Follow Us:

Sameer Bhatia

Latest Posts by Sameer Bhatia

Pre-Budget Memorandum in response to Union Budget, 2024

January 3, 2024 4041 Views 0 comment Print

Explore detailed recommendations by Income Tax Bar, Jalandhar for Union Budget 2024. Analysis of tax proposals, amendments, and suggestions for a robust fiscal policy

Form 10B/10BB Filing Issues 2023 & appeal for deferment or extension

September 18, 2023 4947 Views 0 comment Print

Know the challenges in Form 10B/10BB filings in 2023 and Income Tax Bar Association in Jalandhar appeal for deferment or extension.

ITAT Grants Opportunity to Assessee in Ex-parte Proceedings: Remand to CIT(A)

July 5, 2023 1200 Views 0 comment Print

In the case of Late Sh. Ashok Kumar Goel Vs National Faceless Appeal Centre (NFAC), the issue of extending another opportunity to the assessee in ex-parte proceedings is examined. This article provides an analysis of whether a reasonable opportunity should be given to the assessee, even when an adjournment petition is rejected. The possibility of extending the opportunity of hearing in set-aside proceedings is also discussed. Read the full text of the order by ITAT Amritsar and the conclusion reached in this case.

Indian Government retracts retrospective taxes imposed under Income Tax Act, 1961

August 8, 2021 1527 Views 2 comments Print

Apropos, the move to retracts retrospective taxation by the Indian government by Taxation Laws (Amendment) Bill, 2021 is undoubtedly a welcome move that is likely to attract the interest of numerous foreign investors besides several business conglomerates world over. Retrospective taxation, an evil strongly deprecated and denounced even by the Indian Supreme Court in many […]

Non-Consideration of material on record – A Ground for Reopening u/s 147?

May 31, 2021 2616 Views 1 comment Print

1. Perface The Finance Act, 2021 with effect from 01st April, 2021 completely overhauled, renovated and re-regulated the provisions pertaining to section 147 of the Income Tax Act, 1961. Over a considerable period of time, the provisions of section 147 were subject matter of massive debates, dialogues and discussions with many a times, courts taking […]

Subsidy under Income Tax Act – ‘Whether a Privileged Tax’

June 30, 2020 104219 Views 4 comments Print

The word `Subsidy’ is a word of pivotal importance and finds a mention in the American Heritage Dictionary of the English Language which quantifies it as `Monetary-assistance granted by a government to a person or group in support of an enterprise regarded as being in the public interest.’

Taxation of Gifts under Section 28(iv) qua Shah Rukh Khan’s case

May 30, 2020 9084 Views 2 comments Print

Preface `Gifts` received are specifically dealt with by the provisions embedded in section 56(2)(vii)/(x) inserted with effect from 01st October, 2009 &  01st April, 2017 falling under Part F of Chapter IV of the Income Tax Act, 1961. In the course of professional pursuits, any benefit or perquisite whether convertible in monetary terms or not but arising […]

Jurisdictional Requirement for assumption of Power under section 148

February 21, 2020 4590 Views 0 comment Print

1. Introduction Section 148 of the Income Tax Act, 1961 is a complete code in respect of the powers conferred with the jurisdictional assessing officer to step into the assessment/reassessment proceedings. In addition, section 148 embodies and inherently carries with it the layers of riders attached primarily falling in nature of the time constraints, assumption […]

Pre-Budget Tax proposals in response to Union Budget, 2019

June 25, 2019 2010 Views 0 comment Print

Advocate Sameer Bhatia Introduction The Union Budget, 2019 catering to both direct and indirect tax avenues will be tabled before the Parliament by the Hon’ble Finance Minister Smt.Nirmala Sitharaman as on 05th July, 2019. Since, with the passage of time, the parent legislation under the direct taxes i.e. the Income Tax Act has acquired a […]

9 Pre-Budget Suggestions for Final Union Budget, 2019

June 22, 2019 6003 Views 0 comment Print

It is understood that the Union Budget, 2019 is likely to be tabled in the Parliament on 5th July, 2019 by your goodself, the prestigious Income Tax Bar, Jalandhar would like to give few recommendations/suggestions by way of Memorandum as called for by your office for considering them while framing and tabling the budget in the Lok Sabha.

Search Post by Date
July 2024