ITAT : Right to use smart card source code, a copyrighted article, not royalty 
November 28 2014
ITAT holds assessee not liable to Sec 195 TDS on payments made to foreign entities for complete source code / software in respect of smart cards operating systems for transport application, conforming...View more

HC : Rejects Revenue's expansive interpretation of 'copyright'; Live horse-race telecast payment not royalty 
November 28 2014
HC upholds ITAT order deleting Sec 40(a)(ia) disallowance, payment made for live telecast of horse races not royalty, as per Explanation 2 to Sec 9(1)(vi) thus, no Sec 194J TDS attracted; Rejects Reve...View more

HC : Terms self-assessment tax payment as discharge of statutory 'obligation', grants Sec. 244A interest 
November 27 2014
HC allows assessee’s writ, grants Sec 244A interest on excess payment of self-assessment tax; Holds amount paid u/s 140A on self assessment “is an amount payable as and by way of the tax&r...View more

HC : Quashes Tribunal order on retrospective TDS relief violating "natural justice" principles 
November 26 2014
HC sets aside ITAT order holding assessee not liable to Sec 194J TDS on royalty & non-compete fees based on a subsequent amendment in TDS law covering such payments; Holds ITAT order was against p...View more

SC : Dismisses SLP, HC denied Sec 54F benefit as assessee 'co-owner' of 2 houses 
November 25 2014
SC dismisses assessee’s SLP against Karnataka HC decision; HC had denied Sec. 54F capital gains benefit as assessee was 'co-owner' in more than one residential house at time of land transfer; HC...View more

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Bombay HC to adjudicate whether Explanation to Sec 90 abrogates non-discriminatory clause under India-Japan DTAA

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...View more

Bombay HC admits appeal on treatment of negative net-worth in capital gains computation​

October 01 2014
Bombay HC admits Summit Securities Ltd’s (assessee) appeal against ITAT Special Bench decision on issue of addition of negative net worth in capital gains tax computation on slump sale; Special ...View more

Sec. 195 interpretation back in focus w.r.t tax treaty applicability

September 17 2014
Bangalore ITAT reserves judgment on TDS applicability to interconnect usage charges paid to non-resident telecom operators in Vodafone South’s case (VSL); Senior Advocate N. Venkatraman argues t...View more

Madhya Pradesh HC also grants interim stay on Sec 234E recovery proceedings

August 18 2014
Madhya Pradesh HC issues notice to IT Dept. over assessee’s writ petition challenging validity of Sec 234E (which levies mandatory fee on TDS deductor for delay in submitting TDS returns); In ...View more

SC : Stays Karnataka HC order dismissing assessee’s writ against ‘reassessment initiation’

August 12 2014
SC stays operation and implementation of Karnataka HC ruling; Karnataka HC division bench dismissed assessee’s writ petition challenging reassessment notice and AO’s order rejecting assess...View more

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HC : Rejects Revenue's expansive interpretation of 'copyright'; Live horse-race telecast payment not royalty 
November 28 2014
HC upholds ITAT order deleting Sec 40(a)(ia) disallowance, payment made for live telecast of horse races not royalty, as per Explanation 2 to Sec 9(1)(vi) thus, no Sec 194J TDS attracted; Rejects Reve...View more

ITAT : Upholds reassessment on former HC judge; Rejects ‘information from unauthorized source’ plea 
November 24 2014
ITAT upholds re-assessment proceedings initiated against assessee, a former HC judge; Observes information collected by Judges Inquiry Committee (JIC) and forwarded by member IRS officer formed AO&rsq...View more

HC : Toll road a ‘building’, not ‘plant’, lower depreciation rate applicable 
November 12 2014
HC denies higher depreciation rate benefit to assessee on BOT project, holding toll road as ‘building’ entitled to 10% depreciation and not ‘plant’ entitled to 25% depreciation...View more

HC : UK firm qualifies as 'person' under DTAA to avail benefits, quashes re-assessment 
November 12 2014
HC quashes Sec 148 notice issued to UK partnership firm (‘assessee’), holds assessee eligible for treaty benefits under India-UK DTAA ; Rejects Revenue’s stand that assessee, being p...View more

ITAT : Holds Liechtenstein Bank despoit into discretionary trust as unaccounted income 
November 11 2014
ITAT holds deposit made by assessees (individual taxpayers) in Trust’s bank account in Liechtenstein Bank (wherein assessees were sole beneficiaries) represents unaccounted income of the assesse...View more

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CBDT further notifies income-tax authorities’ jurisdiction pursuant to orders u/s 120

November 27 2014
CBDT further notifies income-tax authorities’ jurisdiction pursuant to orders u/s 120. Click below to read and download the CBDT notifications. ...View more

Attorney General advises against filing appeal in Vodafone share valuation ruling

November 26 2014
Attorney General advises govt. not to file SLP in SC against Bombay HC's Vodafone share valuation ruling; Govt. likely to accept AG advice : Press Reports  ...View more

USA, Germany top OECD's MAP reporting chart, China makes maiden entry

November 26 2014
OECD’s 2013 MAP statistics show decline in average completion time from 25.46 months in 2012 to 23.57 months is 2013 between OECD member countries; Over 1900 new MAP cases initiated in 2013, USA...View more

OECD BEPS "Treaty Abuse" follow-up work directs focus on LOB rule

November 21 2014
OECD releases discussion draft on follow-up work on Action 6 (Prevent Treaty Abuse) of BEPS Action Plan, identifies 20 issues on which follow-up work is required and highlights questions on which comm...View more

CBDT announces re-constitution of DRPs at 8 locations

November 21 2014
CBDT re-constitutes DRPs at Delhi, Mumbai, Pune, Kolkata, Gandhinagar, Hyderabad, Banagalore and Chennai; Changes effective from November 15, 2014 Click below to read and download CBDT Order. ...View more

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RBI clarifies Indian tax laws applicability for acquisition of immovable property
November 21 2014
RBI clarifies that transactions relating to acquisition of immovable property in India by person resident outside India who is Indian citizen / person of Indian origin is subject to applicable tax law...View more

SC : Dismisses Revenue SLP on capital vs. revenue nature of share sale-purchase transaction 
November 25 2014
SC dismisses Revenue SLP against Delhi HC decision on issue of share sale-purchase transaction being capital or revenue; Delhi HC had held income from share sale-purchase transaction as capital gains ...View more

HC : Sec 194H TDS inapplicable absent principal-agent relation; Applies principle of doubtful penalization 
November 24 2014
HC deletes Sec 40(a)(ia) disallowance, Sec 194H inapplicable as ‘fees’ charged by bank for rendering banking services (i.e providing credit-card swiping machine to assessee for receiving p...View more

SC : Dismisses SLP, HC denied Sec 54F benefit as assessee 'co-owner' of 2 houses 
November 25 2014
SC dismisses assessee’s SLP against Karnataka HC decision; HC had denied Sec. 54F capital gains benefit as assessee was 'co-owner' in more than one residential house at time of land transfer; HC...View more

ITAT : Sale-deed execution, not registration relevant for capital gains; Distinguishes Suraj Lamp’s case 
November 21 2014
Transfer of property takes place in year of sale-deed execution i.e. when consideration was paid and possession was handed over; Rejects Revenue’s reliance on SC ruling in Suraj Lamp and Industr...View more