Articles by Mayank Mohanka

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The Vicious Circle of Setting up of Over-Ambitious Revenue Collection Targets – Revenue Authorities Over-Reaching Taxpayers- Withholding of Refunds!! With a view to provide the much needed stimulus and push to the falling GDP growth rate and the currently prevailing slow-down in economy, th..

Posted in Income Tax  1 comments |   1715 Views




 'To be curious is a good thing and to work towards satisfying ones' curiosity is even better.'- Mayank Mohanka Introduction: The critical question concerning the nature and taxability of 'income' and 'expenditure' pertaining to the 'pre-commencement busine..

Posted in Income Tax  8 comments |   1530 Views




Sections 50C/43CA/56(2)(x) of Income Tax Act concerning Adoption of Circle Rates for Computation of Capital Gain/Business Profits/Income from Other Sources on Land & Building, Result in Double Taxation & are Contrary to Real Income Theory!! The Finance Act 2002 has introduced a new sectio..

Posted in Income Tax  1 comments |   2860 Views




Time to Revisit the Conventional Co-ercive Recovery Measures of Tax Collection by Revenue Authorities!! As per the existing Legislative framework of the Direct Taxation Laws in our Country, the tax collection measures can broadly be classified into Pre-Assessment tax collection measures and Post ..

Posted in Income Tax  4 comments |   1373 Views




1. Background:  On 5 August 2019, the Hon’ble Union Home Minister Sh. Amit Shah has moved a resolution to amend Article 370 of the Constitution of India in the Rajya Sabha, so as to do away with some of the ‘privileges of special autonomous status’ being granted to the Stat..

Posted in Income Tax  3 comments |   7725 Views




"Is the recent SC judgement holding allowances as part of basic wages for the purpose of determination of PF contribution, contradictory with the stand of the Law makers and implementors?" In its recent judgement in the case of "RPFC vs. Vivekananda Vidyamandir and others & Sury..

Posted in Corporate Law  2 comments |   2325 Views




The provisions of section 56(2)(viia) of the Income Tax Act were inserted w.e.f. the Finance Act 2010, and read as under: Section 56(2) :'In particular, and without prejudice to the generality of the provisions of sub-section (1), the following incomes, shall be chargeable to income-tax under..

Posted in Income Tax |   1743 Views




The intent of the Legislature in repealing the erstwhile SICA Act and its substitution with the new Insolvency & Bankruptcy Code (IBC) 2016was to ensure more effective, sensitive, holistic and timely financial revival of the stressed companies as well as protecting the interests of all stakehold..

Posted in Corporate Law |   286 Views




Non-Banking Financial Companies (NBFCs), often referred to as the “shadow banking system” are playing an increasingly important role in our country’s financial systems and their growing influence on our nation’s economy is clearly visible in the Union Budget 2019-20 also as a..

Posted in Union Budget |   859 Views




Decoding Union Budget 2019-20: Are Proposed Amendments in Finance (No. 2) Bill 2019 identify with a Satiated Elephant satisfied with few mounds of rice or an Insatiate Elephant trampling fields? The Hon'ble Finance Minister Smt. Nirmala Sitharaman, while presenting the Union Budget 2019-20, befo..

Posted in Union Budget |   1791 Views






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