The Income Tax Appellate Tribunal (ITAT) has in a recent ruling confirmed the levy of penalty on the offset of tax-exempt capital losses against taxable income in a finding that the claim of the taxpayer was not sustainable in law. In doing so, the ITAT has highlighted some crucial aspects of law concerning levy of tax penalties, explain Sanjay Sanghvi & Ashish Mehta of Khaitan & Co.
Unlock this content.
The content you are trying to view is exclusive to our subscribers.
New research, which suggests LLMs can silently corrupt complex documents, should alert tax and legal teams relying on AI to handle iterative drafting and compliance workflows
The firm has hired a team of private client lawyers from Withers to launch in New York and Connecticut, though ITR analysis suggests it faces stiff competition
The ability of tax authorities to receive and analyse data is becoming ‘quite advanced’, warns Stuart Lang, head of EY’s compliance co-sourcing solution
The Court of Appeal ruling clarifies that treaty benefits are not abusive where transactions are commercially driven, providing greater certainty on “main purpose” anti-avoidance tests
Despite the Netherlands featuring an unusual concentration of World Tax-ranked technology-led providers, sources believe there’s a long way to go to challenge the established players
The repeal of Libya’s statute of limitations and tougher enforcement leave taxpayers navigating a high-stakes choice between conciliation and litigation