ITAT : Upholds Sec 12A registration despite amendments to object clause; Distinguishes BCCI 
September 19 2014
ITAT sets aside Commissioner’s order cancelling Maharashtra Cricket Association’s (‘MCA’) Sec 12A registration; Holds mere non-intimation of amendments to object clause no grou...View more

ITAT : Unabsorbed depreciation, distinct from accumulated loss, to be reduced from Sec 80IA deduction 
September 19 2014
ITAT reduces quantum of Sec 80IA deduction for AY 2006-07 (initial year), brought forward unabsorbed depreciation to be set off from eligible unit's profits before allowing Sec 80IA deduction; Notes t...View more

ITAT : French news agency's news-report / photograph revenue taxable 'royalty'; Applies Indian copyright law 
September 18 2014
Upholds payments received by assessee (French news agency) from Indian news agencies (PTI, UNI, IANS etc) on use of its ‘news reports’ & ‘photographs’ as ‘copyright o...View more

HC : Can't ignore rent control legislation to determine property value u/s 23(1)(a); follows Tip Top ruling 
September 18 2014
HC disposes Tribunal’s reference at assessee’s instance, holds no basis for apprehension that Tribunal would ignore the Rent Control Legislation and prefer some other mode in determining f...View more

HC : Holds partnership land ceased to be stock-in-trade post dissolution; Reverses ITAT order 
September 18 2014
HC holds profits from sale of land by assessee (partner in firm engaged in construction) to third party after dissolution of firm as 'capital gains' & rules in assessee's favour; Land underwent ch...View more

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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

HC : Admits appeal on effective connection of Japanese assessee's FTS income to Indian PE

August 06 2014
Bombay HC admits Revenue’s appeal against Mumbai ITAT ruling in case of Nippon Kaiji Kyokoi (a Japanese entity engaged in providing inspection and certification services to marine industry); Uph...View more

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Taxsutra's Most Viewed Stories and Poll of the Week
September 20 2014
CBDT issues transfer/posting orders of 32 CITs  SC - Five judges bench reverses division bench ruling; Sec. 113 Proviso applicability held prospective  SC : Lays down law on retrospective ...View more

HC : Quashes reopening; Reason to believe based on fresh tangible material essential requirement 
August 21 2014
HC quashes Sec 148 notice, absent new tangible material on record compelling AO to form belief of income escapement; Absent new tangible material, reassessment exercise amounts to re-appreciation or r...View more

ITAT : Rejects 14A disallowance on ‘presumption’; AO can't apply Rule 8D formula mechanically 
August 20 2014
ITAT deletes Sec 14A disallowance, quashes AO’s Sec 14A application based on ‘presumption’ that administrative expenses like telephone / salary would have been incurred for earning e...View more

SC : Confirms HC’s order holding assessee not-in-default for "debatable” expatriates’ salary 
August 19 2014
SC approves Delhi HC judgment, dismisses Revenue’s SLP; HC had held that assessee cannot be regarded as ‘assessee in default’ u/s 201 for non-deduction of tax at source on “deb...View more

HC : Depreciation not implicit under Rule 10; Actual allowance relevant for determining post-amalgamation WDV 
August 19 2014
Indian company taking over assets of Indian branch of foreign company (in year 1975), entitled to depreciation on WDV determined under scheme of amalgamation (being cost less depreciation actually all...View more

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Taxsutra's Most Viewed Stories and Poll of the Week

September 20 2014
CBDT issues transfer/posting orders of 32 CITs  SC - Five judges bench reverses division bench ruling; Sec. 113 Proviso applicability held prospective  SC : Lays down law on retrospective ...View more

HC : Remits back for fresh consideration, AAR order on Satyam 'class action' payment

September 19 2014
Delhi HC sets aside AAR’s order holding compensation paid to American Depository shareholders to the tune of USD 125 million by Satyam and USD 25 million by PwC, as taxable in India; Remits it b...View more

Chamber of Tax consultants challenges amended Tax Audit Report before Bombay HC

September 18 2014
Chamber of Tax Consultants (CTC) has challenged CBDT's action of introducing new tax Audit Report without deliberation or inviting any views from stakeholders, through a writ filed before Bombay HC. I...View more

CBDT announces re-constitution of new Dispute Resolution Panel at Bengaluru

September 18 2014
CBDT announces re-constitution of Dispute Resolution Panel (DRP) at Bengaluru...View more

BIAC welcomes BEPS deliverables, cautions Governments against rapid implementation into domestic law

September 18 2014
BIAC, the Voice of Business at the OECD, welcomes first set of BEPS Action Plan consensus reports and recommendations released by OECD; Appreciates OECD’s acknowledgment that proposals contained...View more

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CBDT issues transfer/posting orders of 32 CITs
September 15 2014
CBDT issues transfer/posting orders of 32 CITs  Click below to read & download the CBDT order, containing details of the transfers & postings. ...View more

SC - Five judges bench reverses division bench ruling; Sec. 113 Proviso applicability held prospective
September 15 2014
Five judges bench reverses division bench ruling; Sec. 113 Proviso applicability held prospective: SC...View more

SC : Lays down law on retrospective taxation, principle of "fairness" the balancing factor 
September 15 2014
Five judges bench of Supreme Court strikes down division bench ruling on retrospective applicability of Proviso to Sec. 113, holds proviso to operate prospectively; Bench lays down general principles ...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

OECD unveils BEPS reports; Country-by-Country reporting standard released, Virtual PE inconclusive
September 16 2014
OECD releases first set of BEPS Action Plan reports, no final outcome yet on adoption of virtual permanent establishment (PE) standard ; Task Force to continue work on various options (including Virtu...View more