Taxmann's Direct Tax Laws & International Taxation (DT) | A.Y. 2024-25 | Study Material

Page 1

I-15 Page No. About the Author I-5 Preface I-7 Acknowledgement I-9 DIRECT TAX LAWS Topics 1 BASIC CONCEPTS OF INCOME-TAX LAW AND TAX RATES 1.3 1.4 1.4 1.4 1.4 1.5 1.5 1.5 1.6 1.7 1.8 1.8 1.8 1.9 1.9 1.9 1.10 1.10 1.10 1.10 1.10 Contents
I-16 Topics Page No. 1.10 1.11 Income Tax Rates 1.12 1.12 1.14 1.14 1.16 1.21 1.23 1.25 1.28 1.28 1.29 1.30 1.32
RESIDENTIAL STATUS 2.1 2.2 2.3 2.4 2.4 2.4 2.4
NOT
TOTAL INCOME 3.1 3.8 3.15 3.16 3.17
PROFITS AND GAINS OF BUSINESS OR PROFESSION 4.1 xviii 4.3
2
3 INCOMES WHICH DO
FORM PART OF
4
I-17 Topics Page No. 4.4 4.4 4.5 4.6 4.6 4.6 4.7 4.8 4.9 4.10 4.12 iia 4.15 i 4.17 iii 4.17 4.17 4.18 4.19 Explanations 4.19 4.23 4.25 Explanations 1 to 2C 4.25 Explanation 6 4.28 Explanation 7 4.29 4.29 4.30 4.32 4.32 4.33 4.34 4.34 4.34 iia 4.34 4.34 4.35 4.37 4.37
I-18 Topics Page No. 4.41 4.42 4.42 4.42 4.45 4.45 4.46 4.48 4.56 4.57 4.61 a 4.62 4.64 4.65 4.68 4.68 4.69 4.69 4.72 4.74 4.75 4.75 4.76 4.76 4.78 4.81 4.82 4.83 4.83 4.86 4.86 4.87
I-19 Topics Page No. 4.87 4.89 4.90 4.91 4.91 4.92 4.92 4.94 4.95 5 CAPITAL GAINS 5.1 5.1 5.2 5.3 5.4 5.4 5.4 5.4 5.5 5.6 5.7 5.7 5.10 5.11 5.18 [ 48] 5.19 5.20 5.21 5.21 5.21 5.22 5.22
I-20 Topics Page No. iv v 5.23 xiii xiv 5.24 xiiib 5.27 5.27 5.29 5.30 5.31 5.31 5.33 5.34 5.38 5.40 5.41 5.41 5.43 b 5.43 5.43 aa 5.44 aa iiia 5.45 ab 5.46 ac 5.46 b 5.47 5.48 5.49 5.50 5.51 5.51 xvii 5.52 xviii 5.52 5.52
I-21 Topics Page No. xix 5.52 5.52 5.53 5.53 5.53 5.54 5.54 vii viia x 5.54 5.54 5.55 5.55 5.55 via 5.55 viid 5.55 5.56 5.59 5.60 5.60 5.61 5.65 5.67 5.67 5.68 5.68 5.69 5.70 Exemptions from Capital
54,
54D, 54EC, 54F, 54G, 54GA
54H 5.71 5.74
Gains u/ss
54B,
and
I-22 Topics Page No. 5.75 5.77 other than Residential House 5.79 5.83 5.85 5.85 5.86 5.87 6 INCOME FROM OTHER SOURCES 6.1 Deemed Dividends a 6.3 b 6.4 c 6.4 d 6.4 e 6.5 e 6.7 6.8 6.8 6.9 6.10 6.11
7.1 7.2 7.3 7.6 7.10 7.12 7.14
7 INCOME COMPUTATION AND DISCLOSURE STANDARDS [ICDS]

