HC : Receipts under technical know-how agreement taxable under Austria treaty except 'India' services 
October 02 2014
HC rules on consideration received by an Austrian company (‘assessee’), pursuant to technical assistance agreement (‘agreement’) for Small Hydro Power Plants with Indian compan...View more

HC : Taxpayer not "aggrieved" against assessment framed with consent, appeal not maintainable 
October 01 2014
HC dismisses assessee’s appeal, holds appeal not maintainable as assessee not ‘aggrieved’ person u/s 246A to avail ‘right of appeal’; During assessment, assessee gave con...View more

HC : Sec 244A interest payable though refund arose from ‘mistakenly’ paid excess tax 
October 01 2014
HC allows assessee’s writ, sets aside CIT’s revisionary order u/s 264 denying Sec 244A interest claim; Assessee initially ‘mistakenly’ declared excess income, but when CIT allo...View more

HC : Rules on income accrual, rejects licence-fee deferral over 3 years 
September 30 2014
HC denies spread-over of license fee income, upholds accrual of entire licence fee in year of receipt pursuant to implementation of tripartite disengagement agreement; Tripartite agreement implementat...View more

HC : Assessment against non-existing assessee jurisdictional defect, not curable u/s 292B 
September 30 2014
HC invalidates assessment, being assessee 'non-existent' (by virtue of ‘amalgamation’) as on date of passing assessment order, though relating to period prior ‘amalgamation’; H...View more

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Bombay HC admits appeal on treatment of negative net-worth in capital gains computation​

October 01 2014
Bombay HC admits Summit Securities Ltd’s (assessee) appeal against ITAT Special Bench decision on issue of addition of negative net worth in capital gains tax computation on slump sale; Special ...View more

Sec. 195 interpretation back in focus w.r.t tax treaty applicability

September 17 2014
Bangalore ITAT reserves judgment on TDS applicability to interconnect usage charges paid to non-resident telecom operators in Vodafone South’s case (VSL); Senior Advocate N. Venkatraman argues t...View more

Madhya Pradesh HC also grants interim stay on Sec 234E recovery proceedings

August 18 2014
Madhya Pradesh HC issues notice to IT Dept. over assessee’s writ petition challenging validity of Sec 234E (which levies mandatory fee on TDS deductor for delay in submitting TDS returns); In ...View more

SC : Stays Karnataka HC order dismissing assessee’s writ against ‘reassessment initiation’

August 12 2014
SC stays operation and implementation of Karnataka HC ruling; Karnataka HC division bench dismissed assessee’s writ petition challenging reassessment notice and AO’s order rejecting assess...View more

SC stays adverse Madras HC ruling on re-assessment challenge vide 'writ' petition

August 11 2014
SC stays adverse Madras HC ruling on re-assessment challenge vide 'writ' petition: Sources ...View more

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HC : Allows Sec 80IB(10) benefit; No commercial-establishments area limit for projects approved pre-Mar'05 
September 22 2014
HC provides relief to builders/developers, allows Sec 80IB(10) benefit for AYs 2005-06 and thereafter inspite of non-fulfilment of clause (d) to Sec 80-IB(10) (laying down built-up area limit of 5% fo...View more

ITAT : Sufficient reserves & loan funds trail exonerates Sec 14A disallowance on interest expense 
September 22 2014
ITAT upholds CIT(A)’s order, deletes ‘interest expenditure’ disallowance u/s 14A read with Rule 8D(ii) [which provides for apportionment of expenditure, not directly attributable to ...View more

ITAT : Upholds Sec 12A registration despite amendments to object clause; Distinguishes BCCI 
September 19 2014
ITAT sets aside Commissioner’s order cancelling Maharashtra Cricket Association’s (‘MCA’) Sec 12A registration; Holds mere non-intimation of amendments to object clause no grou...View more

ITAT : Allows lower tax u/s 115A on royalty; New license agreement not mere extension 
September 18 2014
ITAT allows lower tax-rate benefit u/s 115A (providing taxability @ 10% for agreements made after June 2005) on royalty income of UK company under license agreements entered during AY 2008-09; Rejects...View more

ITAT : Allows capital loss carry forward; McDowell ratio inapplicable sans tax avoidance device 
September 17 2014
ITAT allows assessee’s claim of carry forward of long term capital loss arising from redemption of Redeemable Cumulative Preference Shares (RCPS), holds restructuring of loan given by assessee i...View more

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CBDT extends September TDS deposit date from 7th to 10th October

October 01 2014
CBDT extends last date of TDS / TCS deposit during September, 2014 from October 7, 2014 to October 10, 2014 without entailing any consequential interest; In view of consecutive holidays owing to the f...View more

CPC Bengluru's ISO-27001:2005 certification to strengthen financial data security in tax returns

October 01 2014
Centralised Processing Center (CPC) of the Income Tax Department at Bengluru (Karnatka) has added one more feather to its cap by becoming ISO 27001 compliant. The ISO-27001 certificate has been awarde...View more

CBDT announces transfers/postings (local) of 12 officers at ACIT/JCIT level

October 01 2014
CBDT vide order dated September 30, 2014, has announced local transfers/postings of 12 officers in the grade of Assistant/Joint commissioners of Income Tax at Nagpur, Hyderabad, Delhi, Mumbai and Chen...View more

CBDT approves manual issuance of 143(2) notice for cases selected under ‘CASS’

October 01 2014
CBDT vide Instruction dated September 30, 2014 directs AOs to issue manual notices u/s 143(2) for cases recommended by CPC for scrutiny by September 30, 2014. In cases where notices u/s 143(2) could ...View more

“Taxation of Fees for Technical Services – A referencer"

September 30 2014
BCAS has come out with its latest publication and this time on a subject close to hearts of taxpayers and advisors. Authors CA Anil D. Doshi and CA Tarunkumar G. Singhal take a fresh look at the much ...View more

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CBDT extends returns filing due date till Nov 30
September 26 2014
CBDT extends returns filing due date till Nov 30 Click below to read more....View more

Supreme Court strikes down National Tax Tribunal, violates 'basic structure' doctrine
September 25 2014
Five judges bench of SC unanimously strikes down National Tax Tribunal as unconstitutional; Boundaries in this case have been totally crossed; There has been encroachment on exclusive domain of Superi...View more

SC : Key Excerpts from SC judgment striking down National Tax Tribunal
September 25 2014
Five judges bench of SC strikes down Sec. 5,6,7,8, 13 of National Tax Tribunal as 'illegal' & 'unconstitutional' , consequently remaining provisions rendered otiose & worthless, hence NTT Act ...View more

HC : Copy of Madras HC order directing CBDT to consider due date extension 
September 25 2014
Copy of Madras HC order directing CBDT to consider due date extension ...View more

“Taxation of Fees for Technical Services – A referencer"
September 30 2014
BCAS has come out with its latest publication and this time on a subject close to hearts of taxpayers and advisors. Authors CA Anil D. Doshi and CA Tarunkumar G. Singhal take a fresh look at the much ...View more