HC : Confirms Special bench ratio; Interest on tax refund covered by beneficial Art 11 DHL Operations B. V.July 22 2014
Interest on income tax refund received by foreign entity having Indian PE, taxable at lower rate of 10% under Article 11 of India –Netherlands DTAA; Interest on income-tax refund not effectively...
View moreHC : Allows interest on self-assessment tax refund, follows Modi Industries ratio Merck LimitedJuly 22 2014
HC rules that interest is payable on refund of self-assessment tax from assessment order date till the grant of refund excluding period of one month in terms of Sec 244(1A) second proviso; Applies SC ...
View moreITAT : Expansively interprets "wholly & exclusively", allows interest expense incurred for "protecting" income source Raj Kumari Agarwal July 22 2014
ITAT allows deduction u/s 57(iii) to assessee in respect of interest expenditure on borrowingsagainst Fixed Deposit (‘FD’); Instead of premature encashment of FD, assessee resorted t...
View moreHC : Lays down Sec 44BB, 44DA taxability law on services income; Relies on OHM ruling PGS Geophysical ASJuly 21 2014
HC rules that Norwegian assessee’s (company engaged in business of providing services in connection with prospecting for mineral oils) FTS income for AY 2008-09 taxable u/s 44BB(1) and not u/s 4...
View moreITAT : Distinguishes Asia-Sat ruling; Reuters's forex deal-matching system's revenue qualifies as 'royalty' Reuters Transaction Services Ltd.July 21 2014
Income received by Reuters UK (‘assessee’) from its Indian subscriber banks, for providing 'foreign exchange deal matching system', constitutes ‘royalty’ under Article 13 of In...
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July 18 2014
Bombay HC admits Maharashtra Tourism Development Corporation’s appeal against Mumbai ITAT ruling on interest income treatment of State / Central Govt grants deposited in fixed deposits; ITAT rej...
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July 18 2014
5 judge Constitution Bench of apex court to decide on constitutional validity of National Tax Tribunal (NTT) & the extent to which "Tribunalization of justice" is permissible under Indian Constitu...
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July 16 2014
Orissa HC issues notice to IT dept. over assessee’s writ petition challenging legality and validity of Sec 234E; In the interim, HC grants stay on recovery of late fee charged u/s 234E for delay...
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July 09 2014
Bombay HC admits Revenue’s appeal against Mumbai ITAT ruling in Reliance Industries Ltd.’s case; ITAT had allowed Sec 10(15)(iv)(f) exemption on TDS liability for ECB interest payment stri...
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June 26 2014
Bombay HC admits IT Dept’s appeal against Mumbai ITAT ruling in Set India Pvt. Ltd.’s case; ITAT had allowed Sec 80HHF benefit to assessee on subscription income (collected from cable oper...
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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 22 2014
J. Ramasubramanian expresses concern over regulators lagging in catching up with international structures ...
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July 21 2014
FM addresses CCITs, expresses hope that revenue target for current FY will not be achieved but also surpassed; Credibility of tax department its biggest asset, IRS officers ought to work with highest ...
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July 21 2014
OECD releases full version of global standard for automatic exchange of information (EOI), taking an important step towards achieving greater transparency and ending banking secrecy in tax; Standard p...
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July 19 2014
FM says MAT levied on all companies to address inequity in taxation of corporate taxpayers; Removal of MAT from SEZ developers and units had no justification vis-à-vis other sectors of economy ...
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July 19 2014
Two Tribunal members have been transferred as follows : Shri. Joginder Singh (JM), from Indore to Mumbai and Shri. Abraham George (AM) from Kolkata to Bangalore. ...
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ITAT : Holds corporate gift of shares non-taxable; TP doesn't apply absent income Redington (India) LimitedJuly 16 2014
Transfer of shares in subsidiary, by way of 'gift', to an overseas step down subsidiary (in Cayman Island), not taxable as capital gains u/s 45; Such transfer 'without any consideration', a gift and e...
View more2 ITAT members transferred to Mumbai and BangaloreJuly 19 2014
Two Tribunal members have been transferred as follows : Shri. Joginder Singh (JM), from Indore to Mumbai and Shri. Abraham George (AM) from Kolkata to Bangalore. ...
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CBDT constitutes Committee to reduce litigations, study efficacy of CIT(A), ITATJuly 17 2014
CBDT constitutes committee of 6 IRS officers to appraise efficacy of existing dispute resolution forums - CIT (A) & ITAT, and to suggest ways to reduce litigation; Committee to study a sample of 3...
View moreHC : Logistic service fees not ‘FTS’ absent ‘make-available’; Applies De Beers ratio Sun Microsystems India Pvt. Ltd.July 17 2014
HC holds that payment to Singapore entity for providing distribution, management and logistic services, not FTS under Article 12(4) of India-Singapore DTAA; Singapore entity had not 'made available' t...
View moreITAT : Distinguishes Asia-Sat ruling; Reuters's forex deal-matching system's revenue qualifies as 'royalty' Reuters Transaction Services Ltd.July 21 2014
Income received by Reuters UK (‘assessee’) from its Indian subscriber banks, for providing 'foreign exchange deal matching system', constitutes ‘royalty’ under Article 13 of In...
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