The Supreme Court recently upheld the Bombay High Court decision that the complete reduction of capital (resulting in cancellation of shares) amounts to ‘transfer’ in terms of Section 2(47) of the Income Tax Act, 1961...

In cases where the debt instruments are acquired in secondary markets, the acquisition of the security may entail payment of principal, unpaid interest and premiums.

Certain amendments to Employees’ Pension Scheme, 1995 in 2014 brought in multi-layered restrictions on the contributions that can be made to the Pension Fund, the benefits that would arise from any Pension Fund, additional conditions to be fulfilled to claim benefits out of past

Ordinarily in the case of a sale, the price mutually agreed upon by the parties which is received by or accrues to a seller should be taken as the ‘full value of the consideration’ for calculating capital gains.

The article in this issue of Direct Tax Amicus discusses the issue of whether an intimation under Section 143(1) of the Income Tax Act, 1961 will automatically merge with an assessment order under Section 143(3).

The Delhi High Court has recently held that the capital gains arising from the sale of shares of a Singaporean company (holding shares in Indian company) by a Mauritius-based investor were not taxable in India due to the grandfathering...

Garnishee of Garnishee’ is triggered when the garnishee fails to make the payment to the creditor of its debtor and pursuant to which, the creditor seeks to recover money from the debtors of the garnishee.

The article in this issue of Direct Tax Amicus discusses Section 43B(h) of the Income Tax Act, 1961 which was introduced by Finance Act, 2023. Observing that despite the well-placed intent behind introducing the aforesaid provision,...

The Courts in the past have on numerous occasions held that the filing of statutory forms within the due date prescribed under the Income Tax Act, 1961, is a directory (and not mandatory) requirement, to claim deductions/exemptions that are available to taxpayers.

Section 281 of the Income Tax Act, 1961 empowers the Department to declare a transfer of an asset as void where the transferor, during the pendency of any proceedings under the IT Act or completion thereof...