CIT v. Ajay Kumar Gupta, Delhi High Court

Whether the order of ITAT confirming the inapplicability of Section 145(3) while ignoring the AO’s assessment and rejection of the assessee’s books of accounts justified?

Case: CIT v. Ajay Kumar Gupta, Delhi High Court This case is clubbed with CIT v. Rajiv Gupta Listen to the summary of CIT v. Ajay Kumar Gupta, Delhi High Court Note: You must have access to Riverus Research Map for Income Tax to access the links in this article. To get free access, please … Continue reading Whether the order of ITAT confirming the inapplicability of Section 145(3) while ignoring the AO’s assessment and rejection of the assessee’s books of accounts justified?

Taxation of proceeds in the hands of a retiring partner

Note: You must have access to Riverus Research Map for Income Tax to access the links in this article. Get your free 7-day access here, instantly! Introduction A partner who receives certain assets upon retirement from a firm would be keen to ensure that such assets do not attract capital gains tax. Read this article … Continue reading Taxation of proceeds in the hands of a retiring partner

ITAT Visakhapatnam decides: Should royalty payments be aggregated with other international transactions to determine the arm’s length price?

Case: DCIT vs M/s. SNF (India) LtdForum: ITAT Visakhapatnam Listen to the case summary DCIT vs M/s. SNF (India) Ltd, ITAT Visakhapatnam here Note: You must have access to Riverus Research Map for Income Tax to access the links in this article. Email us at hello@riverus.in to try for free. Overview: Judgment date: October 4,2019 … Continue reading ITAT Visakhapatnam decides: Should royalty payments be aggregated with other international transactions to determine the arm’s length price?

Whether tax authorities can ask for forms 15G/15H to be furnished at any time for the purposes of verification?

Case: ACIT v. Telangana Grameen Bank, Hyderabad ITAT Listen to the case summary ACIT v Telangana Grameen Bank, ITAT Hyderabad here Note: You must have access to Riverus Research Map for Income Tax to access the links in this article. Email us at hello@riverus.in to try for free. Background The assesee is a regional rural … Continue reading Whether tax authorities can ask for forms 15G/15H to be furnished at any time for the purposes of verification?

Payment of fee for online subscription services not to be taxed as royalty

Note: You must have access to Riverus Research Map for Income Tax to access the links in this article. Email us at hello@riverus.in to try for free. Introduction The Bombay ITAT in its recent decision of Elsevier Information Systems GmbH v. Dy.Commissioner of Income Tax held that subscription fees paid to access an online database … Continue reading Payment of fee for online subscription services not to be taxed as royalty

Whether the order of CIT (exemptions) rejecting the grant of registration under section 12AA of the Income Tax Act to the assessee valid or not?

Case: M-S. SeyyIidmadani charitable trust vs the CIT (EXEMPTIONS), ITAT Bangalore Listen to the case summary M-S. SeyyIidmadani charitable trust vs the CIT (EXEMPTIONS), ITAT Bangalore here Background The assessee is a trust which came into existence vide deed of trust dated 7.1.1981. Its objects are enumerated as providing education. The assessee applied for grant … Continue reading Whether the order of CIT (exemptions) rejecting the grant of registration under section 12AA of the Income Tax Act to the assessee valid or not?

Judge Spotlight: Justice Sripathi Ravindra Bhatt

Justice S. Ravindra Bhatt is one of the four judges elevated to the Supreme Court in the latest round of appointments. The elevation took place on September 23, 2019. Here is a brief background, experience, and insights on cases. Background Justice Bhatt completed his LLB from Delhi University and was enrolled in the bar in … Continue reading Judge Spotlight: Justice Sripathi Ravindra Bhatt

Whether reopening of the assessment is valid on doubts of the authorities under section 147 R/W 143(3) of the Income Tax Act, 1961

Case: ACIT Khandwa V. M/s. Rajshree Fibres Bistan Road Khargone (M.P) ITAT Indore Listen to the case summary  ACIT Khandwa V. M/s. Rajshree Fibres Bistan Road Khargone (M.P), ITAT Indore here Background a) The case of the assessee was reopened for assessment and the assessment under section 147 r.w.s 143(3) of the income tax act, … Continue reading Whether reopening of the assessment is valid on doubts of the authorities under section 147 R/W 143(3) of the Income Tax Act, 1961

The Birth of Riverus

Small firms and solo practices offering legal, tax or accounting services face unique challenges in all countries. Some of these challenges are common across jurisdictions. These include operational challenges (e.g. matter management, invoicing, recovery, etc), challenges of branding and maintaining customer connect, availability of working capital debt, retaining talent, etc. Each one of these could … Continue reading The Birth of Riverus