HC : Lays down imposing exemplary​ ​cost​ personally on CIT​ to discourage casual appeals 
January 23 2015
HC dismisses Revenue’s appeal noting that the issue was settled by earlier HC order and no ground for pressing appeal against settled issue was given in “appeal memo”; Further observ...View more

SC : NPA interest-income taxable on receipt basis, good law, but sub-judice; SLP dismissed 
January 23 2015
SC declines to admit Revenue’s SLP against Karnataka HC judgement, as the substantial question of law before the High Court stood answered in favour of the assessee; HC held that interest income...View more

HC : Partially strikes down proviso to Sec 2(15); 'Pragati Maidan' activities charitable 
January 23 2015
HC allows writ filed by assessee - India Trade Promotion Organisation [earning income from activities at Pragati Maidan, Delhi], upholds assessee's Sec 10(23C) exemption from AY 2009-10 onward; HC uph...View more

HC : Quashes writ challenging Cyprus notification; No reason to 'disbelieve' Govt. satisfaction 
January 22 2015
HC quashes writ challenging blacklisting of Cyprus as notified jurisdiction area u/s 94A of Income Tax Act; Refuses reliance on Cyprus govt. press release, holds no requirement for Court to ordinarily...View more

HC : Quashes Circular arbitrarily enhancing Circle-rates; Notes violation of Fundamental Right 
January 22 2015
HC issues writ of certiorari, quashes Circle Rate Circular issued by District Magistrate (‘DM’) under the Stamp Act; Owing to the revised Circle Rates as per the Circular, huge demand u/s ...View more

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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

CBDT's Cyprus notification challenged in HC; Domestic Legislation can't supersede DTAA, argues Petitioner

December 26 2014
CBDT notification specifying Cyprus as ‘non-cooperative jurisdiction’ u/s 94A(1) having regard to lack of ‘effective exchange of information (‘EOI’)’ challenged bef...View more

Refuses stay on Google’s outstanding demand on online-advertisements TDS issue

December 09 2014
The ruling was delivered by ITAT bench of Shri N.V. Vasudevan and Shri Jason P. Boaz. Advocate P. Dinesh argued on behalf of the assessee while Revenue was represented by Mr C.H. Sundar Rao. ...View more

Uttarakhand HC to hear taxability of seismic survey fees u/s 44BB in January 2015: Sources

December 05 2014
Uttarakhand HC allows CGG Veritas Services' urgency application, fixes final hearing date as January 12, 2015 against ITAT order on taxability of seismic survey fees; ITAT had held that conducting sei...View more

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

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SC : NPA interest-income taxable on receipt basis, good law, but sub-judice; SLP dismissed 
January 23 2015
SC declines to admit Revenue’s SLP against Karnataka HC judgement, as the substantial question of law before the High Court stood answered in favour of the assessee; HC held that interest income...View more

ITAT : Cash deposit into payee’s account not 'cash expense' attracting Sec 40A(3) disallowance 
January 07 2015
ITAT upholds deletion of Sec 40A(3) expense disallowance, cash deposit made to payee’s bank account through pay-in-challan, not ‘cash payment’ to trigger disallowance; Observes &ldqu...View more

CBDT appoints 15 Commissioners for 5 DRPs at Delhi, Mumbai & Bangalore
January 06 2015
CBDT appoints 15 Commissioners for 5 Disputes Resolution Panel (DRP) panels at Delhi, Mumbai & Bangalore; Majority of DRP appointees transferred from CIT(A) post ...View more

CBDT revises DRP rules/structure with Mumbai, Delhi & Bangalore as headquarters
January 02 2015
CBDT revises Disputes Resolution Panel (DRP) rules, DRP to be set-up with 3 headquarters at Delhi, Mumbai & Bangalore ; Each DRP to have jurisdiction over multiple states and to have 3 Commissione...View more

ITAT : Interconnect charges taxable 'process' royalty, relies on Verizon; Rejects retro TDS argument 
December 30 2014
ITAT rules that payments made by Vodafone South Ltd (VSL) to non-resident telecom operators (NTO) towards interconnect usage charges (IUC) and capacity transfer qualifies as ‘process royalty&rsq...View more

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Major relief for Shipping Cos.; ‘Slot charters’ qualify for tonnage-tax scheme – Sources

January 24 2015
Kerala HC reverses ITAT’s order, provides major relief to Shipping companies operating on ‘slot charter’ basis; ITAT had denied benefit of Tonnage Tax Scheme under the Act for slot c...View more

CBDT releases tax collection / growth data for April- December 2014

January 23 2015
Gross Direct tax collections registered growth of 12.93% for April- December 2014 and Net direct tax collections went up by 7.41%; Gross Corporate Tax collections up by 12.79%, while personal income t...View more

Uttarakhand HC dismisses taxpayer's writ , upholds Cyprus notification : Sources

January 22 2015
HC pronounced its verdict earlier this morning. A copy of the HC order is awaited.  Assistant Solicitor General of India Rakesh Thapliyal, appeared for Union of India, Ministry of Finance and Se...View more

CBDT issues Explanatory Notes to the Provisions of the Finance (No.2) Act, 2014

January 22 2015
CBDT issues Explanatory Notes to the Provisions of the Finance (No.2) Act, 2014   Click below to read and download the copy of Explanatory notes ...View more

Dhruva expands footprint, ties up with VoxLaw for IDT/Corporate law foray

January 21 2015
Dhruva expands footprint, ties up with VoxLaw for IDT/Corporate law foray ...View more

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CBDT issues Explanatory Notes to the Provisions of the Finance (No.2) Act, 2014
January 22 2015
CBDT issues Explanatory Notes to the Provisions of the Finance (No.2) Act, 2014   Click below to read and download the copy of Explanatory notes ...View more

Dhruva expands footprint, ties up with VoxLaw for IDT/Corporate law foray
January 21 2015
Dhruva expands footprint, ties up with VoxLaw for IDT/Corporate law foray ...View more

Uttarakhand HC dismisses taxpayer's writ , upholds Cyprus notification : Sources
January 22 2015
HC pronounced its verdict earlier this morning. A copy of the HC order is awaited.  Assistant Solicitor General of India Rakesh Thapliyal, appeared for Union of India, Ministry of Finance and Se...View more

ITAT : Technical knowhow receipts - Business Income; ‘Substance' over ‘Form'; No 'Transfer', No Capital Gains 
January 20 2015
ITAT upholds AO’s conclusion, treats amount received by assessee (a Pharmaceutical co.), from its JV company for use of technical knowhow of Anti Retro Virals (‘ARVs’), developed by ...View more

HC : Quashes writ challenging Cyprus notification; No reason to 'disbelieve' Govt. satisfaction 
January 22 2015
HC quashes writ challenging blacklisting of Cyprus as notified jurisdiction area u/s 94A of Income Tax Act; Refuses reliance on Cyprus govt. press release, holds no requirement for Court to ordinarily...View more