HC : CIT's powers u/s 264 wide enough to include rectification of 'bonafide' errorsKewal Krishan Jain December 12 2013
Bonafide error in claiming exemption can be rectified by CIT u/s 264; Rejects Revenue's argument that assessee did not raise plea for exemption before AO; Such prohibition applicable to appeals and no...
View moreHC : "Reasoned" order, communication to assesse a pre-requisite for transferring file Madeeha EnterprisesDecember 11 2013
HC quashes Revenue order transferring assessee's case from Bellary to Belgaum; Non-communication of reasons for rejecting assessee's objections to transfer, amounts to "administrative lapse"; Though S...
View moreHC : No Art 12 relief on tax refund interest income due to Indian PE Pride Foramer SASDecember 10 2013
Interest on tax refund received by non-resident having Indian PE not covered under Article 12; Article 12(1) and 12(2) of India-France DTAA apply when recipient of interest does not have PE; Assessee ...
View moreITAT : Marketing fee paid by ITC to Marriott not 'royalty'; Rejects reimbursement claim Marriott International Licensing Co BVDecember 10 2013
Marketing fee received by Marriott International from ITC India under sales & marketing agreement not taxable as royalty; Royalty is payment for use/right to use of an existing property and not fo...
View moreITAT : Income Tax Act, not Excise regulations to determine 'manufacturing' activity Avinashi IndustriesDecember 10 2013
Nature of activity considered ‘manufacturing’ as per Excise Regulations, not binding for purposes of Income Tax; Guidance to be taken from Sec. 2(29BA), though it was not applicable to AY ...
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October 30 2013
Senior Advocate Arvind Datar alongwith T.Suryanarayan, Kunal Verma, Arpita Seth and Gaurav Sharma argued on behalf of Infosys. ...
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October 23 2013
E-commerce taxability dispute reaches High Court; Calcutta HC admits IT Dept's appeal against Kolkata ITAT ruling in Right Florists; ITAT ruled that online advertisement payments to Google and Yahoo n...
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October 22 2013
Supreme Court admits Special Leave Petition (SLP) filed by Revenue against Delhi HC order in Omaxe case; HC had held that AO not authorized to reopen assessment which is subject matter of order by Set...
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September 04 2013
SC issues notice, posts Sanofi hearing for January 2014; Judges acknowledge similar issue pending in Aditya Birla Nuvo. ...
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August 02 2013
Senior Advocate Harish Salve appeared for the petitioner, assisted by BMR Legal. ...
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HC : Trust investing in Co-operative bank shares for loan, doesn't lose tax exemption Dr. Vikhe Patil FoundationDecember 06 2013
Charitable trust acquiring shares of co-operative bank, for sole purpose of obtaining loan, does not amount to breach of exemption condition u/s 11(5); Such acquisition of shares not investment and in...
View moreITAT : Lease of Industrial park not house-property income; Sec 80IA deduction available Janapriya Engineers SyndicateDecember 06 2013
Income from leasing units in Industrial Park is ‘income from business’ and not ‘income from house property’ & eligible for Sec 80IA(4)(iii) deduction; Depreciation on build...
View moreHC : After Madras, Allahabad HC applies SC ruling in Mak Data; Confirms penalty U.P.Matsya Vikas Nigam Ltd.December 05 2013
HC upholds penalty u/s 271(1)(c) for willful concealment; Current year profits were set-off by the assessee against losses for past years, which were non-existent; When there was malafide intention on...
View moreITAT : FII's derivative loss not 'speculative'; HC's Bharat Ruia ruling not applicable Platinum Asset Management Ltd.December 05 2013
Income of FIIs from dealing in derivatives taxable as capital gain, not business income; Bombay HC ruling in Bharat Ruia (on speculation loss) not applicable to FIIs & loss cannot be treated as 's...
View moreITAT : Helicopter hire charges not 'rent' u/s 194I; Lower TDS u/s 194C applicable Gujarat State Petroleum Corporation Ltd.December 05 2013
Payment for 'helicopter hiring' attracts TDS u/s 194C; Payment not for use of any equipment so as to attract higher TDS u/s 194-I; Assessee did not obtain any possession for helicopters and responsibi...
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December 11 2013
The 19th Annual Conference organized by Foundation for International Taxation (FIT) at Mumbai concluded last week. The 3-day event, from Dec 5 to 7, saw over 80 speakers and eminent personalities shar...
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December 11 2013
In order to standardize the process of filing application for approval of an Electoral Trust (ET), CBDT vide Letter [F.No. 173/158/2013] dated December 10,2013 has issued a checklist. Besides routine ...
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December 11 2013
Delhi HC dismisses Nokia workers plea for impleading ; But says will consider workers' interest while passing order; HC reserves judgment on Nokia plea to de-freeze assets; IT Dept pegs crystallized t...
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December 10 2013
CBDT revises work distribution among Director (FT&TR-I), Director (FT&TR-II) and Director (APA), consequent to changes made at Joint Secretary level last week; Director (APA) to handle bilater...
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December 10 2013
Only Legality & text of law relevant for taxation, not 'morality' , says former Chief Justice of India S.H. Kapadia; "Draft GAAR, but not with approach to collect taxes"; Courts to apply 'Principl...
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ITAT : Treats foreign marketing agent's payment as 'technical service'; Article 14 also applicable Device Driven (India) Pvt. Ltd.December 05 2013
Payment to foreign sole commission agent taxable as 'technical service' u/s 9(1)(vii) and also under Article 14 of India-Switzerland tax treaty; Assessee company's software business required services ...
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SC stays assessment, extends period of limitation in Sanofi caseDecember 09 2013
SC stays assessment, extends period of limitation in Sanofi case; Directs listing of main matter on January 21, 2014
SC has stayed assessment proceedings against Merieux Alliance (MA) and G...
View moreHC : Presence of clear, unambiguous ‘direction’ must to initiate penalty proceedings MWP Ltd.December 07 2013
Mere mention of ‘Penalty proceedings u/s 271(1)(c) are initiated separately’ in assessment order, does not mean ‘direction’ u/s 271(1)(c) for levy of penalty; Clear and unambig...
View moreITAT : Marketing fee paid by ITC to Marriott not 'royalty'; Rejects reimbursement claim Marriott International Licensing Co BVDecember 10 2013
Marketing fee received by Marriott International from ITC India under sales & marketing agreement not taxable as royalty; Royalty is payment for use/right to use of an existing property and not fo...
View moreHC : No Art 12 relief on tax refund interest income due to Indian PE Pride Foramer SASDecember 10 2013
Interest on tax refund received by non-resident having Indian PE not covered under Article 12; Article 12(1) and 12(2) of India-France DTAA apply when recipient of interest does not have PE; Assessee ...
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