Introduction The story of cryptocurrency in India has been a roller-coaster ride, to say the least. From the Reserve Bank of India’s (RBI) ‘shadow ban’ in 2018 to the Supreme Court’s landmark judgment in Internet and Mobile Association of India v. RBI (2020), the journey has been one of ups and downs for the cryptocurrency […]
This article explains how residential status under the Income-tax Act, 1961 determines whether India can tax your global income or only India-sourced income. It highlights statutory tests, classifications, and judicial principles governing tax jurisdiction.
The draft amendments mandate structured recovery policies and strict conduct standards for SFBs. Harsh practices and improper recovery methods are expressly prohibited.
The Court held that losses already set off in earlier years cannot be notionally carried forward for computing deduction under Section 80IA. The ruling follows binding precedent restricting retrospective reworking of absorbed losses.
The Tribunal held that service tax paid under a partner’s registration can be adjusted against the firm’s liability. However, liability as a sub-contractor was upheld.
The High Court upheld deletion of ₹7.26 crore addition under Section 68 after finding that PAN, bank statements and audited financials established identity and creditworthiness. Suspicion without evidence was held insufficient.
The High Court set aside cancellation of GST registration and directed the petitioner to file all pending returns within 30 days. Arrears including tax, interest, and penalties remain payable.
Explains how Section 6 determines whether global or only Indian income is taxable. Highlights differences between ROR, RNOR, and Non-Resident status.
Explains how agricultural income is fully exempt under Section 10(1) but can impact tax rates on other income. Covers constitutional basis and partial integration rules.
ITAT Kolkata held that reassessment under Section 147 was invalid as it relied solely on existing records. In absence of new tangible material, reopening amounted to impermissible review.
