Women can be Karta of HUF: Delhi High Court Citation- Mrs. Sujata Sharma vs Shri Manu Gupta (Delhi High Court), CS(OS) 2011/2006, Date of Judgment: 22-12-2015 Delhi High Court’s Landmark Judgement That Paved the Way for Women to Be Karta of a huf. HIGHLIGHTS In a judgment that is expected to have far reaching ramifications, […]

Investment in Penny Stock- Bogus or Cash Credit U/s. 68? Now-a-days Income Tax department investigates alleged trading/investment in shares and securities with collusion/connivance with any listed companies or with share broker by conducting Search/ Survey or by asking details u/s 133(6) of the Income Tax Act 1961. Income Tax department has various sources from where […]

Concept of Dual GST in the Making In a federal country like India where the power to tax domestic trade is divided between the Central Government and the State Government, the designing of a destination based GST becomes extremely complicated. A conventional national GST cannot be implemented without the States losing their fiscal autonomy.Dual GST […]

Taxability of Conversion of Stock in trade to Investment In case of a business of trading in shares assessee may transfer some of his stock in trade into his capital asset by deciding to hold it as an investment or on discontinue of delivery based trading of shares, convert the stock of shares into investments […]

Powers of the A.O. are not plenary or unbridled 1. INTRODUCTION Recently, I had an occasion to deal with a case, where no notice under section 143(2) of the Income‑Tax Act, 1961 (the Act), was served on the assessee, within the stipulated period. But after the expiry of the aforesaid period, the Assessing Officer (AO) […]