International Tax

HC: Period of limitation not applicable to Sec 201 order regarding TDS default

Period of limitation not applicable to Sec 201 orders, Delhi HC ruling in NHK Japan Broadcasting not correct position in law

Sep 16,2011

ITAT: Date of sale deed registration not relevant for Sec 54 exemption

Date of transfer for Sec 54 exemption on flat determined based on possession, payment and execution of sale deed and not the date of sale deed registration –

Sep 15,2011

HC: Sec 234D Interest leviable only if excess refund granted pursuant to intimation u/s 143(1)

Sec 234D interest leviable only when excess refund was granted to the assessee pursuant to intimation u/s 143(1) and not upon appellate orders: Bombay HC 

Sep 14,2011

ITAT: Date of JDA not relevant for levy of capital gains tax

Willingness of transferee to perform obligations u/s 53A of Transfer of Property Act essential for deciding accrual of capital gain and not date of development agreement

Sep 14,2011

ITAT: Airport terminal building eligible for higher depreciation as 'plant'

Airport terminal building to be treated as ‘plant’; higher rate of depreciation @ 25% applicable

Sep 14,2011

HC: RBI's approval under FEMA constitutes deemed approval for deduction u/s 10A(3)

RBI approval under FEMA for delayed exports realisation sufficient to claim Sec 10A deduction

Sep 13,2011

ITAT: DDT liability not dependent on eventual taxability of dividend income

Liability for DDT arises on declaration of dividend, subsequent event of amalgamation leading to non-taxability of such dividend not a relevant consideration for levy of DDT –

Sep 13,2011

ITAT: ITAT SB : Sec 40(a)(ia) amendment extending time limit for TDS prospective from AY 2010-11

Amendment to Sec 40(a)(ia) by Finance Act, 2010 extending time limit for deposit of TDS, to avoid disallowance, is ‘prospective’ from AY 2010-11 and not retrospective from AY 2005-06: Mumbai

Sep 12,2011

ITAT: ITAT- Gross tax before STT rebate u/s 88E to be compared with MAT

Tax liability, before reducing STT credit available u/s 88E ,to be compared with MAT liability u/s 115JB

Sep 12,2011

HC: Rolls Royce Singapore taxable as Indian agent's commission not at arm's length

Commission to Rolls Royce Singapore's Indian agent not at arm's length so as to extinguish further tax in India; Determination of DAPE of Rolls Royce Singapore referred back to AO

Sep 09,2011