HC : Deduction claim unaffected by 'window dressing' of balance sheet to satisfy shareholders 
December 19 2014
HC allows deduction of deferred revenue expenditure (towards advertisement and sales promotion) from book profits for the purpose of MAT calculation; Observes that assessee actually incurred said expe...View more

ITAT : Advertisement & publicity synonymous; Sahara's logo printing on air tickets attracts Sec 194C TDS 
December 18 2014
ITAT rules that payment made by Sahara India Commercial Corporation (assessee) to erstwhile Sahara Airlines for printing logo of assessee on boarding card, ticket, baggage tag etc amounts to “ad...View more

ITAT : Road construction company's expense on incomplete BOT project pre-operative , denies deduction 
December 18 2014
ITAT denies expense deduction during road construction period to assessee (undertaking construction of toll road on BOT basis); As construction of road not complete during subject AY, holds expenses a...View more

ITAT : Absent exclusivity, telecom license fee payment to Govt a revenue expenditure 
December 18 2014
ITAT holds licence fee paid to Dept of Telecommunication by telecom service provider (assessee) as revenue expenditure eligible for deduction u/s 37(1); Since it was a non-exclusive licence and it was...View more

HC : Sale of FSI/TDR, generated by changed DCR, not taxable absent cost of acquisition 
December 17 2014
HC rules that sale of ‘additional FSI’, acquired by assessee-society owing to change in Development Control Regulation (‘DCR’), not subject to capital gains tax; As FSI/TDR was...View more

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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

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

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CBDT notifies annual circular for TDS on salary for FY 2014-15
December 11 2014
CBDT notifies annual circular for TDS on salary for FY 2014-15; Circular contains rates of deduction of income-tax on income chargeable under the head "Salaries"; Circular also includes references to ...View more

HC : Rejects Revenue's expansive interpretation of 'copyright'; Live horse-race telecast payment not royalty 
November 28 2014
HC upholds ITAT order deleting Sec 40(a)(ia) disallowance, payment made for live telecast of horse races not royalty, as per Explanation 2 to Sec 9(1)(vi) thus, no Sec 194J TDS attracted; Rejects Reve...View more

SC : Dismisses Revenue SLP on capital vs. revenue nature of share sale-purchase transaction 
November 25 2014
SC dismisses Revenue SLP against Delhi HC decision on issue of share sale-purchase transaction being capital or revenue; Delhi HC had held income from share sale-purchase transaction as capital gains ...View more

HC : Sec 194H TDS inapplicable absent principal-agent relation; Applies principle of doubtful penalization 
November 24 2014
HC deletes Sec 40(a)(ia) disallowance, Sec 194H inapplicable as ‘fees’ charged by bank for rendering banking services (i.e providing credit-card swiping machine to assessee for receiving p...View more

ITAT : Upholds reassessment on former HC judge; Rejects ‘information from unauthorized source’ plea 
November 24 2014
ITAT upholds re-assessment proceedings initiated against assessee, a former HC judge; Observes information collected by Judges Inquiry Committee (JIC) and forwarded by member IRS officer formed AO&rsq...View more

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CBDT's no 'coercion' diktat while recording statement/obtaining undisclosed income admission

December 19 2014
CBDT directs CITs./DGITs to strictly avoid obtaining admission of undisclosed income under coercion/undue influence; Warns that any instance of undue influence/coercion in recording of statement durin...View more

OECD invites public comments on Action 4 and 14 of BEPS Action Plan

December 19 2014
OECD invites public comments on BEPS Action 4 dealing with Interest deductions and other financial payments and Action 14 dealing with making dispute resolution mechanisms more effective; Comments are...View more

CBDT issues guidelines for notification of ‘wafer fabrication manufacturing unit’ as specified business u/s 35AD

December 19 2014
CBDT issues guidelines for notification of a 'semiconductor wafer fabrication manufacturing unit’ as specified business u/s 35AD vide newly inserted rule 11-OB; Sec 35AD provides deduction of ca...View more

Companies (Amendment) Bill, 2014 passed in Lok Sabha

December 17 2014
Companies (Amendment) Bill, 2014 passed in Lok Sabha ...View more

Digital economy path unclear; OECD hopes for compatibility with UK's Google Tax

December 17 2014
At OECD's BEPS Project update webcast, Pascal Saint-Amans highlights satisfaction of G-20 Finance Ministers with outcome of 2014 deliverables; On digital economy follow up work, OECD's Raffaele Russo ...View more

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Companies (Amendment) Bill, 2014 passed in Lok Sabha
December 17 2014
Companies (Amendment) Bill, 2014 passed in Lok Sabha ...View more

ITAT : Immediate shareholding relevant u/s 79 loss carry-forward, rejects taxpayer's ‘ultimate beneficial interest’ claim 
December 15 2014
ITAT applies Sec 79, denies carry forward and set-off of brought forward losses to assessee as 100% of its shareholding underwent a change in subject AY; Rejects assessee’s stand that Sec 79 was...View more

Revenue Secretary announces DRP 'revamp/restructuring' to fix broken disputes resolution system
December 17 2014
Revenue Secretary announces DRP 'revamp/restructuring' to fix broken disputes resolution system ...View more

CBDT announces work distribution amongst newly appointed members
December 13 2014
CBDT announces work distribution amongst newly elected members; Anita Kapur, Chairperson to be in charge of DGITs and CCITs; Zones & responsibilities divided amongst other members.  Click be...View more

ITAT : Applies Sec 36 (1)(iii) precedents to allow expenditure in acquiring controlling interest in subsidiary u/s 37 
December 16 2014
ITAT rules that consultancy charges incurred on bid-cum-delisting of shares of subsidiary is revenue expenditure allowable u/s 37; Assessee had made an open offer to public shareholders to acquire the...View more