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Sunil Maloo

Latest Posts by Sunil Maloo

Mere bald assertions by AO in reasons for reopening would confer valid jurisdiction to AO to Reopen?

June 3, 2020 1437 Views 0 comment Print

Each aspect of Section 147 has been a subject matter of careful scrutiny by the court of law. One such main issue is with respect to the validity of the assumption of jurisdiction by the AO to reopen the assessment beyond four years, merely by making a Bald Assertion in the reasons as to the failure of the Assessee to disclose fully and truly all the material facts. The author has made an analysis veracity of such practice with the help of available judicial pronouncements

Finance Act 2020 Analysis of International Taxation related amendments

March 31, 2020 9573 Views 0 comment Print

Article mainly explains Amendments vide Finance Act, 2020 relating to Residential Status, Amendment Removing Dividend Distribution Tax and Impact thereof, Incorporation of MLI and Introduction of Equalization Levy on E-Com Operators.

BUDGET-2020 : Analysis of Direct Tax Proposals

February 2, 2020 17640 Views 2 comments Print

Tax Harassment will end – assures FM while presenting union Budget 2020 Trusting every citizen, the aspirational youth, the hard-working women, the risk-taking entrepreneur, the ever hopeful and untiring farmer or the wise and old senior citizen. Many among them are taxpayers.  Others may not be taxpayers today.  Our Prime Minister has laid before us […]

MAT Credit Entitlement for Companies opting for lower Tax regime

September 28, 2019 4557 Views 2 comments Print

Government has brought in the Taxation Laws (Amendment) Ordinance, 2019 and announces major relief in corporate tax for domestic companies, in order to boost the Make in India initiative. Corporate tax reduced to 22% (Effective Tax Rate 25.17% inclusive of Surcharge and Cess) for domestic companies while for new manufacturing companies, tax rate has been brought […]

Bench marking of Most Appropriate Option for Taxation of Domestic Companies

September 24, 2019 4290 Views 2 comments Print

Government has brought in the Taxation Laws (Amendment) Ordinance 2019 and announces major relief in corporate tax for domestic companies, in order to boost the Make in India initiative. Corporate tax reduced to 22% (Effective Tax Rate 25.17% inclusive of Surcharge and Cess) for domestic firms while for new manufacturing companies, tax rate has been […]

CBDT further increases Monetary Limits for filing of appeal

August 10, 2019 2364 Views 1 comment Print

Analysis of Circular No. 17/2019 dated 08/08/2019 1. As a measure for reduction in the tax litigations, CBDT has further increased Monetary Limits for filing appeals by the Income Tax Department. The revised monetary limits are as under: Sr. No. Appeals/SLPs in lncome tax matters Earlier Limits Revised Limits vide this circular 1 Before Appellate […]

CIT(A)’s Power to Enhance Assessment – Too Wide but “Too Narrow”

February 15, 2019 13575 Views 0 comment Print

1. CIT (A) is the first Appellate Authority under the Income Tax Act, 1961 to whom the Assessee can approach if he is aggrieved by the Order of the Assessing Officer. The CIT(A) shall dispose the appeal so filed by exercising his powers u/s 251 of the Act, which reads as under: – Powers of […]

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