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...

The drastic difference in income-tax treatment of both the instruments – Life Insurance Policies and Annuities, requires closer examination of their meaning to distinguish one from another.

This article in this issue of Direct Tax Amicus seeks to analyze the applicability of the non-discrimination article in tax treaties on disallowance of expenses on payment made to non-residents without withholding...

The article in this issue of Direct Tax Amicus discusses a recent ruling of the Delhi Appellate Tribunal in the case of Prism Scan Express Private Limited.