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Adv Ashish Parashar (tax Counsel)

Latest Posts by Adv Ashish Parashar (tax Counsel)

SC Overrules Automatic Stay Vacation in Asian Resurfacing of Road Agency vs CBI

March 1, 2024 930 Views 0 comment Print

Supreme Court clarifies its power to set guidelines for courts, but not to dictate them. Understand the limitations of automatic stay vacation, interim relief principles, and how courts can ensure fair and timely case resolution.

Income Tax Department Advisory: High-Value Transaction Discrepancy

December 27, 2023 115809 Views 8 comments Print

In-depth analysis of recent Income Tax Department communications on high-value transactions. Understand the advisory, compliance steps, and implications. Stay informed to avoid penalties.

Cost-Plus Method : A Better Way To Assess Transfer Price?

October 26, 2022 20535 Views 0 comment Print

The transfer pricing rules are meant to prevent tax leakage and market distortion that may result from the prices set for transactions among related parties. While cost-plus is one of the most commonly used methods to assign an appropriate price for a product or service, it’s not the best method to follow in all cases.

Delusion of Trickle-Down Economics: The Indian Case

October 4, 2022 2367 Views 0 comment Print

Introduction The past half century has been a period of substantial change in tax policy in the advanced democracies. A particularly prominent part of this transformation has been the dramatic tax cuts on the rich across the Organization for Economic Co-operation and Development (OECD) countries. Recently, the newly elected government in United Kingdom (UK) unveiled […]

Penalty on Agreed Additions – Should Estoppel Apply?

August 12, 2021 2154 Views 0 comment Print

In this article, the author has tried to analyze the applicability of Estoppel Rule, with the penalty on agreed additions by the assessee. Now, at the outset, practically it is not uncommon for an assessee to agree to additions, if he were to be spared from penalty consequent on such admission.

Sec 45(4) of Income Tax Act–New Jeopardy for Honest Taxpayers!

May 31, 2021 10428 Views 2 comments Print

We are well aware of the recent rationalization of provisions being made with respect to the transfer of capital asset to a partner on the dissolution or reconstitution of a firm or other Association of Persons (AOP) or Body of Individuals (BOI) (not being a company or a cooperative society) or otherwise.

Analysis of Doctrine of Noscitur A Sociis In Taxation

December 28, 2020 4875 Views 0 comment Print

This article analyses the applicability of ‘Doctrine of Noscitur a Sociis’ as a rule of construction in the interpretation of Income tax statute in India. This has been explained with the help of provisions contained under clause (e), sub section 22 of section 2 of the Indian Income Tax Act, 1961 .i.e. Deemed dividend.

Constitution – When Does A Tax Liability Arise? Analysis of Various Ratios Lay Down by Apex Court

October 31, 2020 3627 Views 7 comments Print

When Does A Tax Liability Accrue? Article 265 of the Constitution of India provides that no tax shall be levied or collected except by the authority of law. Such tax does not depend upon an assessment to be made by the assessing officer. Section 4 of the Indian Income Tax Act, 1961, which is the charging section, charges tax on income at the rate or rates prescribed under the Act.

Refund on Inverted Tax Rate Structure-Anomaly Persists!!

September 16, 2020 6075 Views 1 comment Print

INTRODUCTION: Under the Central Goods and Services Tax Act, 2017 normally, the refund provisions under Section 54 of the Act applies in the following cases :- 1. Zero Rated Supplies (Exports to a country outside India & Supplies to SEZ). 2. Inverted Tax Rate Structure. “Inverted Tax Rate Structure” means a situation when there is […]

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July 2024