INCOME OF OTHER PERSONS, INCLUDED IN ASSESSEE’S TOTAL INCOME

I-23 Topics Page No. 7.16 7.17 7.19 7.21 7.23 8 TAX ON CONVERSION OF UNACCOUNTED MONEY x 8.1 viib 8.9 8.12 8.12 8.13 8.14 8.16 8.16 8.16 8.16
9
9.1 9.1 9.1 9.1 9.2 ii 9.2 iv 9.4 vi 9.4 vii viii 9.4 9.4 9.6 9.7 9.8 9.9
8.16 8.17 8.18
I-24 Topics Page No. 10 SET-OFF OF LOSSES OR CARRY FORWARD AND SET-OFF OF LOSSES 10.1 10.1 10.2 10.4 10.5 10.6 10.7 10.7 10.8 10.9 10.10 10.10 10.12 10.12 10.12 10.13 10.13 10.13 10.14 10.14 10.14 10.17 10.18 10.18 10.20 10.21 10.21 10.23 11 DEDUCTIONS FROM GROSS TOTAL INCOME 11.1
I-25 Topics Page No. 11.1 11.4 11.6 11.6 11.8 11.9 11.10 11.14 11.16 11.18 11.18 11.18 11.19 11.19 11.25 11.26 11.27 11.27 11.28 11.31 11.32 11.32 11.33 11.36 11.36 11.37 11.38 11.38 11.38
I-26 Topics Page No. 11.40 11.41 11.42 11.45 11.46 11.48 11.48 11.49 11.50 11.52 11.52 11.52 11.53 11.53 11.54 12 DEDUCTION FOR CO-OPERATIVE SOCIETIES 12.1 12.1 12.2 12.2 12.4 13 DEDUCTION FOR SPECIAL ECONOMIC ZONE 13.1 13.2 13.3 13.3 13.4 13.5 13.5 13.7
I-27 Topics Page No. 14 TAXATION OF BONDS 14.1 14.1 14.1 14.2 14.3 14.3 14.3 14.4 15 AGRICULTURAL INCOME AND ITS TAX TREATMENT 15.1 15.1 c 15.1 15.2 15.3 15.3 15.4 15.5 16 TAXATION OF POLITICAL PARTIES & ELECTORAL TRUST 16.1 16.2 16.3 16.5 17 EXPENDITURE ON EXEMPT INCOME 17.1 17.1 17.3
I-28 Topics Page No. 18 TAXATION OF CHARITABLE/RELIGIOUS TRUSTS 18.1 18.1 18.1 18.2 15 18.2 18.3 18.4 Explanation 1 18.4 18.6 18.9 18.9 18.11 18.11 18.12 18.12 18.13 18.14 18.14 18.16 18.16 18.19 18.19 18.20 18.21 18.21 18.22 18.23 18.25 18.25 18.25 Explanations 18.26 18.27
I-29 Topics Page No. Exemption to Income of Certain Funds, Educational Institutions and Medical Institutions [Sec. 10(23C
18.28 23C 23C 18.29 23C 18.30 23C 18.30 18.31 18.32 18.32 18.32 18.33 18.34 18.34 18.35 18.36 Exit Tax on Accreted Income [Chapter XII-EB - Sections 115TD to 115TF] 18.37 18.37 18.38 18.38 18.41 18.43 18.43 18.44 19 TAXATION OF MUTUAL CONCERNS 19.1 19.2 19.2 19.3 19.3 19.4
)]
I-30 Topics Page No. 20 APPLICATION VS. DIVERSION OF INCOME 20.1 20.1 20.1 20.3
I-9 Page No. About the Author I-5* Preface I-7* Acknowledgement I-9* Topics 21 MINIMUM ALTERNATE TAX (MAT) 21.1 21.1 Explanation 1 21.4 21.8 21.8 21.9 21.9 21.14 21.14 21.16 21.18 22 TAXATION OF FIRMS, LLP AND AOP/BOI Taxation of Firms b 22.1 2A 22.4 22.5 Contents
I-10 Topics Page No. Taxation of LLP 2(23) 22.6 xiiib 22.6 22.6 22.6 22.6 22.7 22.7 Taxation of AOP/BOI 22.8 ba 22.8 22.9 22.10 22.10 22.12 23 ALTERNATE MINIMUM TAX (AMT) 23.1 23.1 23.1 23.2 23.3 23.4 24 TAXATION OF BUY-BACK 24.1 24.1 24.4 24.5 34A 24.5 25 TAX ON INCOME OF SECURITISATION TRUST 23DA 25.1 25.1
I-11 Topics Page No. 25.1 26 TAXATION OF BUSINESS TRUSTS (REITs, InvITs) AND ALTERNATIVE INVESTMENT FUNDS (AIF) Taxation of Business Trust 26.1 26.1 23FC 23FCA 23FD 26.2 26.3 26.3 26.3 26.4 26.4 26.4 26.5 26.5 26.6 Taxation of Income from Alternative Investment Funds [AIF] 26.7 26.7 26.8 26.9 26.9 27 TONNAGE TAXATION SCHEME 27.1 27.1 27.1 27.1 27.2 27.2 27.3 27.3 27.3 27.4
I-12 Topics Page No. 27.5 27.5 27.5 27.5 27.6 27.6 27.6 28 ASSESSMENT PROCEDURES 28.1 7A 28.1 28.1 28.2 28.2 28.3 28.3 Filing of Return of Income [Chapter XIV] 28.3 28.3 28.3 28.4 28.4 28.5 28.6 28.6 28.7 28.9 28.9 28.10 28.12 28.13 28.13 28.13 28.14 28.14 28.14 28.14 28.14
I-13 Topics Page No. 28.15 28.15 Assessment Procedures [Chapter XIV] 28.16 28.16 28.17 28.18 28.18 28.20 28.20 28.21 28.22 28.22 28.23 28.24 28.27 28.27 28.29 28.30 28.31 28.31 28.32 Explanation 1 28.32 Explanation 2 28.32 28.33 28.34 28.36 28.37 28.38 28.38 28.38 28.39 28.40 Explanation 1 28.41 28.43 28.44 28.44 28.46
I-14 Topics Page No. 29 APPEALS AND REVISIONS 29.1 29.2 29.3 29.5 29.6 29.7 29.8 29.9 29.9 29.9 29.10 29.10 29.15 29.16 29.16 29.17 29.18 29.18 29.20 29.21 29.21 29.22 29.22 29.22 29.23 29.23 29.26 29.26 29.26 29.27 29.28 29.29 29.30 Explanation 2 29.31 29.32 29.33
I-15 Topics Page No. 29.34 29.35 30 SURVEY, SEARCH AND SEIZURE 30.1 30.1 30.1 30.2 30.3 30.5 30.5 30.5 30.6 30.6 30.6 30.6 30.7 30.7 30.11 30.11 30.12 30.14 30.14 30.15 30.16 31 PROVISIONS TO COUNTERACT UNETHICAL TAX PRACTICES 31.1 31.1 31.1 31.2 31.2 31.3 31.4 31.4 31.5 31.7
I-16 Topics Page No. 31.8 31.8 31.9 31.9 31.10 31.11 31.11 31.11 31.14 31.15 31.15 31.21 31.23 31.23 Black Money Law 31.26 31.26 31.27 31.29 31.30 31.31 31.32 31.32 31.34 32 DISPUTE RESOLUTION 32.1 32.1 33 LIABILITY IN SPECIAL CASES 33.1 33.1 33.2 33.2 33.2 33.2 33.3
I-17 Topics Page No. 33.3 33.3 33.4 Provisions for Accelerated Assessment 33.5 33.6 33.6 33.6 Assessment on Discontinuance of Business 33.7 33.7 33.8 33.8 34 ASSESSMENT OF HUF 34.1 34.1 34.2 34.2 34.3 34.4 34.5 35 ASSESSMENT OF FIRMS AND LLP 35.1 35.1 35.2 35.2 35.2 35.2 36 TAX DEDUCTION AND COLLECTION AT SOURCE 36.1 36.1 36.2 36.2
I-18 Topics Page No. TDS Provisions [Chapter XVII-B] 36.2 36.6 36.6 36.7 36.8 36.10 36.11 36.16 36.16 36.19 36.19 36.19 36.20 36.20 36.20 36.22 36.25 36.27 i.e. 36.28 va i.e. 36.28 36.31 36.31 47 36.31 36.31 36.32 36.32 36.32 36.33 36.33 36.34 36.36 36.39 36.39 36.41
