Akhilesh Kumar Sah articles

A Much Awaited Indirect Tax Regime Called GST

There was continuous emphasis on bringing Goods & Services Tax (GST) that is already running in more than 140 countries. This is an indirect tax and seeks to end the multiple effects of taxes and incorporates indirect taxes like entertainment tax, CST, excise, service tax, VAT, luxury tax, octroi etc. ...

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Continuance of Assessment Proceeding Under Central Excises and Salt Act, 1944 on Death of Assessee

Whether An Assessment Proceeding Under The Central Excises and Salt Act, 1944, Can Continue Against The Legal Representatives/Estate Of A Sole Proprietor/Manufacturer After His/ Her Demise, Where There Is No Provision In This Respect In The Tax Statute?...

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‘Individual’ Better Than ‘ Firm’ or A ‘Company’ for small Assessees

In the modern income-tax regime the 'individual' status is proving to be better option to assessees keeping in view the tax-saving instruments & tedious/ TDS provisions of income-tax & structure of tax as well as statutory provisions and laws like Indian Companies Act, 2013. ...

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CBDT Circulars : Bending Effect

In The Commissioner of Income Tax vs. Income Tax Settlement Commission, Chirag Construction RMC [WRIT PETITION NO.1266 OF 2013, DECISION PRONOUNCED ON : 30 AUGUST 2013], the Bombay High Court observed the decision of the Apex Court in the matter of Commissioner of Central Excise v/s. Ratan Melting & Wire Industries 231 ELT page 22....

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Claim of deduction of Loss Due to Dacoity, Theft, Embezzlement, etc., as Business Loss

The losses occurring to an assessee due to dacoity, theft or embezzlement, etc., may be claimed as deductible while making the income chargeable to income-tax under the head profits and gains of business or profession under section 28. The loss by theft is not covered by section 10(2) (xv) of the Income Tax Act, 1922...

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Whether Furnishing Bank Guarantee amounts to Payment as Required U/s. 43B?

The Supreme Court in the case CIT v. McDowell & Co. Ltd. [2009] 180 Taxman 514 (SC), has held, on the facts and circumstances of the case, that furnishing of bank guarantee cannot be equated with actual payment....

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Whether Inaugural expenses deductible Under Section 37(1)

In CIT vs. Nirlon Synthetic Fibres & Chemicals Ltd. (1982) 137 ITR 1 (Bom) it was observed that expenditure incurred on inauguration ceremony of factory is a compelling necessity in modern times, it is a formality which an assessee has to incur after the business is set-up therefore it is an allowable deduction in terms of section 37(1)....

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Tax Planning Vs. Tax Avoidance A Perspective

There has been controversy from long about the limits on tax planning. The Supreme Court judgment in the case of Mc Dowell & Co. Ltd. vs. CTO (1985) 154 ITR 148 (SC) had marked dividing line between the tax evasion and avoidance of tax through tax-planning. In this case hon’ble Supreme Court held that tax planning may be legitimate prov...

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Making Chargeable to Tax U/s. 41(1) of Allowance/Deduction Already Made

The Supreme Court in CCIT vs. Kesaria Tea Co. Ltd. (2002) 20 SITC 172 (SC) has laid down that the resort to section 41(1) can be taken only if the liability of the assessee can be said to have ceased finally and there is no possibility or reviving it. Also, it has held that an unilateral action on the part of the assessee by way of writin...

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Deductibility of Temple Maintenance Expenses and Depreciation on it

Section 37(1) of the Income-tax Act, 1961 (which corresponds to Section 10(2)(xv) of the Income-tax Act, 1922) allows deduction, while computing the income chargeable under the head profits and gains of business or profession, of any expenditure (not being expenditure of the nature described in sections 30 to 36 of the Act and not being ...

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June 2022