Per Incuriam Cases – III

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

Capital Expenditure vs Revenue Expenditure

The question about the nature of expenditure has always been a highly contested issue in tribunals and courts in India. Characterising an expenditure as revenue or capital has tax implications. Revenue expenditure is taken into account while computing taxable profits and would be eligible for a tax deduction whereas on capital expenditure only depreciation can … Continue reading Capital Expenditure vs Revenue Expenditure

Capital gains exemption for investment in residential house: Top 5 Issues & their answers

  Sale and purchase of house property: Capital gains exemption If buying and selling a house property, Section 54 allows an individual to be exempted from payment of capital gains tax on the profit, if: The seller is an individual or HUF. Asset needs to be classified as a long-term capital asset, being a residential house. … Continue reading Capital gains exemption for investment in residential house: Top 5 Issues & their answers

Most Litigated Income Tax Issues (Procedural)

Knowledge is a beautiful thing. Not knowing may make you feel embarrassed amongst your peers, and knowing may even earn you the respect of your seniors. Now, thanks to the Riverus income tax research tool, all such knowledge is at finger tips, for everyone. Procedural aspects are relevant in the lifecycle of every case, irrespective … Continue reading Most Litigated Income Tax Issues (Procedural)

Being Forewarned is Being Forearmed

Are you an individual who does tax planning meticulously and pays taxes judiciously but still wonders if you are shooting in the dark? We bring to you a series of articles to help you understand what you have to watch out for and help you structure a comprehensive legal strategy backed by sufficient data-driven evidence to … Continue reading Being Forewarned is Being Forearmed

Curious Case of Long-term Capital Gains tax exemption

In the Finance Act of 2004, the then finance minister introduced the Securities Transaction Tax (STT) on sale of equity shares and simultaneously provided an exemption, under Section 10(38) of the Act from payment of Long-term Capital Gains tax (LTCG) if STT was paid on the sale transaction.   The current finance minister has made … Continue reading Curious Case of Long-term Capital Gains tax exemption