ITAT : Goodwill arising on amalgamation a depreciable asset; Reverses earlier order 
October 31 2014
ITAT allows depreciation on goodwill arising on amalgamation, being difference in book value of assets and liabilities; ITAT accepts assessee's submission that HC order approving amalgamation scheme r...View more

ITAT : Excludes open terrace area from ‘built-up area’ post 2005, grants Sec. 80IB(10) deduction 
October 30 2014
ITAT allows Sec. 80IB(10) benefit to assessee for AY 2007-08, holds 'open terrace area' to be excluded from 1500 sq. ft. built-up area limit u/s. 80IB(10); Rejects Revenue's stand that in view of inse...View more

ITAT : Upholds Sec 41(1) on liabilities unclaimed since long-years, though not written off 
October 30 2014
ITAT confirms addition u/s 41(1), holds unclaimed & unproven liabilities outstanding since long years shall be deemed to be ceased, entailing benefit to assessee-debtor; Remarks that existence of ...View more

ITAT : ​'Documentary' evidence for computer storable technology-IPR not necessary, allows royalty payment deduction​ 
October 29 2014
ITAT allows deduction to assessee-company for royalty payment, pursuant to takeover of a proprietary concern (‘vendor’); Observes that royalty was paid for using technology invented by ven...View more

ITAT : Allows share-trading loss set-off against derivative profits before applying Sec 73 Explanation 
October 29 2014
ITAT allows share trading loss set-off against profits earned from derivative transactions to assessee (‘a share broker’); Observes that for purposes of Sections 28 to 41 of the Act, both ...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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FM positive on achieving FY 2014-15 budgeted revenue targets, asks to widen tax-base
October 31 2014
Finance Minister Arun Jaitley reviews achievement of budgeted targets of direct taxes for FY 2014-15, states that IT Department should be able to achieve direct taxes collection targets of Rs 7.36 lak...View more

HC : HP HC strikes down Sec 194A TDS on motor accident compensation 
October 27 2014
Himachal Pradesh HC in a public interest litigation, quashes Circular No 8/2011 issued by CBDT directing TDS u/s 194A on the award amount and interest accrued on deposits made under the orde...View more

CBDT issues guidelines for Sec 194LC long term bonds
October 20 2014
CBDT issues guidelines for deemed approval by Central Government (‘CG’) for ‘long-term bonds’ to qualify for concessional TDS rate under amended Sec 194LC; Finance Act (No 2), ...View more

HC : AAR ruling on cost allocation for Group support-services ‘cannot stand’, matter remanded
October 18 2014
Delhi HC sets-aside AAR ruling on cost allocation for Group support services, remands matter back; AAR had held that receipt by Dutch company (applicant) from operational and support services to Group...View more

ITAT : Builder's tax-holiday can't be denied if buyers merged two flats post sale 
October 09 2014
ITAT allows Sec 80IB(10) benefit for AY 2009-10 in respect of all 1-BHK flats constructed by assessee-developer, though design of such 1BHK enables conversion to ‘duplex flats’; Rejects Re...View more

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CBDT seeks over 5 lakh non-filers to file tax return for AY 2014-15

October 31 2014
CBDT seeks over 5 lakh taxpayers to file their income tax return for AY 2014-15; Identifies taxpayers based on e-return submitted for last three AYs i.e 2011-12, 2012-13 and 2013-14 with returned inco...View more

FM positive on achieving FY 2014-15 budgeted revenue targets, asks to widen tax-base

October 31 2014
Finance Minister Arun Jaitley reviews achievement of budgeted targets of direct taxes for FY 2014-15, states that IT Department should be able to achieve direct taxes collection targets of Rs 7.36 lak...View more

CBDT announces setting up of 4th DRP in Mumbai

October 30 2014
CBDT sets-up 4th DRP in Mumbai comprising CIT(A) members;  Re-constitutes existing 3 DRP panels     ...View more

India backs out as 51 countries sign historic Automatic Info exchange agreement

October 29 2014
51 countries sign Automatic Info exchange agreement, India backs out; Govt. sources say India concerned about confidentiality clause in agreement that will prevent disclosure of information received...View more

CBDT announces transfer of Chief Commissioners / Director Generals

October 29 2014
CBDT announces transfer of 22 Principal Chief Commissioner, Chief Commissioners, Director Generals ...View more

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CBDT announces transfer of Chief Commissioners / Director Generals
October 29 2014
CBDT announces transfer of 22 Principal Chief Commissioner, Chief Commissioners, Director Generals ...View more

ITAT : Goodwill arising on amalgamation a depreciable asset; Reverses earlier order 
October 31 2014
ITAT allows depreciation on goodwill arising on amalgamation, being difference in book value of assets and liabilities; ITAT accepts assessee's submission that HC order approving amalgamation scheme r...View more

India backs out as 51 countries sign historic Automatic Info exchange agreement
October 29 2014
51 countries sign Automatic Info exchange agreement, India backs out; Govt. sources say India concerned about confidentiality clause in agreement that will prevent disclosure of information received...View more

ITAT : Deletes Sec 40(a)(i) disallowance for TDS failure, applies India-Japan DTAA's non-discrimination relief 
October 27 2014
ITAT deletes Sec 40(a)(i) disallowance for payment made by Indian company to Japanese company without TDS, by applying relief under non-discrimination clause under Art 24(3) of India-Japan DTAA; Affir...View more

ITAT : Payment to parent for services availed through third party, FIS, not reimbursements 
October 28 2014
ITAT holds assessee in default u/s 201(1)/(1A) for technical services payment made to Canadian parent company without TDS, for services availed through Indian third party; Master Service Agreement evi...View more