I-19 Topics Page No. 36.45 36.45 36.47 36.47 36.47 36.47 36.48 36.48 36.49 36.49 36.51 36.51 36.51 36.52 36.52 36.52 36.53 36.53 36.55 36.56 36.56 36.56 36.57 TCS Provisions [Chapter XVII-BB] 36.58 36.59 36.59 36.60 36.60 ` 36.63 36.65 36.65 36.65 36.66 36.71
I-20 Topics Page No. 37 TAXATION OF DIGITAL TRANSACTIONS 37.1 37.1 37.1 Equalisation Levy 37.2 37.3 37.3 37.4 37.4 37.4 37.5 37.5 37.6 37.6 37.6 37.7 37.7 Relevant Provisions in Income-tax Act, 1961 related to Equalisation Levy 37.7 37.7 Virtual Digital Assets: 37.8 37.8 37.9 37.10 37.10 37.14 38 ADVANCE TAX 38.1 38.1 38.1 38.1 38.2
I-21 Topics Page No. 38.2 38.2 38.2 38.3 39
39.1 39.1 39.2 39.2 39.3 39.4 39.4 39.4 39.4 39.5 39.5 39.5 39.5 39.5 39.6 39.6 39.6 39.6 39.7 39.8 40 INTEREST 40.1 40.1 40.2 40.2 40.2 40.3 40.4 40.4
COLLECTION AND RECOVERY OF TAX
I-22 Topics Page No. 40.6 40.6 40.7 40.8 41 MISCELLANEOUS TOPICS, STT/CTT AND IFSC 41.1 41.2 41.4 41.5 41.7 41.10 41.11 41.13 41.14 41.16 41.16 41.17 41.18 41.18 41.19 41.19 41.19 41.21 41.21 41.21 41.22 41.22 41.22 41.23 Securities Transaction Tax (STT) 41.24 41.24 41.24 41.24 41.25 41.25 41.25 41.25
I-23 Topics Page No. 41.25 41.25 41.26 41.26 41.26 Commodities Transaction Tax (CTT) 41.26 41.26 Tax Incentives to International Financial Services Centres [IFSC] 41.27 41.27 42 TAX AUDIT AND ETHICAL COMPLIANCES 42.1 42.1 42.3 42.5 42.9 42.20 43 TAX PLANNING, TAX AVOIDANCE AND TAX EVASION (INCLUDING GAAR) 43.1 43.1 43.1 43.2 43.2 43.3 43.3 43.3 v. 43.4 43.4 43.5 43.5 43.6 43.7 General Anti-Avoidance Rules [GAAR] 43.9 43.10
I-24 Topics Page No. 43.11 43.13 43.15 43.16 43.16 43.16 43.17 43.20 INTERNATIONAL TAXATION 44 TAX INCIDENCE IN INDIA 44.3 44.3 44.4 44.8 44.11 44.12 i 44.12 Explanation 1 i 44.14 i 44.15 i 44.15 odafone International Holdings B.V Union of India 44.15 ii 44.17 iii 44.18 iv 44.18 v 44.18 vi 44.19 vii 44.21 viii 44.21 44.22 44.24
I-25 Topics Page No. 44.24 44.25 45 TAXATION OF NON-RESIDENTS 45.1 45.4 45.5 45.11 Chapter XII-A [Secs. 115C to 115-I] 45.12 45.12 45.12 45.12 45.13 45.13 45.13 45.13 45.15 45.17 45.18 45.25 46 DOUBLE TAXATION RELIEF (DTAA) 46.1 46.1 46.1 46.2 46.2 46.2 46.3 46.3 46.3
I-26 Topics Page No. 46.5 46.7 46.8 46.9 47 TRANSFER PRICING 47.1 47.1 47.1 47.2 47.2 47.4 ii 47.4 47.4 47.5 47.6 47.7 47.7 47.8 47.9 47.10 47.11 47.12 47.13 47.14 47.21 47.22 47.24 47.24 47.24 47.27 47.32 47.34 47.34 47.35
I-27 Topics Page No. 47.36 47.36 47.37 47.39 48 ADVANCE RULINGS 48.1 48.1 48.1 a 48.1 b 48.2 48.2 48.2 48.3 48.3 48.6 48.6 48.6 48.6 48.7 49 OVERVIEW OF MODEL TAX CONVENTIONS 49.1 49.1 49.2 49.3 49.3 49.4 49.4 49.5 49.6 49.7 49.7 49.7 49.8

