Welcome to The Vantage Point - the Riverus blog. We look forward to you reading our analysis, and hearing your views and feedback through comments. If you have any suggestions on articles or areas of income tax case law that you want us to analyse, please write in as a comment. (Comments on this site … Continue reading The Vantage Point
In continuation of our series on Per Incuriam cases, today we look into two situations which present very intriguing questions of law related to genuineness of a partnership firm and the age old tax problem of distinction between capital and revenue expenditure. You can read the earlier parts here - I, II, III and IV … Continue reading Per Incuriam Cases – V
In this edition of per incuriam cases, we have cases with issues ranging from dismissal of complaint due to undisclosed amount not being high enough, to deduction of marriage expenses in for unmarried daughter and ending with the Bombay High Court deciding an issue against the assessee in three sentences. Does rejection of complaint due … Continue reading Per Incuriam Cases – IV
Even after a judgement has been declared per incuriam, they are routinely cited by the courts. For example, the case CIT vs Avi-Oil India Pvt Ltd.which was declared per incurium by V.R.A Cotton Mills (P) Ltd. vs U.O.I on 27-09-2011 has been cited 15 times since then. Identification of per incuriam cases can be useful to both lawyers … Continue reading Per Incuriam Cases – III
Slump Sale - Meaning A Slump Sale is a sale of one or more undertakings by a seller as a going concern to an acquirer, for a lumpsum consideration, without specific values being assigned to individual assets. The concept of Slump Sale was introduced in the income tax law through section 2(42C) [definition of Slump … Continue reading Slump Sale and its taxability
A judgment of the court is not a binding precedent if given per incuriam, i.e., it is either: A judgment that is passed in ignorance of a relevant statutory provision; or A judgment that is passed without considering binding precedent of a coordinate or larger bench. As discussed in the earlier article, the significance of a judgment having … Continue reading Per Incuriam Cases – II
Per Incuriam cases are those which have been pronounced in ignorance of existing law or precedents and hence no longer hold any precedential value. Per incuriam cases can blindside practitioners if they are unaware of their status, since the Courts will not accept them as binding or even persuasive precedents. Here’s a list of per … Continue reading Per Incuriam Cases
The government of India has provided various benefits to empower the differently abled and their families. One of the benefits under the Income tax Act for differently abled taxpayers to reduce their taxable income is a provided under section 80U. The criteria of disability for claiming the deduction of taxable income is fixed by the … Continue reading Deductions for the differently abled under Section 80U
Last week in our article series we discussed the oft overlooked unreported judgments. After establishing how these judgments are a prominent part of the corpus of judicial literature in India, and a valuable resource for any diligent practitioner, we thought we’d trawl our database to uncover the most popular unreported judgements. These judgements on important … Continue reading Most Cited Unreported Judgments
Who amongst us doesn’t like to save taxes? Or wished to stay at tax haven where you don’t have to pay income tax. While tax is almost an inevitability, globalization a few years ago gave rise to another interesting problem – that of double taxation. If you were working in a country of which you … Continue reading Foreign Tax Credit on Exempt Income
Whether you are buying a business, selling a business or merging two or more businesses, there are multifarious tax issues that need to be navigated. It is crucial to know what you are getting in to when you decide to grow your business through Mergers and Acquisitions (‘M&A’). In any M&A transaction, tax considerations are … Continue reading Implications of Change in Beneficial Shareholding
