ITAT : Rules cause of delay, not length, relevant for condoning delay; Cites Nand Kishore (SC) 
March 27 2015
ITAT rules that “The length of delay is not a material to condone the delay, the cause of delay is to be considered to condone the delay”; Cites SC ruling in Nand Kishore wherein SC condon...View more

ITAT : Making pizza & pasta constitute “manufacturing” activities, additional depreciation claim admissible
March 27 2015
ITAT follows co-ordinate bench ruling in assessee’s own case for AY 2008-09 to allow assessee’s claim for additional depreciation, as activities of making pizza qualify as "manufacture and...View more

HC : Denies depreciation for expenses covered by S.35D, holds Challapalli Sugars (SC) misapplied 
March 27 2015
HC upholds lower authorities orders, denies assessee’s depreciation claim on the capitalised expenditure in connection with issue of shares; Rejects assessee’s reliance on SC ruling in Cha...View more

ITAT : Inward remittance from self-owned Mauritius Co, not unexplained income, not accruing/arising in India 
March 27 2015
Holds funds received through banking channel with necessary statutory approvals into the assessee’s NRI A/c, not unexplained income; Assessee received funds from self-owned Mauritius co (M/s.Vit...View more

HC : Gujarat HC strikes down 'devastating', 'anti-investor', 'arbitrary', Sec. 80-IB(9) retro amendment; "Rule of Law" prevails
March 27 2015
Gujarat High Courts delivers landmark ruling on interpretation of retrospective amendments, with big impact on oil and gas sector, ; HC holds as unconstitutional, the Explanation added to Se...View more

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Judgement in Wipro's foreign tax credit issue likely next week

February 18 2015
Wipro case posted for hearing before a new Bench (comprising of Justice Vineet Saran and Justice Mrs S Sujatha) today, due to change in roster; Last week, division Bench of Karnataka HC (comprising of...View more

Wipro rebuts Yokogawa, context different, inapplicable to tax credit u/s 90(1)(a)(ii)

February 11 2015
Rebutting Revenue Counsel’s reliance on Yokogawa ruling, Senior Advocate N. Venkatraman for Wipro contends Yokogawa would not apply to S.90(1)(a)(ii) scenario; Highlights S.90(1)(a)(ii) specific...View more

Revenue draws from Yokogawa ruling to deny FTC stating Sec 10A, an exemption-provision

February 10 2015
Revenue Senior Counsel E. Indrakumar continued arguments before Karnataka HC on Wipro’s foreign tax credit (FTC) issue yesterday; Swings into focus the scheme of Sec 10A income that stands exemp...View more

Foreign tax credit issue 'first of its kind', acknowledges HC; Grants time

February 02 2015
Senior Advocate N. Venkatraman continues ​​arguments to buttress ​Wipro​’s foreign tax credit claim before Karnataka HC; Argues that Sec 90(1)(a)(ii) provid​ing​ for g...View more

Karnataka HC to decide on foreign tax credit claim by Sec 10A entity

January 13 2015
Foreign tax credit sought by entity claiming Sec 10A. Senior Advocate N. Venkatraman contends that tax paid in USA is eligible for full tax credit (FTC) under the India-USA tax treaty as long as the i...View more

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Taxsutra Eye Share : Employee-Indians: 60 days’ in the reckoning; Plan for taxes before India travel
March 23 2015
Employee-Indians: 60 days’ in the reckoning; Plan for taxes before India travel : Ajay Agrawal, Chertered Accountant History has shown that Indians have been very enterprising and succeede...View more

Eye Share : Is FATCA a Permissible Treaty Override for Withholding Rates?
March 16 2015
Is Foreign Account Tax Compliance Act (FATCA) a Permissible Treaty Override ? - CA Ashish Karundia, Founding Partner, TAG Advisors ...View more

Eye-Share : Tracing the contours of internationally recognized POEM concept
March 09 2015
Tracing the contours of internationally recognized POEM concept - Mr.Ramesh Khaitan, Vice President (Taxation) , Lupin Ltd ...View more

HC : Sale by one STP to another STP, deemed exports; Allows Sec 10A benefit 
March 03 2015
HC reverses ITAT’s order, holds computer software sales by assessee (an STP unit) to another STP unit, qualifies as ‘export turnover’ for the purposes of Sec 10A; Sets aside ITAT&rsq...View more

Union Cabinet clears two new AAR benches at Mumbai, Delhi
February 25 2015
Union Cabinet clears two new AAR benches at Mumbai, Delhi; Benches to be headed by Vice-Chairmen; Creation of additional benches to reduce pendency of cases, facilitate the " cause of the resident tax...View more

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PM Modi expresses 'dissatisfaction' on harassment of taxpayers; CBDT swings into action

March 27 2015
Prime Minister Narendra Modi, on a video conference call with Revenue Secretary and CBDT Chairperson, expresses 'dissatisfaction' about " delays in responding to public grievances by IRS officers as w...View more

CBDT Clarifies : Dividend declaration by foreign companies out of Sec 9/ indirect transfers ambit

March 26 2015
CBDT issues clarificatory circular, states "dividends declared and paid by a foreign company outside India in respect of shares which derive their value substantially from assets situated in India wou...View more

RBI notifies Reporting & Accounting scheme of March’15 transactions relating CBDT/CBEC collections

March 26 2015
RBI notifies Reporting & Accounting scheme of March’15 transactions relating CBDT/CBEC collections  Click below to read RBI notification...View more

CBDT: CITs/CCITs to follow-up with banks for TDS deposit remittance

March 26 2015
CBDT directs CITs/CCITs to follow up with banks for deposit of TDS collected during the month of March 2015, in pursuant to letter issued on Feb 2, 2015; Vide the letter dated Feb 2, 2015, all public ...View more

DTAA entered between India and ‘Czechoslovak Socialist Republic continues to be applicable to ‘Slovak Republic’

March 25 2015
Agreement between India and Czechoslovak Socialist Republic was signed on the 27th January, 1986 for avoidance of double taxation and the prevention of fiscal evasion; Slovak Republic is an independen...View more

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Copy of Undisclosed Foreign Income And Assets (Imposition of Tax ) Bill, 2015
March 21 2015
Copy of Undisclosed Foreign Income And Assets (Imposition of Tax ) Bill, 2015 , as introduced in Lok Sabha....View more

CBDT Clarifies : Dividend declaration by foreign companies out of Sec 9/ indirect transfers ambit
March 26 2015
CBDT issues clarificatory circular, states "dividends declared and paid by a foreign company outside India in respect of shares which derive their value substantially from assets situated in India wou...View more

PM Modi expresses 'dissatisfaction' on harassment of taxpayers; CBDT swings into action
March 27 2015
Prime Minister Narendra Modi, on a video conference call with Revenue Secretary and CBDT Chairperson, expresses 'dissatisfaction' about " delays in responding to public grievances by IRS officers as w...View more

SC : Reverses wrong application of 'matching concept'; Allows interest deduction despite accounting dichotomy 
March 24 2015
SC reverses Bombay HC judgment, allows debenture interest deduction u/s 36(1)(iii) of Income tax Act, in the year in which payment was made, holds assessee not 'estopped' from claiming entire deductio...View more

Taxsutra Eye Share : Employee-Indians: 60 days’ in the reckoning; Plan for taxes before India travel
March 23 2015
Employee-Indians: 60 days’ in the reckoning; Plan for taxes before India travel : Ajay Agrawal, Chertered Accountant History has shown that Indians have been very enterprising and succeede...View more