HC : No Sec 263 jurisdiction on NTPC's bonafide revenue estimate pending CERC regulation revision NTPC Ltd.April 25 2014
HC sets aside CIT’s erroneous exercise of revision powers u/s 263 in NTPC’s case; Pursuant to appropriate enquiry, AO affirmed provisional downward sales revision by NTPC, causing no error...
View moreITAT : No Sec 194H TDS on recharge coupon sales; Distinguishes Bharti, Idea, Vodafone rulings Gurpreet Singh SethiApril 25 2014
ITAT holds assessee (franchisee of BSNL) not liable u/s 201(1) and u/s 201(1A), no TDS u/s 194H attracted on sale of recharge coupons to sub-franchisee / sub-distributor absent principal-agent relatio...
View moreHC : Holds share income as capital gains, weighs 'investment' approach over short duration Devasan Investment Pvt. Ltd.April 24 2014
HC holds income from share sale-purchase transaction as capital gains considering entire facts, applying frequency, object, volume etc tests; Reiterates that no straight jacket formula available to de...
View moreITAT : Allows capital gains indexation on flat qua each purchase payment instalment Anuradha MathurApril 24 2014
ITAT rejects extreme stands of Revenue and assessee on allowance of indexation benefit while computing capital gains on sale of flat; ITAT instead allows indexation benefit for each instalment paid by...
View moreITAT : Adjusting expenditure against receipt amounts to 'constructive payment', liable to TDS u/s 195Right Tunnelling Co.Ltd.April 23 2014
Machinery hire charges paid by non-resident sub-contractor (assessee) to non-resident contractor without TDS liable for Sec 40(a)(i) disallowance; Contract terms provided for net payment to assessee a...
View moreRead All
April 23 2014
Karnataka HC division bench (‘HC’), pursuant to appeal against the Single Judge order in writ-petition, provides marginal relief to Vodafone South Ltd. (‘VSL’) in a stay matter...
View more
April 17 2014
SC grants leave in appeal filed by Revenue in Inmarsat Ltd’s case; SC says issue raised in appeal is directly under consideration in SLP filed by Alcatel Lucent USA Inc; In view of differing HC ...
View more
April 09 2014
SC admits Revenue’s appeal against Bombay HC decision in Safmarine Container Lines, Belgium (assessee) case; SLP admitted on issue of inclusion of income received from inland haulage within scop...
View more
April 01 2014
Delhi HC issues notice to Revenue over writ petition filed by Oracle India Pvt. Ltd. challenging reopening of TDS assessment concluded u/s. 201(1) / 201(1A); HC says "conscious" about issue of re...
View more
March 21 2014
Delhi HC to hear Mitsubishi Corporation’s writ challenging constitutional validity of amendment to third proviso to Sec 254(2A); Grants stay of demand in interregnum; Third proviso to Sec. 254(2...
View moreRead All
ITAT : Explains applicability of Sec 80P(2)(a)(i) to credit co-operative societies, interprets Sec 80P(4) embargo The Dhanashree Co-operative Credit Society Ltd.April 16 2014
ITAT allows deduction u/s 80P(2)(a)(i) on income from business of banking or providing credit facilities to members to assessee co-operative society ; Assessee’s case not hit by embargo u/s 80P(...
View moreITAT : Sec 40(a)(ia) Merilyn ratio not approved by jurisdictional HC's Vector Shipping ruling Ama Medical & Diagnostic CentreApril 16 2014
ITAT holds that disallowance u/s 40(a)(ia) would also cover amounts paid at any time during the year; Reverses CIT(A)’s finding following special bench decision in Merilyn Shipping, operation of...
View moreHC : Rules on Sec 80IA(9) and Sec 80HHC deduction interplay; Rejects double deduction benefit Atul IntermediatesApril 14 2014
HC rules that Sec 80HHC deduction claim cannot be made ignoring deduction already claimed and allowed u/s 80IA in view of Sec 80IA(9); Restricting its application only to limiting maximum permissible ...
View moreHC : Upholds disallowance on cross cheque payment; Account payee cheque mandated u/s 40A(3) Rajmoti IndustriesApril 11 2014
HC upholds ITAT order confirming disallowance u/s 40A(3) on account of payment otherwise than by account payee cheque; RBI circular dated January 23, 2006, directs banks that 'account payee cheques' t...
View moreHC : Quashes Sec. 158BD proceedings against 'other person' citing un-sustained case of 'searched person' Narvirsinh Parmar, LH of Late Ramaben D ZalaApril 11 2014
HC quashes second round of proceedings u/s. 158BD in respect of 'other person', when proceedings u/s. 158BC on searched person initiated on very same ground were quashed; AO proceeded with block asses...
View moreRead All
April 24 2014
The aim of the BEPS Action Plan is to ensure that profits are taxed where the economic activities that generate them are carried and where value is created. This is easier said than done and the digit...
View more
April 23 2014
CBDT clarifies that cost of construction on development of infrastructure facility of roads/ highways under Build-Operate-Transfer (BOT) projects, with right to collect toll, may be amortized and clai...
View more
April 22 2014
India concludes an ‘in substance' agreement on FATCA, says US Treasury Department; USA states India has consented to Model 1 -Intergovernmental Agreement (IGA) ...
View more
April 22 2014
CBDT has invited IRS officers of the level of additional CIT/JCIT/DCIT to be nominated for the OECD Global Relations Training Programme. Transfer pricing & customs valuation and advanced auditing ...
View more
April 18 2014
CBDT issues instructions to AOs laying down Standard Operating Procedure (‘SOP’) for verification and correction of tax-demand; By virtue of SOP, taxpayers to get their outstanding tax dem...
View moreRead All
SC : Dismisses Revenue SLP; No TDS default for employer if employees mis-utilise allowanceONGC Ltd.April 21 2014
SC dismisses Revenue’s SLP against Gujarat HC order, ONGC Ltd. (‘assessee’ and employer) not an ‘assessee in default’ u/s. 201(1)/(1A); Conveyance maintenance reimburseme...
View moreCBDT lays down Standard Operating Procedure ('SOP') for verification / correction of tax-demandApril 18 2014
CBDT issues instructions to AOs laying down Standard Operating Procedure (‘SOP’) for verification and correction of tax-demand; By virtue of SOP, taxpayers to get their outstanding tax dem...
View moreIndia-USA agree on 'in substance' FATCA model IGAApril 22 2014
India concludes an ‘in substance' agreement on FATCA, says US Treasury Department; USA states India has consented to Model 1 -Intergovernmental Agreement (IGA) ...
View moreHC : Applies Mak Data ratio; Taxpayer taking chance liable to concealment penalty Kalindi Rail Nirman Engg. Ltd.April 21 2014
HC reverses ITAT’s order, concealment penalty u/s. 271(1)(c) attracted on income determined applying profit percentage; Assessee failed to discharge onus to report correct income in return or pr...
View moreITAT : Adjusting expenditure against receipt amounts to 'constructive payment', liable to TDS u/s 195Right Tunnelling Co.Ltd.April 23 2014
Machinery hire charges paid by non-resident sub-contractor (assessee) to non-resident contractor without TDS liable for Sec 40(a)(i) disallowance; Contract terms provided for net payment to assessee a...
View more
