HC : SC's order for de-novo consideration allows ITAT to remit case before AOReckitt Piramal Private LimitedJuly 29 2014
HC dismisses assessee's appeal, upholds ITAT’s order (in second round of proceedings) holding CIT's revision u/s 263 as justified due to mistakes in stock details and remitting examination of st...
View moreHC : Rejects delay condonation holding Revenue's explanation as "after thought" to "cover lapses" Harinagar Sugar Mills Ltd.July 28 2014
Bombay HC dismisses Revenue’s notice of motion and seeking condonation of over 1,000 days delay in filing Review Petition, states Revenue’s explanations offered as an “after thought&...
View moreHC : Sec 244A interest taxable on ‘receipt’ basis notwithstanding pendency of appeals Venkatesh Dutt July 28 2014
HC confirms income addition, holds interest received on tax refund u/s 244A taxable in year of receipt, notwithstanding pendency of appeal; Rejects assessee’s argument that interest income an un...
View moreHC : HC's admission of appeal shows issue debatable; Concealment penalty not attracted Nayan Builders and DevelopersJuly 28 2014
HC dismisses Revenue’s appeal against ITAT order setting aside imposition of penalty; Referring to co-ordinate bench’s appeal admission order in quantum proceedings of assessee, ITAT had d...
View moreHC : Advance received against sale of room-nights under holiday scheme not taxable Pancard Clubs LimitedJuly 28 2014
HC confirms ITAT order, advance received by assessee (running hotels, resorts and clubs) from members against sale of room nights, not taxable; Pursuant to assessee's holiday scheme, it received advan...
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July 25 2014
SC posts IBM case for final hearing on November 25; Case to determine taxability of packaged software payments; Karnataka HC had held such payments to be taxable as royalty
Senior Advocate Harish Sal...
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July 24 2014
Bombay HC admits batch of writ petitions filed by Booz group entities against order of AAR; AAR had held Booz India as PE of Booz overseas entities (‘assessees’) and concluded that as...
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July 24 2014
5 judges Constitution bench of SC, led by Chief Justice of India (CJI) reserves judgment on constitutional validity of National Tax Tribunal (NTT); CJI poses barrage of questions to Attorney...
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July 23 2014
Bombay HC admits Millennium’s writ against AAR ruling on issue of whether payment received for computer software supply amounts to ‘royalty’; AAR had held that license fees paid for ...
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July 23 2014
Bombay HC admits Revenue’s appeal against Mumbai ITAT ruling in Dredging International N.V.’s case; ITAT had held that DRP cannot take up new issue and issue directions which are at varian...
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ITAT : Proportionate, not full FTC available under Art 23 of India – Thailand DTAA Arvind Metals & Minerals (P) Ltd.July 04 2014
ITAT dismisses assessee’s appeal, allows foreign tax credit on proportionate basis in view of Article 23(2) of India – Thailand DTAA, as against full credit claimed by assessee; As per Art...
View moreHC : Mandatory interest u/s 234A/B/C unsustainable absent AO's ‘specific’ direction; Applies 'Ranchi Club' ratio Oswal ExportsJuly 04 2014
HC quashes AO’s order for charging interest u/s 234A / 234B / 234C (for AY 1990-91), as no specific direction for levying of interest given in assessment order; Though interest under above secti...
View moreITAT : Upholds McDonald’s re-assessment as lower tax rate application results in income escapement McDonald’s CorporationJuly 03 2014
Tribunal upholds re-assessment in McDonald’s case as income escaped assessment by lower tax rate application accepted u/s 143(1); Application of 15% tax rate for royalty income under India-US DT...
View moreITAT : NR-payments for morphological studies not FTS, no ‘make available’ under India-UK DTAA Dholera Port Ltd. & Adani Port- Infrastructure Pvt. Ltd.July 02 2014
ITAT quashes AO’s order u/s 201(1)/(1A) holding assessee (engaged in development of Dholera Port in Gujarat) in default, rules payment to UK company not liable to TDS u/s 195; Payments to UK com...
View moreHC : “Less than full disclosure” during assessment prima facie valid for Sec 148 notice Rosy Blue (India) Ltd.June 27 2014
HC dismisses assessee’s writ challenging reassessment notice u/s 148, prima-facie view suggested “less than full and true disclosure of material facts” by assessee during assessment ...
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July 29 2014
CBDT revises format of Tax Audit Report in Form 3CD with effect from July 25,
2014; Revised format has amended existing / added new clauses to improve / increase disclosure requirement...
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July 29 2014
The proportion of States’ share in Central taxes is recommended by the Finance Commission constituted every five years. As per PIB release, the 14th Finance Commission, constituted in January 20...
View moreJuly 28 2014
CBDT issues revised tax audit report in form 3CD; New tax audit report to come into effect from July 25, 2014...
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July 28 2014
CBDT issues clarification regarding taxation of income of Alternate Investment Funds (AIF), being non-charitable trusts, where investor name and beneficial interest not known at the time of ...
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July 28 2014
Copy of Finance Bill passed by Lok Sabha on July 25, 2014.
Click below to read and download a copy of the same. ...
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List of Amendments to Finance Bill introduced in Lok SabhaJuly 25 2014
List of Amendments to Finance Bill introduced in Lok Sabha; Amendments proposed by FM passed by Lok Sabha, amendments proposed by TMC MP Saugata Roy negated. ...
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CBDT announces inter-city transfers of Addl/ Jt CommissionersJuly 24 2014
CBDT orders inter-city transfers / postings of 33 Additional/Joint Commissioners with immediate effect.
Click below to read order No.112/2014...
View moreCBDT issues revised tax audit report in form 3CDJuly 28 2014
CBDT issues revised tax audit report in form 3CD; New tax audit report to come into effect from July 25, 2014...
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Finance Bill enhances settlement commission & AAR's scope; Allows TP 'range' introductionJuly 25 2014
Finance Bill as approved by Lok Sabha enhances powers of settlement commission to cover Sec 147 re-assessment & other specified cases; Extends AAR route to residents and increases AAR benches; Deb...
View moreSC : Directs Dongfang's fresh assessment on onshore/offshore supplies ; Sets aside HC order Dongfang Electric CorporationJuly 28 2014
SC sets aside Calcutta HC and ITAT orders in Dongang Electric Corporation’s case, AO to make assessment afresh; Before SC, Assessee and Revenue Counsels agree to setting aside of HC and ITAT ord...
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