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SC Order on Revenue Appeal against quashing of Section 148 (old) Reassessment Notices by various High Courts
1 The Hon’ble Supreme Court of India has allowed in PART the appeals of Revenue against the orders of various High Courts in matters relating to issue of Reassessment Notices u/s 148 (from 01.04.2021 till date 04.05.2022) following the procedure under the unamended section 148 of Income Tax Act, 1961. 2 The Supreme Court has […]
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(Reblog) Perspectives on Life Insurance Industry In India
First published on 31 January 2013 Synopsis 1 Background of the Insurance Sector 2 Snapshot of the Performance of the Life Insurance Sector post Liberalisation 3 Is LIC – A beneficiary of Liberalisation? 4 The Effect: Increase in Insurance Consumption 5 Role of Advertising – To create Insurance Awareness a. Bima Bemisaal – The Insurance […]
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Validity of Gifts by Karta of ancestral property of HuF
The Supreme Court of India in the matter of KC Laxmana vs KC Chandrappa Gowda | 2022 LiveLaw (SC) 381 has HELD : “It is trite law that Karta/Manager of a joint family property may alienate joint family property only in three situations, namely, (i) legal necessity (ii) for the benefit of the estate and […]
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Dispute Resolution for Small Assessee’s
The Finance Act, 2022 has amended Section 245MA therein in the Income Tax Act, 1962 wef 01 April, 2022 creating for a new procedure for Dispute Resolution for Small Assessee’s. The CBDT has further amended the Income Tax Rules, 1962, to introduce Part IX-A and new Rules 44DAA, 44DAB, 44DAC and 44DAD and Form 34BC […]
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New Scheme for Taxation of Digital Assets such as Cryptocurrencies & NFTs
The Finance Bill, 2022 has proposed a new Scheme for Taxation of Digital Assets such as Cryptocurrencies & NFTs. It may be duly noted that Transactions in Cryptocurrencies and NFTs were taxable in earlier years as well. The classification of Income under Heads of Income such as Business or Capital Gains or Other Sources with […]
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Proposition : Paperless International Trade – A Use case for XBRL GL, Blockchain – Distributed Ledger & Smart Contracts, ISO 20022 Payment Messaging Standard, UNCITRAL MLETR, etc
A proposition on a use case for XBRL / Blockchain in Automation of International Trade Documentation. Problem Statement : At present, Business Enterprises (including those engaged in International Trade) & Regulators thereof receive and send Transaction Documents – in closed formats – thus involve manual extraction & re-keying – in the recipient’s Accounting Package / […]
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Multi-lingual Tech Applications in Commercial & eGovernance Applications : A Methodology
India is a land of diversity including of linguistic diversity. This proves difficult to provide services to citizens in their preferred language a mammoth task particularly when there are also inter-state migrants who all speak different languages. In this regard, my observation is that there is a very high degree of compatibility of Transcription & […]
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Simplification of Tax Audit Report Forms – A Suggestion
The Income Tax Audit Report Forms 3CD alongwith applicable Forms 3CA / 3CB / 29B / 29C / 10B etc prescribed under Income Tax Rules are very expansive and seek a lot of details, which in many cases, are not applicable to the respective category of assessee’s. My submission is that instead of a combination […]
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Memorandum of Partition – Requirement of Registration
In the matter of Popatlal Devaram vs CIT (1970) 77 ITR 1013, the Hon’ble Orissa High Court has HELD : The sole question on which this court, is to express its opinion is whether the memorandum dated May 1, 1957, is compulsorily registrable. Law is well settled that a partition of the joint family properties […]
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Partnership between Karta of HUF and Coparceners or Members
It is a well settled proposition applicable to Hindu law that members of the joint family and even co-partners can, without disturbing the status of the joint family or the coparcenary, acquire separate property or run independent business for themselves. Ratanchand Darbarilal vs Commissioner Of Income TaxAIR 1985 SC 1572, (1985) 48 CTR SC 349, […]