to the implementation of GAAR with particular reference to the safeguards prescribed by the Shome Committee which curtail the unfettered power of the AO to challenge aggressive tax avoidance arrangements by tax payers
Section 14A: Scope Of Disallowance Explained
CA Dev Kumar Kothari has considered the interesting question whether disallowance under section 14A of the Income-tax Act, 1961 can be made in a case where tax is paid by the assessee by way of dividend distribution tax or securities transaction tax or where shares are bought by him not with a view to earn dividends but to obtain a strategic controlling interest in the Company or to earn capital gains
Understanding General Anti-Avoidance Rules (‘GAAR’): Part 1
The provisions of Chapter X-A of the Income-tax Act, 1961, which prescribe General Anti-Avoidance Rules (‘GAAR’), have been made applicable to all transactions entered into on and from 1st April 2017. The provisions are complicated and are likely to lead to numerous controversies and litigation between the taxpayer and the income-tax department. CA Paras Dawar has explained the salient aspects of the legal provisions in a simple and easy-to-understand format
Tagged with: 1961, CA Paras Dawar, Finance Act 2017, GAAR, General Anti-Avoidance Rules, Income-tax Act
Surgical Strike On Cash Transactions (Analysis Of Sections 269ST & 271DA Of The Income-tax Act, 1961)
The numerous amendments made by the Finance Act 2017 to curb the usage of cash in business transactions has serious implications for taxpayers. CA Jyoti Gupta has conducted a systematic analysis of these provisions with special emphasis on sections 269ST and 271DA and explained all of their nuances
Tagged with: 1961, CA Jyoti Gupta, Cash Transactions, Finance Act 2017, Income-tax Act, sections 269ST and 271DA