ITAT : Absent AO's independent investigation, disapproves income addition based on excise authorities' finding 
August 03 2015
ITAT deletes addition on account of suppression of production / extrapolation of sales based on information received from the Excise Dept. about clandestine removal of goods without payment of excise ...View more

ITAT : Allows Sec 10A deduction for suo-moto TP-adjustment; Follows jurisdictional iGate ruling, distinguishes Yokogawa
August 03 2015
ITAT allows deduction u/s 10A (for software export activities) in respect of suo moto TP adjustment of Rs. 28.61 lacs for AY 2008-09; Follows decision of jurisdictional Karnataka HC in the case of iGa...View more

AAR : Management & procurement service payments to UK co not FTS, absent 'make-available' 
August 03 2015
AAR rules that amount received by applicant (a UK co.) for providing 'management services' and 'procurement services' to its Indian affiliate not fees for technical services (FTS) under Article 13 of ...View more

AAR : E-learning revenues taxable as 'royalty'; Rejects 'copyrighted article' plea for software license 
August 03 2015
AAR holds payment received by applicant (an Ireland co. engaged in providing e-learning courses) from an Indian distributor for sale of products to Indian end-users (permitted to access the e-learning...View more

ITAT : Upholds's CIT's revisionary powers to order share-transaction genuineness probe; Sec 68 proviso clarificatory
July 31 2015
ITAT upholds CIT’s revisionary order u/s 263 in bunch of appeals for AYs 2008-09 and 2009-10, assessees’ in all these matters filed tax return offering meagre income and issued share capit...View more

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Writ filed against Settlement Commission's refusal to hear black money application

August 04 2015
Writ petition filed in Madras HC against Settlement Commission's refusal to exercise jurisdiction in respect of matter pertaining to undisclosed foreign income and assets; Settlement Commission held t...View more

Castleton Case: Govt. to seek time to study Justice Shah panel report

July 31 2015
Castleton case hearing in Supreme Court on MAT applicability on FIIs, scheduled for next week, likely to be deferred; Govt. likely to seek time to study Justice Shah panel report: Sources ...View more

Kar-HC allows Sec 10A benefit to IT-company sub-contracting onsite work to foreign AEs

July 29 2015
Karnataka HC upholds ITAT order, grants benefit of Sec 10A to assessee sub-contracting part of its software development work (‘onsite work’) to AEs abroad; Rejects Revenue’s contenti...View more

HC to decide Sec. 94A, Sec. 195 interplay as CBDT defends Cyprus press release

July 01 2015
Madras HC acknowledges "importance" of issue involved in writ challenging CBDT's Cyprus notification; HC observes that the matter requires interpretation of Sec. 94A & Sec. 195 as Sr. Adv. Arvind ...View more

Bombay HC adjourns FII-MAT case over Government plea to wait for SC ruling, Committee Report

June 30 2015
Bombay HC adjourns FII-MAT case over Government plea to wait for SC ruling, Committee Report; Interim stay to continue ...View more

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HC : Expansively construes AO's re-assessment powers to tax "any income", sans recorded reasons 
July 21 2015
HC upholds re-assessment u/s 147/148, rejects assessee's stand that re-assessment, being based on different reasons than those recorded by AO in re-assessment notice, was bad in law; Sec 147 reads &ld...View more

HC : Once DSIR certifies Sec 35(2AB) scientific research expense, AO debarred from further scrutiny 
July 17 2015
HC allows assessee’s writ, quashes AO’s order denying weighted deduction u/s 35(2AB) in respect of scientific research expenditure; Assessee claimed deduction pursuant to the certificate i...View more

HC : Grants interest relief from delayed return filing attributable to deductor’s TDS default 
July 14 2015
HC allows relief from penal consequences arising to a non-resident assessee due to deductor’s default in depositing TDS; Owing to non-deposit of TDS, assessee (a NRI) was unable to upload his in...View more

G20 invites consultations for Low Income Countries’ efficient use of tax incentives
July 13 2015
G20’s Development Working Group invites IMF, OECD, UN and World Bank’s report on options available for low income countries’ effective and efficient use of tax incentives for investm...View more

CBDT introduces Aadhar/ATM based electronic verification code system for e-filed tax returns
July 13 2015
CBDT introduces Electronic Verification Code (EVC) system as an alternate mode of verification to manually signed ITR-V (acknowledgment) ; EVC, a ten digit alpha-numeric code, to be provided using any...View more

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Revenue Secretary, CBDT Chaiperson to lead "Talkathon" on Black Money Law tomorrow

August 03 2015
Revenue Secretary, Shri Shaktikanta Das and Chairperson CBDT, Ms. Anita Kapur to participate in a Talkathon tomorrow from 7 pm onwards on the New Black Money Law; Show to be broadcast live through I&a...View more

OECD releases compliance ratings for 12 jurisdictions; BVI upgraded to ‘Largely Compliant’

August 03 2015
OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes releases compliance ratings for 12 jurisdictions; Sint Maarten rated ‘Partially Compliant’, Lithuania...View more

Govt. assures minimal impact of Greece Crisis on Indian economy, SEBI lists 7 tax evaders

August 03 2015
MoS, FinMin Jayant Sinha assures minimal impact of Greece debt crisis on Indian economy; Notes that the prospects of stock market volatility looks unlikely, in view of the fresh bailout agreement betw...View more

CBDT promotes 3 CCITs to Principal CCIT level

August 03 2015
CBDT announces promotion of 3 officers at CCIT level to the post of Principal CCIT w.e.f August 1, 2015; Further, CBDT orders posting of officers, upon their promotion: CBDT Click below to read the C...View more

New ITR-forms increase reporting requirements, seek overseas assets/income, CSR expense details

July 31 2015
CBDT notifies revised income tax return filing forms - ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 for AY 2015-16; Revised ITR forms seek detailed information of Foreign Assets and Income from source outside...View more

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New ITR-forms increase reporting requirements, seek overseas assets/income, CSR expense details
July 31 2015
CBDT notifies revised income tax return filing forms - ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 for AY 2015-16; Revised ITR forms seek detailed information of Foreign Assets and Income from source outside...View more

CBDT notifies new tax return form for companies & others for AY 2015-16
July 30 2015
CBDT notifies revised Form ITR 6 (for companies) and other forms ITR 3, ITR 4, ITR 5, and ITR-7 for filing tax return for AY 2015-16...View more

AAR : E-learning revenues taxable as 'royalty'; Rejects 'copyrighted article' plea for software license 
August 03 2015
AAR holds payment received by applicant (an Ireland co. engaged in providing e-learning courses) from an Indian distributor for sale of products to Indian end-users (permitted to access the e-learning...View more

Kar-HC allows Sec 10A benefit to IT-company sub-contracting onsite work to foreign AEs
July 29 2015
Karnataka HC upholds ITAT order, grants benefit of Sec 10A to assessee sub-contracting part of its software development work (‘onsite work’) to AEs abroad; Rejects Revenue’s contenti...View more

AAR : Management & procurement service payments to UK co not FTS, absent 'make-available' 
August 03 2015
AAR rules that amount received by applicant (a UK co.) for providing 'management services' and 'procurement services' to its Indian affiliate not fees for technical services (FTS) under Article 13 of ...View more