Whether RBI is entitled to direct disclosure of confidential and sensitive information pertaining to customers’ affairs etc under the Right to Information Act, 2005?

Balancing the right to information and the right to privacy has to be considered. The RBI has issued directions to the Banks to disclose...

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CBDT Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2022-23

F.No.225/ 81/2022/ITA-11 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA-II division) North Block, New Delhi, the2 September,...

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CBDT Revised Guidelines for compounding of offences under the Income tax Act, 1961

Some of the major changes made for the benefit of taxpayers include making offence punishable under Section 276 of the Act as compoundable. Further,...

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What is “reason to believe”? Can Courts look into the sufficieny of the reasons?

The expression “reasons to believe” is a component of many statutes such as in the case of reassessment of Income under the Income-tax Act,...

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Requirement in S. 10B(8) to file the declaration before due date of filing the return is mandatory and not directory: Supreme Court in Wirpo

In Principal Commissioner of Income Tax-III, Bangalore Versus M/s Wipro Limited CIVIL APPEAL NO. 1449 OF 2022 the Supreme Court has held that for...

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A revised return u/s 139(5) can be filed only in a case where there is an omission or a wrong statement but not for withdrawing a claim: Supreme Court in Wipro

The Supreme Court has held in Principal Commissioner of Income Tax-III, Bangalore Versus M/s Wipro Limited CIVIL APPEAL NO. 1449 OF 2022 that an...

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Taxability of capital gains from penny stocks: Burden is on the taxpayer to prove fanciful rise in stock price is genuine

The Honourable Calcutta High Court has held that the onus is on the assessee to establish the genuineness of the price hike in the...

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CBDT Notifications Clarify whether Gift card or vouchers, Mileage points, reward points, Subscriptions etc are taxable as Virtual Digital Assets

The law on taxation of Virtual Digital Assets (VDAs) under the Income-tax Act, 1961 has been ushered in by the Finance Act, 2022. Briefly,...

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Taxability of salary reimbursed under a secondment agreement. Karnataka High Court clarifies law in Flipkart-Walmart case

The Karnataka High Court has analyzed the law regarding the taxability of sums reimbursed to a foreign party under a Secondment Agreement in the...

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Borrower can stall auction proceedings under the SARFAESI Act and restrain the secured creditor/bank from selling the property only if he deposits the entire dues

If the bank has already initiated the proceedings under Section 13 of the SARFAESI Act and even the possession of the mortgaged property was...

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