The Heart of the Matter

More often than not, income tax cases can devolve into sordid matters involving deceit, dishonesty and general distasteful behavior. But once in a while, you may stumble upon a heart-warming (pun fully intended) story in tax, like I did when I chanced upon the case of Shanti Bhushan vs. CIT on Riverus. Shanti Bhushan, an … Continue reading The Heart of the Matter

Income from Agriculture: 5 Questions and their Answers

Agricultural income in India is categorised as a valid source of income and includes: income from sources that comprise agricultural land, income from buildings on or related to an agricultural land and commercial produce from an agricultural land.  Agricultural income is defined under section 2(1A) of the Income Tax and Act and such income earned by a … Continue reading Income from Agriculture: 5 Questions and their Answers

Income from House Property: 4 Questions and their Answers

Income from house property is chargeable to tax under Section 22 of the Income Tax Act. As per Section 22, tax on house property is chargeable on the annual value of any property, consisting of any buildings or lands connected to it, owned by the assessee. The determination of annual value in this case is done on … Continue reading Income from House Property: 4 Questions and their Answers

A Question Of Strategy

If you have been following this blog, you know what a question of law is. Much of the outcome of an important case hinges on it. The entire judicial system in a sense revolves around what is the best way to interpret questions of law. Another question The question to ask though is: As a … Continue reading A Question Of Strategy

Update: Deadline extended till 10th November! Riverus Article Writing Competition – 1st Edition

Riverus Technology Solutions is pleased to announce its 1st Riverus Article Writing Competition on Direct Taxes. We are inviting entries on the following themes: Implementing BEPS in India: Progress and Challenges Misusing Section 10AA of the Income Tax Act: Diversion of Profits from Non-SEZ Units Navigating through the issue of Permanent Establishment in India Format … Continue reading Update: Deadline extended till 10th November! Riverus Article Writing Competition – 1st Edition

Anatomy of an Indian Tax Case

A judgment, ideally, is a prime example of how one should structure any piece of text, especially legal texts. It is supposed to be coherent and concise, and importantly, follow a trail that takes the reader smoothly from one point to the other. While a judgment may simply seem like a collection of legalese to … Continue reading Anatomy of an Indian Tax Case

Penalty notice under section 274 must mention the grounds under which penalty is imposed

The Delhi bench of the ITAT has held in the case of Ravina Khurana vs. DCIT that imposing the penalty without mentioning the grounds specified in the notice issued under section 274 of the Income Tax Act is not justifiable and that the AO has to specifically mentioned under which limb of the Act the penalty proceedings … Continue reading Penalty notice under section 274 must mention the grounds under which penalty is imposed