Rulings News Litigation Tracker Most Viewed Editor's Pick
HC : Patently wrong order should not be perpetuated, doesn’t matter if complied with 
March 05 2015
HC allows CIT’s writ, quashes Settlement Commission’s order passed in violation of statutory provision, also imposes cost; Settlement Commission passed a hurried Order granting assessee im...View more

HC : “Balcony” not “built-up area” u/s.80IB(pre-2005); Can buy mezzanine & flat separately u/s.80IB(pre-2009) 
March 04 2015
HC holds that "built-up area"u/s 80IB does not include ‘balcony area’ and mezzanine floor, following co-ordinate bench ruling in assessee’s own case; Holds that Pre-2005 ‘balco...View more

HC : Reverses ITAT; Sec 14A disallowance cannot swallow entire tax exempt income! 
March 04 2015
HC reverses ITAT’s order, deletes Sec 14A disallowance worked out by AO at about 110% of the entire tax exempt income; Remarks “By no stretch of imagination can Section 14A or Rule 8D be i...View more

HC : No 'deemed' Sec. 12AA registration on 6 months expiry; Memorandum can't re-write legislative provision 
March 04 2015
Allahabad HC Full Bench reverses division bench order in case of Society for the Promotion of Education, Adventure Sport & Conservation of Environment, rules that non-disposal of Sec. 12 AA(2) reg...View more

ITAT : Quashes block assessment; Confines scope of Sec 153C based on precedents 
March 03 2015
ITAT quashes block assessment proceedings u/s 153C against assessee (other person), as the incriminating material seized from the Searched person’s premises, though "relating to” the asses...View more

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Judgement in Wipro's foreign tax credit issue likely next week

February 18 2015
Wipro case posted for hearing before a new Bench (comprising of Justice Vineet Saran and Justice Mrs S Sujatha) today, due to change in roster; Last week, division Bench of Karnataka HC (comprising of...View more

Wipro rebuts Yokogawa, context different, inapplicable to tax credit u/s 90(1)(a)(ii)

February 11 2015
Rebutting Revenue Counsel’s reliance on Yokogawa ruling, Senior Advocate N. Venkatraman for Wipro contends Yokogawa would not apply to S.90(1)(a)(ii) scenario; Highlights S.90(1)(a)(ii) specific...View more

Revenue draws from Yokogawa ruling to deny FTC stating Sec 10A, an exemption-provision

February 10 2015
Revenue Senior Counsel E. Indrakumar continued arguments before Karnataka HC on Wipro’s foreign tax credit (FTC) issue yesterday; Swings into focus the scheme of Sec 10A income that stands exemp...View more

Foreign tax credit issue 'first of its kind', acknowledges HC; Grants time

February 02 2015
Senior Advocate N. Venkatraman continues ​​arguments to buttress ​Wipro​’s foreign tax credit claim before Karnataka HC; Argues that Sec 90(1)(a)(ii) provid​ing​ for g...View more

Karnataka HC to decide on foreign tax credit claim by Sec 10A entity

January 13 2015
Foreign tax credit sought by entity claiming Sec 10A. Senior Advocate N. Venkatraman contends that tax paid in USA is eligible for full tax credit (FTC) under the India-USA tax treaty as long as the i...View more

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Union Cabinet clears two new AAR benches at Mumbai, Delhi
February 25 2015
Union Cabinet clears two new AAR benches at Mumbai, Delhi; Benches to be headed by Vice-Chairmen; Creation of additional benches to reduce pendency of cases, facilitate the " cause of the resident tax...View more

HC : Reads limitation period for Sec. 201 notice pre-2009;Parliament decided against retro amendment
February 25 2015
HC quashes Sec 201 proceedings initiated after four years against assessee, as being barred by limitation period, for non-deduction of tax on alleged deemed dividend u/s 2(22)(e);Rejects Revenue&rsquo...View more

ITAT : Bulk ad-space sale, attracts TDS u/s.194C; Sands Advertising & CBDT Cir.715 distinguished 
February 20 2015
ITAT upholds Sec 40(a)(ia) disallowance of expenditure for purchase of bulk advertisement space by the assessee in Times of India (‘TOI’) as TDS liability u/s.194C not discharged; Observes...View more

HC : Statutory Reserves not ‘diversion of income’ for Sec 115JB; Distinguishes Vazir Sultan (SC) 
February 16 2015
HC upholds addition, as per Expln 1 to Sec 115JB(2), of amount transferred to special reserve (created u/s.45-IC of the RBI Act), while computing book-profits of assessee (an NBFC) for MAT purposes; R...View more

ITAT : TPO order absent scrutiny void; Such order also invalid basis for reopening
February 11 2015
ITAT lays down law on whether TPO order passed after AO's reference can be a valid basis for reopening assessment u/s 147 / 148, in the absence of a valid scrutiny assessment proceeding u/s 143(3); Ab...View more

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Govt. clears Justice Dev Darshan Sud’s name for ITAT President’s post : Sources

March 05 2015
Govt. clears Former Justice of Himachal Pradesh High Court Dev Darshan Sud’s name for the post of ITAT President : Sources ...View more

Soli's Budget 2015 fine-print analysis on POEM, Sec 263, Indirect transfer, Charity

March 05 2015
In a lecture organized by BCAS yesterday in Mumbai, while ​discussing direct-tax proposals of Budget 2015, the legend and Senior Advocate, S. E. Dastur elucidated ​the proposed the amendments, hig...View more

CBDT seeks to allay fears on scope of ‘POEM’ / reporting u/s 195(6)

March 04 2015
CBDT seeks to allay fears on scope of Place of Effective Management (‘POEM’) and reporting u/s 195(6) in respect of non-resident payments ...View more

Taxsutra & Boom Live Special : What Top Tax Experts had to say on Post Budget Hangout !

March 04 2015
A through analysis of the Union Budget 2015, especially from a tax perspective, on #IndiaHangOut, brought to you by Boom Live in association with Taxsutra.  Click here to watch the Video. ...View more

Analysis of Direct Tax proposals in Finance Bill, 2015

February 28 2015
Finance Bill defers GAAR implementation by two years and makes it prospective, cites BEPS as one of the considerations; Corporate tax rate reduction roadmap over 5 years starting next year, but increa...View more

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Tax Experts react to Union Budget 2015!
February 28 2015
Tax Experts React! ...View more

CBDT seeks to allay fears on scope of ‘POEM’ / reporting u/s 195(6)
March 04 2015
CBDT seeks to allay fears on scope of Place of Effective Management (‘POEM’) and reporting u/s 195(6) in respect of non-resident payments ...View more

Soli's Budget 2015 fine-print analysis on POEM, Sec 263, Indirect transfer, Charity
March 05 2015
In a lecture organized by BCAS yesterday in Mumbai, while ​discussing direct-tax proposals of Budget 2015, the legend and Senior Advocate, S. E. Dastur elucidated ​the proposed the amendments, hig...View more

Copy of Memorandum to Finance Bill
February 28 2015
Copy of Memorandum to Finance Bill  Click below to download copy of Memorandum to Finance Bill ...View more

Analysis of Direct Tax proposals in Finance Bill, 2015
February 28 2015
Finance Bill defers GAAR implementation by two years and makes it prospective, cites BEPS as one of the considerations; Corporate tax rate reduction roadmap over 5 years starting next year, but increa...View more