Tribunal is custodian of the 1961 Act and is the last fact ...

Income Tax

August 26, 2017

Tribunal is custodian of the 1961 Act and is the last fact finding authority vested with powers of wide amplitude to enforce implementation of the provisions of the 1961 Act.

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Tribunal is custodian of the 1961 Act and is the last fact ...

Income Tax

August 26, 2017

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Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961

Extension of stay order - tribunal has no power to extend stay beyond the period of 365 days - Discretionary power vests with the HC - Article 226 of the Constitution - HC

Maintenance of Proper Accounts and furnishing thereof - the requirement of duly verified and certified by the jurisdictional Excise Authority modified - now this power...

Maintainability of appeal - monetary amount involved in the appeal - The learned Tribunal has powers to pass such orders on pending appeal before it, "as it thinks fit"...

Draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961.

Extension of time limit - The plenary powers of the Supreme Court under Article 142 are inherent in nature and are complementary to those powers which are specifically...

Penalty u/s 11AC - Interest u/s 11AB - interest and penalty are imposable and there is no discretionary power vested with the authorities for waiving the same.- HC

Estimation of income on account of “on-money” - As the last fact finding authority, the Tribunal was not empowered to apply the formula and which was invented by it.

If the Tribunal is last fact finding authority and was dealing with a statutory Appeal, we would expect it not to dispose of the same by a cryptic and short order - HC

Simply because the authorities who are expected to enforce the law are unable to enforce effectively, it does not mean that the statutory provision must be given a go bye - HC

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