APPLICATION AND INTERPRETATION OF TAX TREATIES

Interpretation of Tax Treaties

FUNDAMENTALS OF BASE EROSION AND PROFIT SHIFTING (BEPS)

I-28 Topics Page No. 49.8 49.9 49.10 49.10 49.10 49.10 50
50.1 50.1 50.1 50.2
50.4 50.4 50.5 50.7 50.9 50.10 50.11 50.11 51
51.1 51.2 51.3 51.5 51.7 51.8 51.9 51.10 51.11 51.11 51.12 51.13 51.13
I-29 Topics Page No. 51.15 51.16 52 LATEST DEVELOPMENTS IN INTERNATIONAL TAXATION 52.1 52.1 52.2 52.2 52.4 M.1 P.1 P.18

Capital Gains

[Sec. 45 to Sec. 55A]

CHAPTER

Basis of Charge : [Sec. 45(1)]

transfer of a capital asset effected in the previous year unless

Definition of ‘Capital Asset’ : [Sec. 2(14)]

Capital Asset means -

[Inserted by Finance Act, 2021] but does NOT include i stock-in-trade [other than the securities referred to in sub-clause (b) above] consumable stores or raw materials

Note:

ii Personal effects of movable nature other than

iii Agricultural land in India

aerially

a b c ` `
a.
d.
b. c.
e. f.
a
i a
b
5.1

iv Special Bearer Bond, 1991,

v Gold Deposit Bonds Deposit Certificates

Gold Monetisation Scheme, 2015

Reason for including Unit linked insurance policies in the definition of Capital Asset u/s 2(14): ` `

Explanation to Sec. 2(14):

Explanation

Vodafone International Holdings B.V. v. Union of India (2012)

rights in or in relation to an Indian company, including rights of management or control or any other rights whatsoever.

Determining whether an asset is Stock-in-trade or Capital asset:

not a pure question of law but essentially a question of fact.

magnitude and frequency of buying and selling of shares, the period of holding of such shares, ratio of sales to purchases and the total holdings

[PVS Raju v. ACIT (2012) 340 ITR 75 (AP)]

Surplus on sale of shares or securities taxable as ‘Business Income’ or ‘Capital Gains’? [Circular No. 06/2016, dated 29.02.2016] to distinguish the shares held as investments from the shares held as stock-in-trade.

no universal principle in absolute terms can be laid down to decide the character of income from sale of shares and securities (i.e. whether the same is in the nature

ii a
a
iii
5.2

of capital gain or business income),

vide Circular No. 06/2016 dated 29.02.2016 the Assessing Officers in holding whether the surplus from sale of listed shares or securities would be treated as Capital Gain or Business Income, shall take into account the following:

a assessee opts

b more than 12 months as Capital Gains shall not be put to dispute by the Assessing Officer once taken applicable in subsequent Assessment Years

c i.e

unlisted shares, irrespective of the period of holding, it shall be treated as Capital asset.

Items of precious metals; to what extent constitutes Jewellery:

Explanation 1 to section 2(14), jewellery includes:

Gold utensils cannot be regarded as of personal effects and thereby they are capital assets

JUDICIAL DECISIONS:

CIT v. Benarashilal Kataruka (1990) 185 ITR 493 (Cal.)

