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Manish Harchandani

Latest Posts by Manish Harchandani

Registration of Trust under Income Tax – Analysis of New Provisions

May 13, 2021 124170 Views 13 comments Print

Finance Act, 2020 introduced various amendment related to the registration of Charitable trust and Religious trust for availing the exemption u/s 11 and 12 of the Income Tax Act, 1961 (Act). Thereby, the legislature introduced section 12AB in the Act and made erstwhile provision of registration (i.e. section 12AA) inoperative.

IT refund not received? Know provision of Withholding of IT Refund

March 8, 2021 4314 Views 3 comments Print

Overview: Finance Act, 2017 inserted the section 241A to enable the AO to withhold the refund arise after processing of the Income Tax Return. The provision has been analyzed as under. Provision of Income Tax Act Withholding of refund in certain cases. 241A. For every assessment year commencing on or after the 1st day of April, […]

Determination of Period of Holding of Capital Asset – Short Term or Long Term

December 3, 2020 89430 Views 1 comment Print

Period of holding is critical and initial step to determine tax liability on Capital Gain on shares, securities, immovable property, bonds or any other capital asset as the rate of tax, implication of carry forward and set off, and benefit of indexation depends upon the nature of asset. i.e. whether capital asset is Short Term […]

No incriminating material, no addition – Kolkata ITAT

June 17, 2020 1275 Views 0 comment Print

Kusumlata Sonthalia vs. PCIT (ITAT Kolkata) Preliminary issue of whether the addition could be framed u/s 153A of the Act in respect of a concluded proceeding without the existence of any incriminating materials found in the course of search. The scheme of the Act provides for abatement of pending proceedings as on the date of […]

Revisionary proceedings u/s 263 against reassessment proceedings are confined to reasons recorded u/s 148

May 21, 2020 2361 Views 0 comment Print

The reasons recorded for reopening of the assessee are very foundation of the reassessment proceedings. However, same analogy can also be applied in ongoing ‘Limited Scrutiny’ in which the AO has been directed to examine the only specified limited issues and this stand of the assessee can ignite the litigation.

Residential Status – Unintended anomaly of section 6(1A)

May 21, 2020 7383 Views 0 comment Print

The Finance Act, 2020 made several amendments in the provisions of the section 6 of the Income-tax Act, 1961 (Act) with aim to bring the stateless person (an individual who is citizen of India and having income other than foreign source more than Rs. 15 Lakhs) in tax net of the India.

Determination of Residential Status of Individual – Amendments

April 9, 2020 7389 Views 0 comment Print

The Finance Act, 2020 made various other key amendments which were originally not proposed in the Finance Bill, 2020. In this article, the Author has attempt to discuss each amendment in-depth in comparative form (i.e. the position as per earlier law viz-a-viz position as per amended law). Further, the Author has also provided the Flow Chart which will be proven as a useful tool to determine the residential status of an Individual as per amended provisions.

AAR’s rejects Applications of Mauritius Entities for selling Flipkart shares

March 26, 2020 2997 Views 0 comment Print

Re. Tiger Global International II Holdings, Mauritius & Ors (Authority for Advance Rulings New Delhi) Facts: ♠ Tiger Global International (II, III, IV) were the applicants, the Mauritius based companies which holds several shares in the Flipkart Private Limited, the Singapore based Company, the company which derive its substantial value from the assets located in […]

Section 10(38) – Tax on Long Term Capital gains from on the transfer of equity oriented funds

February 25, 2020 164793 Views 15 comments Print

Finance Act, 2017 amended section 10(38) of the Income-tax Act, 1961 (the Act) stating that long term capital gains from transfer of listed equity shares acquired on or after 01 October, 2004, would be exempt from tax under section 10(38) of the Act only if the Securities transaction Tax (STT) was paid at the time of acquisition of such shares.

Penalty & immunity under Section 270A / 270AA- Practical Issues

January 28, 2020 41046 Views 0 comment Print

Understand the practical issues related to the new penalty provisions under Section 270A of the Income Tax Act. Learn about underreporting and misreporting of income and the implications for taxpayers.

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