HC : Denies loss carry forward by member absent AOP's timely ROI filing N.JagadeesanMarch 12 2014
HC rules that computation of member’ share of income u/s 67A dependent on determination of Association of Person’s (AOP) income, such determination not left to computation by member while ...
View moreITAT : Loan facilitator a mere conduit; Directs interest taxation in beneficial owner's hands Bharti Airtel LimitedMarch 12 2014
Delhi ITAT rules that taxability of interest paid by Bharti Airtel under a financing arrangement should be examined in hands of beneficial owners of interest i.e. original lenders and not in hands of ...
View moreITAT : Installation charges ancillary to machinery sale; No TDS on NR vendor payment Mahindra Forgings LtdMarch 12 2014
Payment to non-resident vendor for machinery erection/installation charges, forming integral part of purchase price of machinery, not subject to TDS; Machinery, being complex in nature, could not be i...
View moreHC : Rejects notional adjustment of Sec 80IA unit's losses prior to initial AY Anil H.LadMarch 11 2014
Karnataka HC rules that for determination of Sec 80IA(5) deduction quantum, loss and depreciation of eligible business already set off against income from other source not to be taken into considerati...
View moreITAT : Sec 40(a)(i) disallowance applicable only to 'payable' amounts; Follows Vector Shipping ruling MRF LimitedMarch 11 2014
ITAT rules that Sec 40(a)(i) disallowance applies only to amounts ‘payable’ and not to those amounts which are already ‘paid’ during the year; Follows Allahabad HC ruling in Ve...
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March 07 2014
Division bench of Karnataka High Court admits MindTree’s writ appeal against single judge ruling upholding constitutional validity of MAT and DDT levy on SEZ; Single judge rejected application o...
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February 28 2014
Supreme Court admits SLP against Madras HC ruling in Poompuhar Shipping Corporation Ltd; HC had ruled that income from time chartering or use of ships constitutes equipment royalty u/s 9(1)(vi)(b); HC...
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February 27 2014
Supreme Court (‘SC’) issues notice to Revenue over SLP filed by Usha International on whether re-assessment could be done on basis of Notes of Accounts, also available during original asse...
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February 26 2014
Supreme Court division bench reserves ruling on whether financial advisory consultancy service rendered by non resident to GVK Industries, falls within ambit of Sec 9(1)(vii) as 'fees for technical se...
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February 22 2014
Karnataka HC gives interim stay on Sec 234E demand recovery: Sources ...
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HC : Sports body, taxed on grants, allowed Sec 57(iii) deduction; Can't tax 'gross receipts' Petroleum Sports Promotion BoardMarch 10 2014
HC upholds ITAT’s order allowing Petroleum Sports Promotion Board’s (assessee) expenditure claim, towards promotion of sports activity, against grants received and taxed as ‘income f...
View moreHC : Adopting possible valuation method can't lead to penalty; Applies PwC ruling ratio Deepak VermaMarch 10 2014
HC upholds ITAT’s order deleting penalty u/s. 18(1)(c) of the Wealth Tax Act (‘WTA’); Assessee not at fault by adopting cost index, prescribed for capital gains computation while val...
View moreSC : Grants interim stay of 50% on penalty levied to Visvesvaraya Technological University Visvesvaraya Technical UniversityMarch 07 2014
SC directs interim stay of 50% of penalty levied by Revenue on Visvesvaraya Technological University (‘VTU’) until further orders; HC had denied Sec. 10(23C)(iiiab) benefit to VTU on the g...
View moreITAT : CIT(A) failed in exercising appellate jurisdiction; Allows relief to A.F. Ferguson A.F. Ferguson AssociatesMarch 07 2014
ITAT deletes addition for un-reconciled professional receipts of A.F. Ferguson Associates based on AIR information; CIT(A) failed to exercise appellate jurisdiction u/s. 250 by rejecting reconciliatio...
View moreHC : Admonishes advocates' absence in Courts; Warns dismissal/ex-parte orders if delay unjustified Thermax Babcock & Wilcox LtdMarch 07 2014
Bombay HC expresses disappointment on absence of counsels leading to adjournments and delay in disposing of cases; Such state of affairs intolerable hereafter, warns HC; Appeals will be dismissed for ...
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March 12 2014
CBDT issues Instruction No.2/2014 clarifying TDS applicability u/s. 195 only on portion of foreign remittances representing sum "chargeable to tax" in India, as against whole sum of remittances; CBDT ...
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March 11 2014
CBDT vide Order No. 1/FT&TR/2014 dated March 10, 2014 has changed the constitution of Dispute Resolution Panel at Bangalore.
The re-constituted panel consists of DIT(IT&TP), Ahmedabad,&n...
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March 07 2014
The Book “International Taxation – A Basic Study” aims at making the reader acquainted with the concept and principles of international taxation. The two Hyderabad based author...
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March 05 2014
CBDT extends due-date of filing TDS/TCS statements to March 31, 2014 for Government deductors, in view of special circumstances; Extension with respect to TDS/TCS statements for FY 2012-13 ( 2nd to 4t...
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March 03 2014
R.K. Tewari appointed as CBDT Chairman.
The Government of India has appointed Mr. R K Tewari as new Chairperson of Central Board of Direct Taxes (CBDT). Mr Tewari is a 1976-batch Indian Revenue Servi...
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CBDT clarifies Sec.195 TDS applicable only to taxable portion & not whole sumMarch 12 2014
CBDT issues Instruction No.2/2014 clarifying TDS applicability u/s. 195 only on portion of foreign remittances representing sum "chargeable to tax" in India, as against whole sum of remittances; CBDT ...
View moreITAT : Upholds Sec 35(2AB) claim made otherwise than in ROI; Pruthvi Brokers decision binding United Rubber Industries India Private Limited March 06 2014
ITAT upholds assessee’s Sec 35(2AB) deduction claim made vide letter filed during assessment proceedings and not while filing original / revised return; Confirms CIT(A)’s order allowing cl...
View moreITAT : Sec 194H TDS inapplicable on provision, absent agent's vested right to receive commission Telco Construction Equipment Co.Ltd.March 11 2014
ITAT rules that Sec 194H TDS liability attracted only when commission payments made to agents / credited to respective agent’s account, not when amount is credited to provision account; Agents g...
View moreITAT : Sec 40(a)(i) disallowance applicable only to 'payable' amounts; Follows Vector Shipping ruling MRF LimitedMarch 11 2014
ITAT rules that Sec 40(a)(i) disallowance applies only to amounts ‘payable’ and not to those amounts which are already ‘paid’ during the year; Follows Allahabad HC ruling in Ve...
View moreHC : Pre-operative interest income taxable as other income; Applies Tuticorn ratio over Bokaro Indian Vaccines Corporation Ltd.March 09 2014
HC upholds AO’s stand that interest income of Indian Vaccines Corporation Ltd. (assessee) cannot be adjusted against its pre-operative expenses and had to be taxed under ‘income from other...
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