Unexplained Cash Credits: Who bears the burden of proof?

Section 68 of the Income Tax Act, deals with unexplained credit whose nature and source cannot be satisfactorily explained by the assessee. Section 68 is an effective tool in the hands of the assessment authorities to prevent the conversion of black money into any other amount such as share premiums or share capital and escape … Continue reading Unexplained Cash Credits: Who bears the burden of proof?

The Big Picture of Vivad Se Vishwas: A Legal Analytics Case Study

The genesis of all lawsuits lies in a cost-benefit analysis. Fighting a case would rationally only make sense if the end result was to result in a net benefit to the litigant. Usually, said determination is made on the basis of opinions formulated using traditional tools of research. Legal research, as we know it today, … Continue reading The Big Picture of Vivad Se Vishwas: A Legal Analytics Case Study

ITAT Cochin Decides: Can Repairs to Improve an Asset be Classified as Capital Expenditure?

Case name: Kovilakam Hotels Pvt. Ltd. v. ACITForum: Cochin ITATMember: George George KLawyers (Assessee): K. Kittu Background The assessee is a private limited company running a 3-star bar attached hotel. The hotel was to be re-evaluated for re-classification as a 3-star hotel, and hence, the assessee spent INR 60.25 lakhs on repair and renovationThe return … Continue reading ITAT Cochin Decides: Can Repairs to Improve an Asset be Classified as Capital Expenditure?

Web session – Impact of prosecution proceeding related to income tax on Business

https://youtu.be/UqJPmEpEXxM The prosecution proceedings are held in criminal courts and the not just the revenue channels as the revenue starts criminal processes against the assessee for the tax due and normal recovery. Thus, the prosecution is a serious consequence of income tax evasion. If you have missed this session sponsored by Riverus Telescope, check this … Continue reading Web session – Impact of prosecution proceeding related to income tax on Business

Signing up and signing in – Riverus Research Map for income tax

Riverus offers 7 days of free trial for all its research products. At present, there are three products which you can use which are: Research Map for GSTResearch map for income taxTelescope for income tax Know how to sign up for a free trial and sign in to Riverus account with this video which shows … Continue reading Signing up and signing in – Riverus Research Map for income tax

Legislation Analytics an overview for Income tax

With Riverus Research Map for income tax Access text of the section, related sections, circulars notifications Check out the amendment history of a section Get access to Legislative Intent of a section with filters to help narrow down search results on the basis of forum, sections and assessment years. Section filter goes down 3 levels, … Continue reading Legislation Analytics an overview for Income tax

Gujarat High court decides: Date considerations for eligibility of deduction u/s 80IB(10)?

Case Name: Sheetal Infrastructure Private Limited vs Asst. Commissioner of Income Tax, Circle 4(1)(1) Forum: Gujarat HC Judges: Sangeeta K. Vishen, Harsha Devani Lawyers (Assessee): B S Soparkar Background The assessee was granted approval (Raja Chitthi) for its office construction project Vedika-I by the Kudsan Gram Panchayat on 16-Mar-2005.Gandhinagar Urban Development Authority (GUDA) approved the … Continue reading Gujarat High court decides: Date considerations for eligibility of deduction u/s 80IB(10)?