Items of silverware including dinner plates of different sizes, finger bowls, and jugs were held to be personal effects.

The main factor in deciding whether an article constitutes personal effect is the nature of the article. no capital gains will arise on the sale of silver utensils.

Ramanathan Chettiar v. CIT 1985 Mad. , a large number of the same type of silver articles

Maharaja Rana Hemanth Singhji v. CIT (1976) 103 ITR 61 (SC)

Only those effects can be legitimately said to be personal which pertain to the assessee’s person.

a b
5.3

capital gains are taxable in the present case.

CIT v. Saroj Goenka 1983 140 ITR 88 Chen.

Short Term Capital Asset: [Sec. 2(42A)] held not more than 36 months

Not more than 12 months Not more than 24 months a other than unit listed ,

equity oriented

Units of specified mutual fund market linked debentures irrespective of the period of holding

Note:

Long Term Capital Asset: [Sec. 2(29AA)]

Types of Capital Gain:

Short Term Capital Gain [Sec. 2(42B)]:

Long Term Capital Gain [Sec. 2(29B)]:

Explanations to Sec. 2(42A)

Bharti Gupta Ramola v. CIT [2012] (Delhi)

TAX RATES ON CAPITAL GAINS

Short Term Capital Gains: regular income-tax except in the case covered under section 111A as below.

Tax on Short Term Capital Gains where STT is charged: [Sec. 111A]

b c
d e a b
a short term capital asset chargeable to Securities Transaction Tax (STT), 5.4

i tax @ 15% ii

Note:

Provided Resident Individual or Resident HUF shall be reduced falls short of the maximum amount which is not chargeable to incometax

Example: `

3,50,000

Provided further

[For Details on Taxation of transactions under International Financial Services Centre IFSC refer at the end of the Chapter ‘Miscellaneous Topics’]

Tax on Long Term Capital Gains : [Sec. 112]

a) In case of a Resident Individual or Resident HUF: i tax @ 20% ii as reduced by

Provided Resident individual or Resident HUF shall be reduced falls short of the maximum amount which is not chargeable to income-tax

(b) In case of a Domestic Company: i tax @ 20% ii

(c) In case of a Non-resident (not being a company) or a Foreign Company: i tax @ 20% other than the LTCG on unlisted securities or shares of closely held company referred to in ii below;

`` ` ` ` ` ` ` ` `
` `
= `
Nil
i.e.
5.5

Note: Example:

In case of Non-Resident Individual: other than Long Term Capital Gain

Tax will be computed as under: other than Long Term Capital Gain `

Option to Tax LTCG @ 10% without Indexation for Specified Securities: (First proviso to Sec. 112)

transfer of long term capital asset, being: listed securities (other than units), or zero coupon bonds before giving effect to 2nd proviso to section 48 (i.e. indexation), other than units lower of the following: OR

Practical Question:

iii
ii tax @ 10% i.e.
` `
` ` `
Nil Nil ` ` ` ` ` ` ` 5,720
In case of Resident Individual:
other than Long Term Capital Gain `
`
Nil Nil ` ` ` `
`
39,520
` a ` b ` ii iii 5.6
i

Deductions under Chapter VI-A not allowed against any LTCG: [Sec. 112(2)] Tax on LTCG on transfer where STT is charged: [Sec. 112A] of long term capital asset

Solution: i Case (a) ` Case (b) ` ` ` Tax Payable [Lower of (A) or (B)] 38,0005,631 Total Tax liability
Note: ii iii c a ` b `
` a nature
39,5205,856
of an equity share b nature of a unit of an equity oriented mutual fund ULIP to which exemption u/s 10(10D) does not apply unit of a business trust Provided shall be reduced falls short of the maximum amount which is not chargeable to income-tax 5.7

Points to Note:

The following are the transactions where benefit of Sec. 112A shall not be available, if STT was not paid at the time of acquisition: [Notification 60/2018, dated 01.10.2018] a other than acquisition of listed equity shares in a company:

iii a Explanation 1 23FB

other than the following acquisition of listed equity shares in a company made as per Securities Contracts Regulation Act, 1956, if applicable:

viii Explanation 1 a 23FB

i
iv b
i a ii iii iv v vi vii
5.8
ii

Practical Question:

