HC : Lays down imposing exemplary cost personally on CIT to discourage casual appeals January 23 2015
HC dismisses Revenue’s appeal noting that the issue was settled by earlier HC order and no ground for pressing appeal against settled issue was given in “appeal memo”; Further observ...
View moreSC : NPA interest-income taxable on receipt basis, good law, but sub-judice; SLP dismissed January 23 2015
SC declines to admit Revenue’s SLP against Karnataka HC judgement, as the substantial question of law before the High Court stood answered in favour of the assessee; HC held that interest income...
View moreHC : Partially strikes down proviso to Sec 2(15); 'Pragati Maidan' activities charitable January 23 2015
HC allows writ filed by assessee - India Trade Promotion Organisation [earning income from activities at Pragati Maidan, Delhi], upholds assessee's Sec 10(23C) exemption from AY 2009-10 onward; HC uph...
View moreHC : Quashes writ challenging Cyprus notification; No reason to 'disbelieve' Govt. satisfaction January 22 2015
HC quashes writ challenging blacklisting of Cyprus as notified jurisdiction area u/s 94A of Income Tax Act; Refuses reliance on Cyprus govt. press release, holds no requirement for Court to ordinarily...
View moreHC : Quashes Circular arbitrarily enhancing Circle-rates; Notes violation of Fundamental Right January 22 2015
HC issues writ of certiorari, quashes Circle Rate Circular issued by District Magistrate (‘DM’) under the Stamp Act; Owing to the revised Circle Rates as per the Circular, huge demand u/s ...
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January 13 2015
Foreign tax credit sought by entity claiming Sec 10A. Senior Advocate N. Venkatraman contends that tax paid in USA is eligible for full tax credit (FTC) under the India-USA tax treaty as long as the i...
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December 26 2014
CBDT notification specifying Cyprus as ‘non-cooperative jurisdiction’ u/s 94A(1) having regard to lack of ‘effective exchange of information (‘EOI’)’ challenged bef...
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December 09 2014
The ruling was delivered by ITAT bench of Shri N.V. Vasudevan and Shri Jason P. Boaz.
Advocate P. Dinesh argued on behalf of the assessee while Revenue was represented by Mr C.H. Sundar Rao. ...
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December 05 2014
Uttarakhand HC allows CGG Veritas Services' urgency application, fixes final hearing date as January 12, 2015 against ITAT order on taxability of seismic survey fees; ITAT had held that conducting sei...
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November 19 2014
Bombay HC admits assessee's (Indian branch of a Japanese bank) appeal against Tribunal’s order on issue of rate of tax applicability and net vs. gross interest taxability; Bombay HC to rule whet...
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SC : NPA interest-income taxable on receipt basis, good law, but sub-judice; SLP dismissed January 23 2015
SC declines to admit Revenue’s SLP against Karnataka HC judgement, as the substantial question of law before the High Court stood answered in favour of the assessee; HC held that interest income...
View moreITAT : Cash deposit into payee’s account not 'cash expense' attracting Sec 40A(3) disallowance January 07 2015
ITAT upholds deletion of Sec 40A(3) expense disallowance, cash deposit made to payee’s bank account through pay-in-challan, not ‘cash payment’ to trigger disallowance; Observes &ldqu...
View moreCBDT appoints 15 Commissioners for 5 DRPs at Delhi, Mumbai & BangaloreJanuary 06 2015
CBDT appoints 15 Commissioners for 5 Disputes Resolution Panel (DRP) panels at Delhi, Mumbai & Bangalore; Majority of DRP appointees transferred from CIT(A) post ...
View moreCBDT revises DRP rules/structure with Mumbai, Delhi & Bangalore as headquartersJanuary 02 2015
CBDT revises Disputes Resolution Panel (DRP) rules, DRP to be set-up with 3 headquarters at Delhi, Mumbai & Bangalore ; Each DRP to have jurisdiction over multiple states and to have 3 Commissione...
View moreITAT : Interconnect charges taxable 'process' royalty, relies on Verizon; Rejects retro TDS argument December 30 2014
ITAT rules that payments made by Vodafone South Ltd (VSL) to non-resident telecom operators (NTO) towards interconnect usage charges (IUC) and capacity transfer qualifies as ‘process royalty&rsq...
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January 24 2015
Kerala HC reverses ITAT’s order, provides major relief to Shipping companies operating on ‘slot charter’ basis; ITAT had denied benefit of Tonnage Tax Scheme under the Act for slot c...
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January 23 2015
Gross Direct tax collections registered growth of 12.93% for April- December 2014 and Net direct tax collections went up by 7.41%; Gross Corporate Tax collections up by 12.79%, while personal income t...
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January 22 2015
HC pronounced its verdict earlier this morning. A copy of the HC order is awaited.
Assistant Solicitor General of India Rakesh Thapliyal, appeared for Union of India, Ministry of Finance and Se...
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January 22 2015
CBDT issues Explanatory Notes to the Provisions of the Finance (No.2) Act, 2014
Click below to read and download the copy of Explanatory notes ...
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January 21 2015
Dhruva expands footprint, ties up with VoxLaw for IDT/Corporate law foray ...
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CBDT issues Explanatory Notes to the Provisions of the Finance (No.2) Act, 2014January 22 2015
CBDT issues Explanatory Notes to the Provisions of the Finance (No.2) Act, 2014
Click below to read and download the copy of Explanatory notes ...
View moreDhruva expands footprint, ties up with VoxLaw for IDT/Corporate law forayJanuary 21 2015
Dhruva expands footprint, ties up with VoxLaw for IDT/Corporate law foray ...
View moreUttarakhand HC dismisses taxpayer's writ , upholds Cyprus notification : SourcesJanuary 22 2015
HC pronounced its verdict earlier this morning. A copy of the HC order is awaited.
Assistant Solicitor General of India Rakesh Thapliyal, appeared for Union of India, Ministry of Finance and Se...
View moreITAT : Technical knowhow receipts - Business Income; ‘Substance' over ‘Form'; No 'Transfer', No Capital Gains January 20 2015
ITAT upholds AO’s conclusion, treats amount received by assessee (a Pharmaceutical co.), from its JV company for use of technical knowhow of Anti Retro Virals (‘ARVs’), developed by ...
View moreHC : Quashes writ challenging Cyprus notification; No reason to 'disbelieve' Govt. satisfaction January 22 2015
HC quashes writ challenging blacklisting of Cyprus as notified jurisdiction area u/s 94A of Income Tax Act; Refuses reliance on Cyprus govt. press release, holds no requirement for Court to ordinarily...
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