- Year of Publication: 2020
- ISBN: 0
Episode Duration:
75 minutes
Episode Background:
Though the Central Government’s move to withdraw Rs 500 and Rs 1,000 currency notes in circulation on Nov. 8th 2016, may have shocked most people, however, how many of us are aware that the withdrawal of high-denomination rupee notes has been done at least twice in India’s history in the past? In this regard, it is interesting to note that in January 1946, Rs 1,000 and Rs 10,000 banknotes were withdrawn. Moreover, in 1954, Rs 1,000, Rs 5,000 and Rs 10,000 notes were reintroduced and were again demonetized in January 1978.
What shall the episode cover?
Against this backdrop, Taxsutra is glad to present to a special episode on “Demonetization – Deep Dive into Taxation & Legal Aspects!” with Advocate Salil Kapoor [Ex-ITAT Member]. In this episode, Mr Kapoor has covered an array of topics in the light of several judicial precedents vis-a-vis demonetization, which includes the following:
- History of demonetization in India
- Legal aspects of demonetization
- Understanding the meaning of legal tender
- Nature of addition made during assessment proceedings under the Income Tax Act along with examples
- Tax impact of unexplained cash deposits & analysis of the language of section 68 and 69A
- A close look at Section 115BBE and amendments made therein
- Test of probability – Onus in the case of ‘extraordinary situation’
- Benami Transactions vis-a-vis demonetization
- Powers of CIT(A) and the way forward before Appellate Forums
- Standard Operating Procedures to be followed by the Assessing Officer w.r.t verification of cash transactions related to demonetization
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
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Ratings and Reviews
Overall Rating
- Year of Publication: 2020
- ISBN: 0
Episode Duration:
75 minutes
Episode Background:
Though the Central Government’s move to withdraw Rs 500 and Rs 1,000 currency notes in circulation on Nov. 8th 2016, may have shocked most people, however, how many of us are aware that the withdrawal of high-denomination rupee notes has been done at least twice in India’s history in the past? In this regard, it is interesting to note that in January 1946, Rs 1,000 and Rs 10,000 banknotes were withdrawn. Moreover, in 1954, Rs 1,000, Rs 5,000 and Rs 10,000 notes were reintroduced and were again demonetized in January 1978.
What shall the episode cover?
Against this backdrop, Taxsutra is glad to present to a special episode on “Demonetization – Deep Dive into Taxation & Legal Aspects!” with Advocate Salil Kapoor [Ex-ITAT Member]. In this episode, Mr Kapoor has covered an array of topics in the light of several judicial precedents vis-a-vis demonetization, which includes the following:
- History of demonetization in India
- Legal aspects of demonetization
- Understanding the meaning of legal tender
- Nature of addition made during assessment proceedings under the Income Tax Act along with examples
- Tax impact of unexplained cash deposits & analysis of the language of section 68 and 69A
- A close look at Section 115BBE and amendments made therein
- Test of probability – Onus in the case of ‘extraordinary situation’
- Benami Transactions vis-a-vis demonetization
- Powers of CIT(A) and the way forward before Appellate Forums
- Standard Operating Procedures to be followed by the Assessing Officer w.r.t verification of cash transactions related to demonetization
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
