TaxTonic #29: Secs.68 to 69D Symphony - Explaining the Unexplained!
- Year of Publication: 2023
- ISBN: 0
Episode Duration:
110 Minutes
Episode Background:
'TaxTonic', a 'subscriber only' thought leadership series, is Taxsutra's endeavour to consistently deliver top notch technical content to it's readers. The labyrinth of tax rulings on convoluted transactions keeps the world of taxation unpredictable and ever-evolving. This series will feature engrossing presentations, incisive analyses and a deep-dive by the tax experts on burning issues & controversies. So, gear up for a 'tonic' to chisel your tax mind and challenge your wit.
Speaker:
Mr. Vinay Shraff (Advocate)
Moderator:
Mr. Sachin Sastakar (Chartered Accountant)
What shall the episode cover?
Anti-abuse provisions in the Income-tax Act are taxpayers' nightmare and what tops the list are the provisions contained in Section 68 to 69D. Needless to say, Section 115BBE with its 60% tax rate applicable on additions made under these provisions is adequate to create fear psychosis amongst the taxpayers. The additions made by the Revenue under these provisions and explanations furnished by the aggrieved taxpayers are tested on the anvil of plethora of rulings which is certainly a question of fact but, at times, may involve a question of law. The pendulum of burden of proof swings by the Revenue's apprehensions on the one hand and taxpayers' justifications on the other. In the background of the legal framework and the state of affairs, it is imperative to understand the nuances of Section 68 to 69D that primarily deal with the unexplained credits, money, expenditure, investments etc.
In this next episode of the TaxTonic, Taxsutra brings to you a discussion on a variety of complexities surrounding the questions of additions and explanations under Sections 68 to 69D. The discussion primarily covers:
►Coverage and Impact of Sections 68 to 69D
►Burden of Proof
►Identity, Genuineness & Creditworthiness Test – Statutory Framework & Judicial Principles
►Transactions such as penny stock, bogus purchases etc.
►Interplay with Benami Law
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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- Year of Publication: 2023
- ISBN: 0
Episode Duration:
110 Minutes
Episode Background:
'TaxTonic', a 'subscriber only' thought leadership series, is Taxsutra's endeavour to consistently deliver top notch technical content to it's readers. The labyrinth of tax rulings on convoluted transactions keeps the world of taxation unpredictable and ever-evolving. This series will feature engrossing presentations, incisive analyses and a deep-dive by the tax experts on burning issues & controversies. So, gear up for a 'tonic' to chisel your tax mind and challenge your wit.
Speaker:
Mr. Vinay Shraff (Advocate)
Moderator:
Mr. Sachin Sastakar (Chartered Accountant)
What shall the episode cover?
Anti-abuse provisions in the Income-tax Act are taxpayers' nightmare and what tops the list are the provisions contained in Section 68 to 69D. Needless to say, Section 115BBE with its 60% tax rate applicable on additions made under these provisions is adequate to create fear psychosis amongst the taxpayers. The additions made by the Revenue under these provisions and explanations furnished by the aggrieved taxpayers are tested on the anvil of plethora of rulings which is certainly a question of fact but, at times, may involve a question of law. The pendulum of burden of proof swings by the Revenue's apprehensions on the one hand and taxpayers' justifications on the other. In the background of the legal framework and the state of affairs, it is imperative to understand the nuances of Section 68 to 69D that primarily deal with the unexplained credits, money, expenditure, investments etc.
In this next episode of the TaxTonic, Taxsutra brings to you a discussion on a variety of complexities surrounding the questions of additions and explanations under Sections 68 to 69D. The discussion primarily covers:
►Coverage and Impact of Sections 68 to 69D
►Burden of Proof
►Identity, Genuineness & Creditworthiness Test – Statutory Framework & Judicial Principles
►Transactions such as penny stock, bogus purchases etc.
►Interplay with Benami Law
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)
