Infosys Buyback – A Lesson in Evolving Tax Laws
Infosys Buyback – A Lesson in Evolving Tax Laws No matter how smart or profitable a transaction looks, if tax isn’t factored in, the final numbers can tell a completely different story. Tax planning isn’t a one-time ritual performed in March; it’s a dynamic process that must evolve with the law, the economy, and, occasionally,… […]
ITR Date Extension: The Great Indian Waiting Game
ITR Date Extension: The Great Indian Waiting Game It’s that time of the year again — when coffee turns into our primary source of nutrition, Excel sheets are our best friends, and the entire country collectively asks one question: “Will the ITR date be extended or not?” For taxpayers and professionals alike, this has become an… […]
SC Upholds the ITC benefit of VAT Credit to genuine purchaser even if tax not paid by the Supplier
SC Upholds the ITC benefit of VAT Credit to genuine purchaser even if tax not paid by the Supplier Supreme Court dismisses the Revenue’s appeal against the Delhi HC ruling which allowed the benefit of VAT ITC even if tax not paid by the seller. The High Court held that in the event that… […]
From Section 115QA to Deemed Dividend: How the new Buyback provisions favour foreign investors?
From Section 115QA to Deemed Dividend: How the new Buyback provisions favour foreign investors? Buyback under earlier provisions: 1. Prior to 1st October 2024, buy-back of shares by an Indian company was governed by section 115QA of the Income-tax Act, 1961. 2. Under this provision, the company undertaking the buy-back was liable to pay… […]
No Capital Gain Tax if Sale Agreement Was Cancelled and Land Reverted Back to Assessee: Supreme Court
No Capital Gain Tax if Sale Agreement Was Cancelled and Land Reverted Back to Assessee: Supreme Court In a significant relief to taxpayers, the Hon’ble Supreme Court in the case of Commissioner of Income-tax vs. Lok Housing and Construction Ltd. [2025] 175 taxmann.com 848 (SC) has reaffirmed a crucial principle of income tax law – “no tax can be… […]
When Charity Meets Commerce: Taxation of Community-Based Charitable Trusts Under the Income Tax Act, 1961
When Charity Meets Commerce: Taxation of Community-Based Charitable Trusts Under the Income Tax Act, 1961 Introduction In India, charity often walks hand in hand with enterprise. A hospital that maintains a pharmacy, a goashala that sells milk and cow dung, or an association of differently-abled persons that sells their handcrafted paintings – all of… […]
Failure of Investigation: ITAT, Nagpur deleted ₹ 50 Lakh Addition
Failure of Investigation: ITAT, Nagpur deleted ₹ 50 Lakh Addition The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has allowed the appeal of Shree Maya Real Estate Pvt. Ltd. for the Assessment Year 2019-20, deleting an addition of ₹50,00,000 made under Section 69A of the Income Tax Act. The Tribunal strongly criticized the Assessing Officer (AO) and the CIT(A) for making the… […]
Taxation of Community-Based Charitable Trusts Engaged in Hall or Facility Rentals under the Income-tax Act, 1961
Taxation of Community-Based Charitable Trusts Engaged in Hall or Facility Rentals under the Income-tax Act, 1961 1. Introduction: When Charity Meets Commerce Across India, countless charitable trusts-particularly community-based ones like Agarwal Samaj, Gujarati Samaj, or Maheshwari Mandals-maintain public halls, lawns, and dharamshalas. These spaces host marriages, social gatherings, and cultural events. While such facilities promote community welfare,… […]
The 10% tolerance band applies to aggregate land deal and not individual land deal: Nagpur ITAT
The 10% tolerance band applies to aggregate land deal and not individual land deal: Nagpur ITAT In a significant case argued by me for Shree Maya Real Estate Pvt. Ltd, the Income Tax Appellate Tribunal (ITAT), Nagpur Bench has deleted an addition of ₹57,68,020 made under Section 43CA of the Income Tax Act, 1961, for the Assessment Year… […]
Ladoos, Love, and Liability: How the Taxman Sees Your Gifts
Ladoos, Love, and Liability: How the Taxman Sees Your Gifts We Indians don’t need an occasion to gift – be it Diwali, a wedding, a new baby, a housewarming, or even an exam result (sometimes even when the result isn’t great!). Gifting is an emotional language – but unfortunately, tax laws believe in reason… […]
