News Update

India sees COVID-19 cases spike, records over 17,000 daily infectionsBengaluru, Shimla top list of cities in Ease of Living Index 2020ST - What is of essence under the SVLDRS is an admission of tax dues by the declarant before the cut-off date which need not be of the exact same figure upon determination by authorities post 30.06.2019: HCCus - Issues raised are not purely questions of law, but mixed questions of fact, which would require a process of adjudication - appellant should avail alternate remedy available: HCCus - It is not in all cases where there is an alternate remedy, it can automatically be held that a writ is not maintainable: HCGST - Alcohol-based hand sanitizers do not qualify as medicaments & are classifiable classifiable under Heading 3808 under Customs Tariff Act - 9% CGST + 9% SGST payable thereon: AARGST - 5% tax payable for supplying food inside restaurant situated in zoological garden, if separate registration is taken for such restaurant - ITC to be reversed u/s 17 of CGST Act if common account maintained for all premises: AARGST - Attachment of Bank accounts - 15000 employees awaiting their salary - what is critical is whether the properties offered as security are unencumbered and whether company is in possession of the original title deeds: HCGST - Jt. Commr . of Commercial Taxes (A), without application of mind, has proceeded to reject the appeal which is arbitrary and in contravention of principles of natural justice - Order set aside: HCEnsure India's global recognition as a quality conscious nation: Piyush GoyalDigital India will unite urban India with rural Bharat: Sanjay DhotreBharat Biotech announces Covaxin Phase 3 results, says interim vaccine efficacy of 81 per centCBIC promotes 3 officers as Pr Chief Commissioner on in-Situ basisGST - Goliath 'retired' from Revenue Lexicon without retyring 'Due Date'!I-T - Statement recorded u/s 132(4) can't alone constitute incriminating material for carrying out assessment u/s 153(A): HCI-T - Disallowance u/s 14A r/w 8D(2)(iii) should be restricted only to percent of average investment income which is exempt, irrespective of whether such exempt income is received during relevant AY: HCI-T - When assessee claims to be involved in a manufacturing business, inspection of assessee's facility is a pre-requisite to understand nature of activity and only then proceed with assessment: HCTNVAT - Denial of ITC in respect of sales made to an EoU, is unsustainable, where relevant provision in TNVAT Act provides two options to either claim ITC or have it adjusted: HCGST Linked Incentive to J&K - A few questions - GST - An agenda for reforms - Part - 99ITC fraud - Gandhinagar CGST finds 68 fake units linked to Mumbai-based corporateAnti-dumping duty on phenol extended till June for imports from certain countriesDouble taxation - CBDT lays down procedure to deal with taxpayers' painWTO's Okonjo-Iweala 'ready to go' as she pushes for fisheries dealExpenses incurred in relation to earning of taxable income cannot be disallowed as direct expenses relating to earning of exempt income: ITATPenalty imposed is unsustainable where SCN omits to mention the specific provisions of Sec 271(1)(c) which had been contravened: ITATInsurance premium paid by employer for employees' family members, is allowable as business expenses, more so where the same was allowed in earlier AYs: ITATVAT - Transactions entered into by assessee were baldly held as taxable at higher rate, without examining relevant documents furnished by assessee - case remanded for reconsideration: HCUS House approves police reform bill - bans chokeholds & no-knock warrantsDouble taxation - CBDT lays down procedure to deal with taxpayers' pain   
INCOME-TAX CONSULTANCY SERVICES


TIOL announces launching of "Income-tax Advisory Services" as a new vertical under its existing set up. This will be an online as well as offline services to be offered by experts having more than three decades of experience in tax administration.

With the implementation of policy of eliminating the contact between tax payers / representatives like advocate / CA / CS/ ITP and the tax authorities / Assessing officers, the queries of tax authorities have to be replied to ONLY by email. The written submissions would be the basis for acceptance or rejection of claims / contentions of the tax payers.

In this scenario submissions of the assessee have to be comprehensive covering factual aspects as well as legal contentions on the issues raised in the Notice.

Income Tax & Litigation go hand in hand! Litigation begins with the issuance of NOTICE prior to assessment proceedings. If the Reply to the Notice is deficient or lack in any aspect, additions to a tax payer's income or disallowance would become inevitable. This brings the Journey of Litigation to the Second Stage before the Commissioner of Income Tax (Appeal). From here it goes to the Tribunal, followed by the High Court and the Supreme Court of India.

In case of International Taxation or Transfer Pricing case, the journey remains the same except one or two stopovers such as the issue being referred to the TPO or the DRP before the Tribunal comes into the picture.

Income Tax & Litigation go hand in hand! And Litigation begins with the issuance of NOTICE prior to assessment proceedings. If the Reply to the Notice falls short of the Assessing Officers (AOs), additions are made to a taxpayer's income or disallowance beomes inevitable. This brings the Journey of Litigation to the Second Stage before the Commissioner of Income Tax (Appeal). From here it goes to the Tribunal, followed by the High Court and the Supreme Court of India.

WHAT OUR EXPERTS INTEND TO DO?

TIOL has joined hands with several former Revenue officials who have experiences spanning over close to FOUR decades, and gathered in various capacities, including the making of Union Budgets. Based on their hands-on and unique departmental experiences our Experts intend to help Taxpayers or their Counsels / Consultants / CAs etc in the following areas under I-T Act, 1961, Benami Act, Black Money Act & FEMA / PMLA:

A) Drafting Reply to Notices for Scrutiny Assessments, hearing of appeal or reply to show cause notices under different laws mentioned above;

B) Vetting of Reply drafted by the querist;

C) Determination of tax implications on any proposed corporate transactions or business deals or corporate restructuring or M&A or Demerger etc

D) Preparation of Appeal Papers for CIT(A) or DRP or Tribunal

E) Vetting of Appeal Memos prepared by the queries;

F) Settlement Commission - Petition related matters;

F) Any another Advisory support under different tax statutes as may be needed.

WHAT OUR EXPERTS DO NOT INTEND TO DO

No appearance before the Department Officers, CIT(A) and Tribunal. However, representations by practicing advocates / CA may be made available, if required, to be engaged directly by the querist.

WHO ARE OUR EXPERTS?

1) Mr Rajnish Kumar, Former Principal Chief Commissioner of Income Tax

2) Mr Anand Kishore, Former Chief Commissioner of Income Tax & Former Member of PMLA Tribunal

3) Mr N L Kalra, Former Member, Income Tax Appellate Tribunal

4) Mr Satbir Singh, Former Chief Commissioner of Income Tax

5) Mr Vijay Bahadur Singh, Advocate, Bombay High Court. He specialises in PMLA cases.

Besides these senior officers, we also have some former CCITs and Professionals like Advocate and CAs in our Team to assist you.

CONSULTATION FEE

This is to be decided after discussion with the querist or his/her representative on a case to case basis.

FOR FURTHER GUIDANCE

Please contact:

1) Richa Nigam: 9873983092

2) Shikha Choudhary: 7838594748

OR, drop us a mail at tiolllp@tiol.in