HC : Reverses ITAT ruling ; Surrender of Floor Area Ratio, a transfer u/s 2(47) 
July 06 2015
HC sets-aside ITAT’s order, surrender of Floor Area Ratio (FAR) relating to land in favour of developer for construction of flats, amounts to transfer u/s 2(47) exigible to capital gains tax; Re...View more

ITAT : Land transfer by Government's unilateral act outside TOPA (Sec 53A) ; Deletes capital gains 
July 06 2015
ITAT upholds deletion of capital-gains addition, handing over possession of property by assessee to the IT Dept in terms of Govt. order, not deemed transfer u/s 2(47)(v); Clarifies though Sec 2(47)(v)...View more

HC : Asset transfer to secured creditor for valid consideration not hit by Sec 281 
July 02 2015
HC division bench upholds Single Judge’s order, quashes TRO’s order u/s 281 declaring transfer of properties by way of mortgage in favour of assessee (a State financial corporation) by the...View more

SC : Reverses HC order; ONGC's payments for supervisory services taxable u/s 44BB, not u/s 44D 
July 02 2015
SC reverses HC’s order, holds amounts paid by ONGC to non-resident assessees for providing supervisory staff having experience for operation and management of drilling rigs taxable on presumptiv...View more

ITAT : 'Capital employed' for Sec 35D relief excludes share premium; Upholds Sec 263 proceedings 
July 02 2015
ITAT upholds CIT’s exercise of revisionary jurisdiction u/s 263, as AO ignored definition of ‘capital employed’ while verifying assessee’s claim u/s 35D; Assessee claimed deduc...View more

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HC to decide Sec. 94A, Sec. 195 interplay as CBDT defends Cyprus press release

July 01 2015
Madras HC acknowledges "importance" of issue involved in writ challenging CBDT's Cyprus notification; HC observes that the matter requires interpretation of Sec. 94A & Sec. 195 as Sr. Adv. Arvind ...View more

Bombay HC adjourns FII-MAT case over Government plea to wait for SC ruling, Committee Report

June 30 2015
Bombay HC adjourns FII-MAT case over Government plea to wait for SC ruling, Committee Report; Interim stay to continue ...View more

Daggers drawn over Cyprus notification; Datar alleges treaty override, Revenue holds firm

June 30 2015
It was all action, heat and a bit of tension at the Madras HC yesterday as Sr. Adv. Arvind Datar continued his multi-pronged attack on the Cyprus notification. He posed a rhetorical question as to w...View more

Cyprus notification assailed at Madras HC; Sec. 94A inapplicable to treaty countries: Datar

June 17 2015
Cyprus notification assailed at Madras HC; Sec. 94A inapplicable to treaty countries, argues Sr. Adv. Arvind Datar ...View more

Constitutional validity of Sec 206AA alongwith RBI Circular & Rule 37BB challenged before Delhi HC

June 15 2015
Delhi HC issues notice to Revenue on Indian company’s (‘petitioner’) writ challenging constitutional validity of Sec 206AA (prescribing withholding tax-rate of 20% if payee does not ...View more

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ITAT : Capital gains indexation concept cannot be imported into MAT - book profit working 
June 24 2015
ITAT rules that net gain on share-sale credited to P&L A/c in accordance with Schedule VI of the Companies Act, 1956 and not indexed capital gains, be included while computing book profits u/s 115...View more

Mauritius signs OECD's Multilateral Tax Assistance Convention
June 24 2015
In line with the international movement towards more transparency and exchange of information, Mauritius signs OECD's Multilateral Convention on Mutual Administrative Assistance in Tax Matters; On sig...View more

HC : Assessee ‘deemed tenant’ under Rent Control Act; Tenancy surrender compensation, capital gains 
June 22 2015
HC upholds ITAT’s order, rules that compensation received towards surrender of tenancy right in premises taxable as ‘capital gains’, not income from other sources (‘IFOS’...View more

CBDT : Empowers jurisdictional CCIT to decide on 'non-appeal' to HC; Discards panel reference
June 19 2015
CBDT issues clarification regarding internal process for filing appeals in High Court, with a view to further a non-adversarial tax regime; CBDT communication dated November, 2014 stated that in stati...View more

HC : Overrules lower court's interpretation u/s 53A of TOPA on unregistered sale-agreement 
June 18 2015
HC grants decree of specific performance for ‘agreement to sale’ despite being unregistered, directs defendant to execute sale deed in favour of the appellant in respect of the suit proper...View more

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CBDT issues 32 FAQs on Black-money law amnesty scheme

July 06 2015
CBDT issues FAQs on the Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015 ('the Act'); Clarifies that a partner cannot file declaration in respect of undisclosed foreign assets of ...View more

India, Mauritius reach "tentative deal" on tax treaty; LOB clause likely

July 03 2015
India, Mauritius reach "tentative deal" on tax treaty; LOB clause likely ...View more

CBDT issues Rules, Explanatory Notes to Black Money law

July 03 2015
CBDT issues Rules under Sec. 85 of Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015; Rules prescribe manner of determination of ‘fair market value' & illustrations on th...View more

EY announces tax partnership promotions

July 03 2015
EY announces tax partnership promotions Big 4 firm EY (India) has promoted 14 employees as partners in its tax division. The names are as below: 1. Hasina Chil 2. Giselle Barboza 3. Uttkarsh Sangh...View more

CBDT clarifies July 1, 2015 as effective date u/s 1(3) of black money law

July 02 2015
CBDT issues clarification in view of difficulty in interpreting expression ‘date of commencement of the Act’ and giving effect to the provisions of Sec 59 (relating to declaration of undis...View more

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EY announces tax partnership promotions
July 03 2015
EY announces tax partnership promotions Big 4 firm EY (India) has promoted 14 employees as partners in its tax division. The names are as below: 1. Hasina Chil 2. Giselle Barboza 3. Uttkarsh Sangh...View more

CBDT promotes 23 CCITs/DGITs to Principal CCIT level
June 30 2015
CBDT announces promotion of 23 officers at CCIT/DGIT level to the post of Principal CCIT; Further, CBDT orders posting of officers, upon their promotion: CBDT  Click below to read CBDT order....View more

Daggers drawn over Cyprus notification; Datar alleges treaty override, Revenue holds firm
June 30 2015
It was all action, heat and a bit of tension at the Madras HC yesterday as Sr. Adv. Arvind Datar continued his multi-pronged attack on the Cyprus notification. He posed a rhetorical question as to w...View more

India, Mauritius reach "tentative deal" on tax treaty; LOB clause likely
July 03 2015
India, Mauritius reach "tentative deal" on tax treaty; LOB clause likely ...View more

CBDT issues 32 FAQs on Black-money law amnesty scheme
July 06 2015
CBDT issues FAQs on the Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015 ('the Act'); Clarifies that a partner cannot file declaration in respect of undisclosed foreign assets of ...View more