Tax Litigation

Arbitrage funds: Tax-friendly debt alternative, but expect minor dips

Arbitrage funds capitalise on price differences between the spot and futures markets

Tax law on assets abroad; heat shield at home: Top personal finance stories

This week we write about how to file tax returns for investments or income in foreign countries

Hunter Biden's tax trial set for September, gun trial still in June

Hunter Biden is scheduled to stand trial on federal tax charges in September after a judge on Wednesday granted his request to delay the California trial that had been approaching next month. U.S. District Judge Mark C. Scarsi agreed during a hearing to push the case to September 5 after defense lawyers said they need more time to prepare with Hunter Biden also facing a separate trial on federal gun charges beginning June 3 in Delaware. He has pleaded not guilty to both indictments, which his lawyers have claimed are politically motivated. Both cases are being overseen by judges nominated by then-President Donald Trump, a Republican who is running to unseat the Democratic president in November. The trials will add to an already acrimonious presidential election as Trump's allies again seize on embarrassing details from the younger Biden's troubled life to attack his father, even as Trump faces his own legal problems. Trump is charged in four criminal cases, including a hush money ..

P&G Hygiene and Health Care agrees to pay Rs 36 crore to tax authorities

Procter & Gamble Hygiene and Health Care on Wednesday said it has arrived at an advanced pricing agreement with the tax authorities for certain identified transactions with the company's affiliate. "As a consequence of this agreement, an additional tax liability, approximately Rs 36 crore (including interest) is payable," the company said. However, there will be a reduction in contingent liabilities of approximately Rs 87 crore, subject to withdrawal of relevant tax litigations by the respective parties. The agreement is for financial years 2010-11 to 2018-19, said Procter & Gamble Hygiene and Health Care in a regulatory filing. "This is to inform you that the Company has arrived at an advanced pricing agreement with the tax authorities today, viz. March 26, 2024, determining appropriate transfer pricing methodology for certain identified transactions with the Company's affiliates," it said. P&G Hygiene and Health Care owns popular brands such as Vicks in healthcare and ...

Congress moves Delhi HC challenging dismissal of plea in tax penalty case

The Congress on Monday moved the Delhi High Court challenging the dismissal of its plea by the Income Tax Appellate Tribunal (ITAT) against the imposition of penalties for discrepancies in certain tax returns. The matter was mentioned by senior advocate Vivek Tankha before a bench of Acting Chief Justice Manmohan and Justice Tushar Rao Gedela. Tankha said it was an urgent matter as the accounts of the political party have been frozen. Acting Chief Justice Manmohan agreed to list the case for hearing during the day if the petition is in order. Last week, the ITAT had dismissed the Congress' appeal against the imposition of penalties for discrepancies in tax returns for previous years. The party has earlier said the I-T tribunal order freezing its funds was "an attack on democracy" as it had come ahead of the Lok Sabha polls. According to sources, the tribunal had dismissed the Congress' appeal against the imposition of penalties amounting to Rs 210 crore by the Income Tax departme

Tax conundrum in online gaming landscape: All eyes on the apex court

Impending verdict on Gameskraft v/s DGGI case could reshape India's online gaming tax landscape, writes Dhanendra Kumar, IAS (Retd.)

Showcause to egaming companies in line with legal provisions: CBIC

E-gaming companies have been issued show cause notices for alleged GST evasion as per legal provisions, the head of Central Board of Indirect Taxes and Customs (CBIC) Sanjay Kumar Agarwal said on Thursday, adding that the tax demanded is based on analysis of data. He also said that the government is fully prepared to implement from October 1 the amended provisions for levying a 28 per cent tax on online gaming, casinos and horse racing along with mandatory registration of offshore online gaming platforms. In its meetings in July and August, the GST Council had approved amendments in law to include online gaming, casinos and horse racing as taxable actionable claims, and clarified that such supplies would attract 28 per cent Goods and Services Tax (GST) on full bet value. Parliament last month passed amendments to the Central GST and Integrated GST laws to give effect to the Council's decision. Since then, online gaming companies like Dream11 and casino operator Delta Corp have ...

80,000 cases pending in CESTAT; Govt to set committee to reduce litigation

With a whopping 80,000 tax litigation cases pending before Cestat, Revenue Secretary Sanjay Malhotra on Saturday said the government will set up a committee to suggest measures to reduce tax litigation and expeditious disposal of backlog. Speaking at an event to commemorate 40 years of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Malhotra said bringing clarity in tax laws and rules will help in reducing litigation as pendency of litigation has been a constant challenge before the tribunal. "What we will do in the government and we will seek support from CESTAT and CBIC is with us, we will set up a group and see how we can reduce litigation and reduce pendency. Whether it is by simplifying, clarifying law or training (officers), what are the various ways we can reduce fresh litigation and provide for expeditious disposal of pending cases," Malhotra said. He said CESTAT is currently operating with a full bench and the vacancies that were there last year have been a

SSBA Innovations, which runs TaxBuddy, files Rs 105-cr IPO papers with Sebi

SSBA Innovations, which runs tax portal TaxBuddy, has filed preliminary papers with capital markets regulator Sebi to raise Rs 105 crore through an Initial Public Offering (IPO). The IPO is entirely a fresh issue of equity shares aggregating up to Rs 105 crore, according to the Draft Red Herring Prospectus (DRHP). Proceeds of the issue to the tune of Rs 65.45 crore will be used for funding user acquisition and business development, Rs 15.22 crore for technological development and balance amount towards general corporate purpose. The company is a technology-driven financial solutions and services platform focused on providing financial solutions in the area of tax planning and filing, personal investment advisory and wealth building to individuals, HUF, professionals, firms, and companies registered on its platforms. Incorporated in 2017, SSBA Innovations owns two platforms -- TaxBuddy and Finbingo. TaxBuddy was launched in October, 2019, that offers assisted tax (ITR and GST) plan

Best of BS Opinion: Targeting taxpayers, Bharat Ratna for Dr Kurien & more

Here are the best of Business Standard's opinion pieces for Friday

Targeting taxpayers

Tax department should not issue notices indiscriminately

Top headlines: Govt considers tax ordinance; Microsoft seeks Telangana deal

Business Standard brings to you the top headlines on Wednesday

Centre mulls Ordinance for past tax assessment as litigation mounts

Many assessees have challenged reassessment notices under old law

A near-empty CBDT tackles arbitration cases, domestic tax issues

Four vacancies in the Central Board of Direct Taxes (CBDT) have not been filled despite the Appointments Committee of Cabinet (ACC) clearing names in February, exposing administrative gaps

Changes in tax norms on slump sale deals may lead to litigation for firms

Changes will impact several M&A transactions, including internal restructuring by companies which were signed since April 2020.

A quarter of direct tax litigations getting resolved via 'Vivad Se Vishwas'

'Vivad Se Vishwas' is the Centre's ambitious tax dispute resolution scheme

As Vivad Se Vishwas scheme draws to close, tax officers face the heat

Vivad Se Vishwas scheme allows the waiver of interest, penalty, and prosecution for settling tax disputes due up to January 31, 2020

Licence to harass

CBDT's new performance appraisal needs review

Cabinet nod to changes in Vivad se Vishwas Bill to reduce tax litigations

The minister hoped that people will take advantage of the scheme to settle the tax disputes before March 31, 2020

Some Budget proposals prone to litigation, may give rise to tax disputes

Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence