ITAT : Pre-existing commercial property can't be treated as residential; Allows exemption u/s 54FMr. I.Ifthiqar AshiqJune 20 2013
Commercial building cannot be treated as ‘residential house property’ merely because rental income chargeable u/s 22 as 'Income from house property'; Income Tax Act does not make any ...
View moreITAT : Lambasts CA for professional misconduct; rejects recall application in "personal" capacity Omkar Nagreeya Sahkari Bank Ltd.June 19 2013
ITAT's Single Member bench expresses grave displeasure on professional misconduct of Chartered Accountant; Dismisses application filed by CA in his "personal capacity" for recalling order sheet withou...
View moreITAT : Retrospective explanation limiting Sec 80-IA(4) deduction should 'stand down', Follows SC ruling ARSS Infrastructure Projects Ltd.June 19 2013
Rejects Revenue’s contention that legislative intent of amending explanation to 80IA was to provide benefit only to Build, Operate and Transfer contracts (BOT); Explanation to Sec 80IA to exclud...
View moreITAT : Adjournment only for sufficient cause, not at 'leisure or pleasure' of parties Rushabh VatikaJune 19 2013
Denies adjournment since application did not show "sufficient cause" and assessee had more than a month's notice to prepare for hearing; Adjournments can't be sought at leisure or pleasure; Without va...
View moreITAT : Tax audit filing mandatory though e-filed return delayed; Confirms penalty Himalyan Labour & Construction Coop Society LtdJune 17 2013
Furnishing of tax audit report u/s 44AB independent of filing of tax return; Exclusion of enclosing tax audit report alongwith e-filed tax return not applicable, for delayed tax return; Confirms levy ...
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May 29 2013
CIT (A) rejects status of Securitisation SPV as 'trust' under IT Act; Trust set-up a farce, in reality represents an "Association of Persons" comprising of bank, settler, trust and mutual funds; Rejec...
View moreMay 28 2013
ITAT Special Bench to determine if income from "Portfolio Management Scheme" constitutes 'Business income' or 'Capital Gains'; Special Bench set up due to contradictory ITAT ruling...
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May 27 2013
Revenue's SLP against AP HC ruling in Sanofi raises issue of whether foreign JV holding company can be considered a company with business substance or be ignored being a puppet subsidiary; A...
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April 23 2013
ITAT Special Bench concludes hearings in Clifford Chance LLP's case to decide taxability of foreign partnership firms in India; SB to decide on applicability of SC ruling in Ishikawajima in ...
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April 15 2013
After a survey carried out on Nokia India’s facilities in Jan 2013, IT Dept has slapped a Rs 2000 Cr+ tax demand for TDS default on software related payments made to Nokia Finland for 6 Financia...
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HC : Retro amendment route to "cure defect" constitutionally valid, but penalty levy "arbitrary" Jindal Poly Films Ltd. & AnrJune 10 2013
HC upholds constitutional validity of retrospective amendment to Sec 93 of Maharashtra Value Added Tax Act providing proportionate incentives to eligible units; Legislation of validation clause "const...
View moreITAT : Advt expenses by licensed-manufacturer deductible; Concurrent benefit to brand owner irrelevant Khambhatta Family TrustJune 10 2013
Allows deduction for advertisement expenditure incurred on products using brand 'Rasna"; Brand was owned by another entity and manufacturing was carried out based on usage rights; Advertisement expend...
View moreHC : Upholds loss on shares held as stock by Bank; RBI guidelines irrelevant The Karnataka Bank Ltd.June 10 2013
Loss on valuation for shares held as stock in trade (based on lower of cost or market value) for tax purposes upheld; Shares held as investments in balance sheet as per RBI Guidelines but treated as s...
View moreITAT : Disallows legal fees to defend directors in Narcotics case; Invokes Sec 37(1) explanation OPM International Pvt. Ltd.June 10 2013
Disallows professional fees paid by assessee company to defend its Directors involved in a Narcotics case; Explanation to Sec 37(1) clearly provides that no deduction allowable for any expenditure inc...
View moreITAT : Beneficial not legal ownership of asset relevant to claim depreciation Dhimant Mehta Computing Solutions Private LimitedJune 07 2013
Beneficial ownership of asset sufficient to claim depreciation if asset being used for the purpose of business; Rejects Revenue's contention that legal ownership of motor car with Company ne...
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June 20 2013
Commodities Transaction Tax to be effective from July 1, 2013; CBDT notifies the Commodities Transaction Tax Rules, 2013 to be effective from July 1, 2013; Notifies 23 agricultural commoditi...
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June 19 2013
On 18th June 2013, at the end of G8 Summit, attended by heads of the wealthiest countries, a G8 Lough Erne Declaration was issued, calling for fair taxes, increased transparency, open trade and good g...
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June 18 2013
OECD presents report on "A Step Change in Tax Transparency" to G8 countries; Report sets out key success factors for an effective model for automatic exchange, outlines four concrete steps needed to p...
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June 17 2013
New CBDT Chairperson, Dr. Sudha Sharma, addresses tax department officers on elevation; Acknowledges FM's guiding principles of non-intrusive and non-adversarial tax administration; Terms base of 3.5 ...
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June 17 2013
The transfer orders of over 360 CITs announced by CBDT on Friday, June 14 has affected International tax wing of Income tax department the most. Almost 2/3 of the 15 DITs have been transferred out of ...
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CBDT announces major reshuffle; Transfers over 360 CITs/DITsJune 14 2013
CBDT announces transfer of 367 CITs and DITs; 246 transfers within city whereas 121 inter-city transfers ordered with immediate effect ...
View moreHC : Permits 'Loophole' exploitation; share sale effecting immovable property transfer, legitimate tax planning Bhoruka Engineering Inds. Ltd.June 13 2013
Long term capital gains exemption u/s 10(38) allowed on sale of shares in a group company that had effect of transferring underlying land; Land was acquired into a listed company and immediate share t...
View moreCBDT transfers give International tax wing a new lookJune 17 2013
The transfer orders of over 360 CITs announced by CBDT on Friday, June 14 has affected International tax wing of Income tax department the most. Almost 2/3 of the 15 DITs have been transferred out of ...
View moreITAT : Distinguishes Chaturbhuj Kapadia ruling; Development agreement not transfer u/s 2(47) S. Ranjith ReddyJune 13 2013
Not every development agreement satisfies conditions of Sec. 53A of Transfer of Property Act (TP Act) to constitute transfer u/s 2(47); Rejects Revenue's reliance on Bombay HC ruling in Chaturbhuj Kap...
View moreITAT : Adjournment only for sufficient cause, not at 'leisure or pleasure' of parties Rushabh VatikaJune 19 2013
Denies adjournment since application did not show "sufficient cause" and assessee had more than a month's notice to prepare for hearing; Adjournments can't be sought at leisure or pleasure; Without va...
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