HC : Investment by spouse in new asset not eligible for Sec 54B exemption 
July 29 2015
HC overrules ITAT’s order, denies capital gain exemption u/s 54B to assessee to the extent investment made by spouse in new property, assessee upon sale of agricultural land, partly utilised sal...View more

ITAT : Quashes block-assessment; 26 months delay in issuing notice u/s 158BD “unreasonable” 
July 28 2015
ITAT quashes block assessment proceedings against assessee (not subject to search), as notice u/s 158BD issued beyond reasonable time; Notes notice was issued after a gap of 26 months from completion ...View more

ITAT : Deletes Sec 40(a)(ia) disallowance on domestic software payment; No TDS liability upon retro-law 
July 27 2015
ITAT rules in favour of taxpayer, upholds deletion of Sec 40(a)(ia) disallowance in respect of depreciation claim upon purchase of software during AY 2009-10; Rejects Revenue’s stand that softwa...View more

HC : Interest on income-tax refund, business income under DTAA; Sec 44BB tax-rate inapplicable 
July 27 2015
HC upholds ITAT’s order, interest on refund by IT Dept. to a non-resident assessee (a UK co. engaged in oil exploration business), assessable as business income @ 42% as per Article 7 of India-U...View more

HC : Deletes capital gains under JDA; Lays down law on Sec 2(47) & Sec 53A 
July 23 2015
HC reverses ITAT order and grants relief to the taxpayer, lays down law on interpretation of Sec 53A of Transfer of Property Act (‘TOPA’) in context of definition of 'transfer' u/s 2(47) o...View more

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Kar-HC allows Sec 10A benefit to IT-company sub-contracting onsite work to foreign AEs

July 29 2015
Karnataka HC upholds ITAT order, grants benefit of Sec 10A to assessee sub-contracting part of its software development work (‘onsite work’) to AEs abroad; Rejects Revenue’s contenti...View more

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

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HC : Expansively construes AO's re-assessment powers to tax "any income", sans recorded reasons 
July 21 2015
HC upholds re-assessment u/s 147/148, rejects assessee's stand that re-assessment, being based on different reasons than those recorded by AO in re-assessment notice, was bad in law; Sec 147 reads &ld...View more

HC : Once DSIR certifies Sec 35(2AB) scientific research expense, AO debarred from further scrutiny 
July 17 2015
HC allows assessee’s writ, quashes AO’s order denying weighted deduction u/s 35(2AB) in respect of scientific research expenditure; Assessee claimed deduction pursuant to the certificate i...View more

HC : Grants interest relief from delayed return filing attributable to deductor’s TDS default 
July 14 2015
HC allows relief from penal consequences arising to a non-resident assessee due to deductor’s default in depositing TDS; Owing to non-deposit of TDS, assessee (a NRI) was unable to upload his in...View more

G20 invites consultations for Low Income Countries’ efficient use of tax incentives
July 13 2015
G20’s Development Working Group invites IMF, OECD, UN and World Bank’s report on options available for low income countries’ effective and efficient use of tax incentives for investm...View more

CBDT introduces Aadhar/ATM based electronic verification code system for e-filed tax returns
July 13 2015
CBDT introduces Electronic Verification Code (EVC) system as an alternate mode of verification to manually signed ITR-V (acknowledgment) ; EVC, a ten digit alpha-numeric code, to be provided using any...View more

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New ITR-forms increase reporting requirements, seek overseas assets/income, CSR expense details

July 31 2015
CBDT notifies revised income tax return filing forms - ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 for AY 2015-16; Revised ITR forms seek detailed information of Foreign Assets and Income from source outside...View more

CBDT notifies new tax return form for companies & others for AY 2015-16

July 30 2015
CBDT notifies revised Form ITR 6 (for companies) and other forms ITR 3, ITR 4, ITR 5, and ITR-7 for filing tax return for AY 2015-16...View more

Govt. reviews status of grievances redressal for Q1 of FY 2015-16

July 30 2015
Govt. reviews status of grievances redressal for Q1 of FY 2015-16  Click Below to read the press release ...View more

PAN card stats make for interesting reading

July 28 2015
PAN card stats make for interesting reading. Click below to read PIB Press release....View more

Wealth-tax return filing due date extended in line with revised ITR timelines

July 28 2015
CBDT extends time-limit for filing return of wealth for AY 2015-16 to August 31, 2015for individuals / HUFs, in view of their extended income-tax return (‘ITR’) filing due-date Click belo...View more

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Justice A.P. Shah panel report on MAT controversy a "mixed bag" : Source
July 28 2015
If FIIs/foreign companies thought that the Govt. appointed 3 member Committee on MAT, led by Justice A.P. Shah might bail them out, the first news coming out may not bring a smile to their faces. Ac...View more

HC : Interest on income-tax refund, business income under DTAA; Sec 44BB tax-rate inapplicable 
July 27 2015
HC upholds ITAT’s order, interest on refund by IT Dept. to a non-resident assessee (a UK co. engaged in oil exploration business), assessable as business income @ 42% as per Article 7 of India-U...View more

ITAT : Deletes Sec 40(a)(ia) disallowance on domestic software payment; No TDS liability upon retro-law 
July 27 2015
ITAT rules in favour of taxpayer, upholds deletion of Sec 40(a)(ia) disallowance in respect of depreciation claim upon purchase of software during AY 2009-10; Rejects Revenue’s stand that softwa...View more

Third SIT-report on Black Money guns for P-Notes, LTCG exemption and shell companies
July 24 2015
Govt. releases the Recommendations of SIT on Black Money (as contained in the Third SIT Report) on aspects such as misuse of long term capital gains exemption and P-Notes for money laundering, use of ...View more

CBDT notifies new tax return form for companies & others for AY 2015-16
July 30 2015
CBDT notifies revised Form ITR 6 (for companies) and other forms ITR 3, ITR 4, ITR 5, and ITR-7 for filing tax return for AY 2015-16...View more