Interest free funds not kept in separate account. Can proportionate disallowance on interest under Section 14A of IT Act be allowed? SC explains
“… in taxation regime, there is no room for presumption and nothing can be taken to be implied.”
taxation
Taxation Laws (Amendment) Act, 2021
The Ministry of Finance has passed the Taxation Laws (Amendment) Act, 2021 on August 13, 2021. The Act amends the Income Tax
Explained| Scope of Section 80-IA(5) of the Income Tax Act, 1961 with respect to determination of quantum of deduction under Section 80-IA(1)
Supreme Court: Interpreting the true scope of Section 80-IA(5) of the Income Tax Act, 1961, the bench of L. Nageswara Rao* and
Whether a residential accommodation for nuns/students would fall under “religious or educational purposes” and be qualified for tax exemption? Supreme Court explains
Supreme Court: The Division Bench comprising of R. F. Nariman* and B.R. Gavai, JJ., addressed the instant case regarding statutory interpretation. The
Amounts paid by Indian companies to non-resident manufacturers/suppliers for resale/use of the computer software not royalty, hence, not taxable in India: Supreme Court [Read detailed report]
DTAA provisions must be treated as law and followed by Indian courts, notwithstanding what may be contained in the Income Tax Act to the contrary, unless more beneficial to the assessee.
Revisiting General Anti-Avoidance Rules in Income Tax Law
by Tarun Jain†
Cite as: 2021 SCC OnLine Blog Exp 9
Budget 2021- 22 | Voluntary Scrappage Policy: Government’s Sword to cut the Air Pollution
While the Finance Minister, presented the Union Budget, 2021-22 today, the most talked about was the Voluntary Scrappage Policy even before the
Extension of time limits for income tax returns
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the
Supreme Court year-end roundup| From important judgments to unmissable facts and stories, here’s a comprehensive roundup of all that happened in 2020
2020 has been a year of COVID-19, challenges, and changes. Of many things that this year has taught us, one of the
Extension of due date of furnishing of Income Tax Returns and Audit Reports
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the
Taxation & Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 | Faceless jurisdiction of income-tax authorities [Key Features]
President gave assent to the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 on 29-09-2020. The Taxation and
Advance tax ruling system| Detailed report on what the Supreme Court said
Supreme Court: The bench of SK Kaul and Indu Malhotra, JJ has recommended the Central Government to consider the efficacy of the
Disallowance under Section 40(a)(ia) of IT Act whether confined to the amount “payable” and not to the amount “already paid”?SC explains
Supreme Court: Dealing with the question as to whether disallowance under Section 40(a)(ia) of the Income Tax Act, 1961 is confined/limited to
Medical Oxygen IP and Nitrous Oxide IP are ‘drugs’ as per Section 3(b)(i) of the the Drugs and Cosmetics Act 1940
Supreme Court: The bench of Dr. DY Chandrachud and Ajay Rastogi, JJ has held that Medical Oxygen IP and Nitrous Oxide IP
PMLA | Search, seizure and retention of property pertaining to offence of money laundering requires compliance with provisions of PMLA, 2002
Appellate Tribunal for SAFEMA, FEMA, PMLA, NDPS & PBPT Act: A Coram of Manmohan Singh (Chairman), J. and G.C. Mishra (Member) set
SC explains meaning of “total turnover” under the Karnataka Sales Tax Act
Supreme Court: While examining the applicability of the turnover tax as defined under Section 6 B(1) of the Karnataka Sales Tax Act, 1957, the bench of AM Khanwilkar and Ajay Rastogi, JJ held: “the expression ‘total turnover’ which
SC elaborates on the scheme of determining additional purchase price under Clause 5A under Sugarcane Control Order, 1966
Supreme Court: On the question relating to assessment of the taxable income of a Co-operative Society engaged in the business of production
Motilal Pesticides overruled as it missed the difference in the terms ‘Income’ and ‘Gross Total Income’
Supreme Court: The 3-judge bench of Dr. AK Sikri, SA Nazeer and MR Shah, JJ decided an issue relating to interpretation of