A (age 45)Mrs. B (age 62)Mr. C (age 81)Mr. D (age 82)

Solution:

(i) If Mr. A, Mrs. B, Mr. C and Mr. D pay tax under default tax regime u/s 115BAC. Computation of Tax liability for the A.Y. 2024-25

ix a b c a b c
Residential Status Resident Non-resident ResidentNon-resident ` ` ` ` ` ` ` i ii
Mr.
Mr.
82) Residential Status Resident Non-resident ResidentNon-resident ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` 5.9
A (age 45)Mrs. B (age 62)Mr. C (age 81)Mr. D (age

Note:

(ii) If Mr. A, Mrs. B, Mr. C and Mr. D exercise the option to shift out of the default tax regime and pay tax under the optional tax regime as per the normal provisions of the Act

Computation of Tax liability for the A.Y. 2024-25

Mr. A (age 45)Mrs. B (age 62)Mr. C (age 81)Mr. D (age 82) Residential Status Resident Non-resident ResidentNon-resident

` `
` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` `
` ` ` ` ` Definition of Transfer : [Sec. 2(47)] i ii iii iv v vi 5.10
Notes:

Kartikeya Sarabhai v. CIT (1997) 228 ITR 163 (SC)

Anarkali Sarabhai v. CIT (1982) 224 ITR 422 (SC)

Explanation 2 to Sec. 2(47):

Explanation a b

Seshasayee Steels (P.) Ltd. v. ACIT [2020] 421 ITR 46 (SC)

Any transaction which enables the enjoyment of immovable property will be considered as enjoyment as a purported owner thereof for being treated as a “transfer” of a capital asset u/s 2(47)(vi).

Facts:

47 vi

Decision: CIT Balbir Singh Maini 47 vi

Transactions not regarded as Transfer : [Secs. 46 and 47]

Sec. 46(1): liquidation of the company

vii
5.11

DIRECT TAX LAWS & INTERNATIONAL TAXATION (DT) | A.Y. 2024-25 | STUDY MATERIAL

AUTHOR : Ravi Chhawchharia

PUBLISHER : TAXMANN

DATE OF PUBLICATION : JUNE 2024

EDITION : 7th Edition

ISBN NO : 9789357788854

NO. OF PAGES : 1264

BINDING TYPE : PAPERBACK

DESCRIPTION

This book o ers a comprehensive and practical application of Direct Tax Laws and International Tax, honing the reader's analytical skills. It perfectly balances an in-depth study and a summarized approach, presented in an explanatory and analytical manner. It is helpful for students preparing for CA-Final, CS-Professional, CMA-Final, M.Com/MBA/LL.B./LL.M, and other professional exams. The Present Publication is the 7th Edition for the CA Final | New Syllabus | November 2024 Exam | A.Y. 2024-25). This book is authored by CA Ravi Chhawchharia, with the following noteworthy features:

• [Complete Coverage] of the latest syllabus as prescribed by the ICAI

• [Detailed Index] A well-organized index at the beginning helps students navigate through sections and other details

• [Provisions] Comprehensive yet concise explanations of provisions, maintaining technical accuracy

• [Judicial Decisions] Landmark/Prescribed by ICAI: Highlighted in bold and underlined, with case names provided before the facts and decisions

• [Other Judicial Decisions] Only the ratio of the case is included, without requiring students to remember case names

• [Practical Questions with Updated Solutions | Section-Based Questions] Included below the relevant provisions

• [Multi-Section Questions] Placed at the end of each chapter in the 'Practical Questions' segment

• [Amended & Updated] Incorporates the latest applicable provisions and amendments for A.Y. 2024-25, relevant for the November 2024 exams

• [Judicial Decisions, Circulars & Notifications] Thoroughly covered

• [Past Exam Solved Questions] Includes solved questions from past exams, including the CA-Final May 2024 paper

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