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Rajesh Kumar

Latest Posts by Rajesh Kumar

Waiver of Loan And Its Consequent Tax Implications

September 16, 2021 54102 Views 0 comment Print

Waived off loan means a situation wherein the lender voluntarily relieves a borrower of the obligation or liability to repay loan. This means that there is a surplus of cash/money in the hands of borrower and thus, a receipt in the hands of the borrower/assessee. Now the question is whether such waived off loan shall […]

Taxability on transfer of Capital Assets/Stock-in-trade from specified entity to specified person

July 6, 2021 2940 Views 0 comment Print

Taxability on transfer of Capital Assets/Stock-in-trade from specified entity to specified person The Finance Act 2021, has inserted Section 9B, Section 48(iii) and substituted section 45(4) of the Income Tax Act. The deeming provisions shall be applicable from Assessment Year 2021-22. For the purpose of this article, the term specified person and specified entity is […]

Key Changes in GST Law: Budget 2021

February 4, 2021 7920 Views 0 comment Print

GST Law came into effect from 1st July, 2017 and over the period of around 3 years it has undergone some major changes to simplify the interpretation and working of the Law. As the Law is new, changes are made to avoid difficulty in its enforcement and have a seamless tax system and flow of […]

Budget 2021: Changes in Tax Laws

February 1, 2021 4953 Views 0 comment Print

Article discusses Changes in GST Law, Changes in Income Tax Law, Certain benefits have been granted to specified sectors, Changes in Custom Law and Introduction of Agricultural Infrastructure and Development Cess vide Budget-2021 [Finance Bill, 2021]. Following changes has been made in Tax Laws vide Budget-2021 [Finance Bill, 2021]. Changes in GST Law: Vide Finance […]

Reversal of Input Tax Credit for Sellers Fault: Can Innocent Buyer be punished?

December 14, 2020 16974 Views 2 comments Print

Seamless Input Tax Credit is basic foundation of GST laws. However, Section 16(2)(c) of the CGST Act makes provision that ITC can be taken only when GST has actually been paid by the supplier. This article is an attempt to examine the provision and understanding the ambit of the provision. Purpose of Credit under GST: […]

Online Betting and Gambling in India

December 10, 2020 7488 Views 0 comment Print

Before entering into the question of online betting or gambling, let us examine whether ‘gambling or betting’ per se is legal or illegal in India. There are no central laws against gambling or betting in India. The Public Gambling Act, 1867 does not prohibit gambling or betting, it merely prohibits and prescribes punishment Act to […]

Business Connection under Income Tax – Analysis of Volkswagen Decision of ITAT

October 7, 2020 25572 Views 0 comment Print

What is a Business Connection under Income Tax Act- [An analysis of Volkswagen Decision of ITAT] Recently Hon’ble ITAT decided a matter in case of Volkswagen Finance Pvt Ltd vs. ITO [ITA No. 2195/Mum/2017; Assessment year: 2015-16]. The Hon’ble Tribunal decided on the meaning of “business connection” within the meaning of Section 9(i) of the […]

Implications of IBC Amendment Ordinance, 2019

December 30, 2019 4275 Views 0 comment Print

Union Government promulgated Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 on December 28, 2019. The Ordinance is effective at once. The Ordinance proposes to make amendments in the various provisions Insolvency and Bankruptcy Code, 2016; notably in Sections 5(12), 5(15), 7, 11, 14, 16(1), 21(2), 23(1), 29A, 227, 239, 240 in the Insolvency and Bankruptcy […]

Interception of Conveyance and Penalty under GST

December 7, 2019 7629 Views 2 comments Print

Though E-way bill system is a good step towards checking tax evasion, it has also resulted in gross harassment of honest assessees. The goods under transportation are stopped, detained even for minor discrepancy in the documents. Further, to release the goods, maximum tax/penalty is imposed indiscriminately. It has resulted in great hardship to the trade […]

Principles of Condoning Delays in Filing Appeal- Recent Judgments

December 3, 2019 27288 Views 2 comments Print

During the month of November 2019, two important judgments were pronounced by judicial authorities, pronouncing the principles behind condoning the delay in filing appeals before the courts by applying section 5 of the Limitation Act, 1963. In case of Senior Bhosale Estate (HUF) Appellant(s) Versus Assistant Commissioner of Income Tax Respondent (s), The Hon’ble Supreme […]

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