HC : Subsequent income-revision does not mean full/true disclosure not made in SetCom application 
September 03 2015
HC quashes Revenue’s writ challenging Settlement Commission’s jurisdiction to entertain assessee’s settlement application u/s 245C(1); Rejects Revenue’s stand that as assessee ...View more

ITAT : Allows Sec 48 deduction for dismantling structure upon "transfer" of leasehold rights
September 03 2015
ITAT allows deduction u/s 48 for expenses incurred on dismantling factory constructed on lease-hold land while computing capital gains upon surrender of said leasehold rights; Relies on Mumbai ITAT ru...View more

HC : Onsite work sub-contracted to foreign-AE eligible for Sec 10A benefit, reads Explanation 3 expansively 
September 02 2015
HC allows Sec 10A benefit to assessee sub-contracting part of its software development work (‘onsite work’) to AEs abroad; Observes that assessee entered into an agreement with end-custome...View more

HC : Allows retrospective benefit of second proviso to Sec 40(a)(ia); Affirms Rajiv Agarwal ITAT-ruling 
September 01 2015
HC upholds ITAT order deleting Sec 40(a)(ia) disallowance for non-deduction of TDS for AYs 2008-09 and 2009-10 applying second proviso to Sec 40(a)(ia); Rules that second proviso inserted vide Finance...View more

HC : Absent ‘incriminating material’, quashes additions during block assessment u/s153A; Distinguishes Anil Bhatia ruling 
September 01 2015
HC upholds ITAT order, quashes deemed dividend addition during block assessment u/s 153A as no incriminating material unearthed during search and assessments for subjects AYs ‘completed’ a...View more

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Google India not DAPE, can't tax 'adword' revenues on gross basis, argues Pardiwala

August 25 2015
Bangalore ITAT hears Google India’s appeal on taxability of income under ‘Adwords’ Program; Income tax authorities had held that Google India was a Dependent Agent Permanent Establis...View more

Cyprus notification hangs by a "comma", CBDT defends press release; Judgment reserved

August 13 2015
Revenue concludes arguments before Madras HC on challenge to Cyprus notification, distinguishes petitioner's reliance on apex court judgments in Azadi Bachao & GE India Technology; Defending valid...View more

Hearings begin afresh in Cyprus notification challenge; Read down Sec. 94A(1), pleads Datar

August 11 2015
Writ assailing CBDT's Cyprus notification, posted before a new bench of Madras HC on account of change in bench constitution; Petitioner's counsel Sr. Adv. Arvind Datar argues for "reading down" Sec 9...View more

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

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ITAT : Deductor’s liability qua TDS not extinguished owing to time-lapse, absent debtor-creditor relationship
August 21 2015
ITAT upholds Sec 201(1)/(1A) order dated July, 2008 for TDS default in respect of AYs 2001-02 to 2004-05, rejects assessee-deductor’s stand that Sec 201 proceedings were time-barred; Rules that ...View more

Dr. Shome, industry stalwarts launch international tax think-tank, focus on research driven policies
August 18 2015
Think Tank for International Tax Research and Analysis Foundation (ITRAF) launched in Bangalore; ITRAF founder members include Chairman Dr. Parthasarathi Shome & industry veterans Mr. Mohandas Pai...View more

CBDT mandates senior officers' representation before AAR
August 18 2015
CBDT issues guidelines for effective representation of Revenue before the Authority of Advance Rulings (‘AAR’); With a view to improve the quality of representation before AAR, orders that...View more

CBDT notifies 21 districts in Bihar as “backward areas” u/s32 and Sec32AD
August 18 2015
CBDT notifies 21 districts in Bihar as “backward areas” u/s32 and Sec32AD  Click below to read CBDT Notification. ...View more

HC : No TDS u/s 194J on “Wheeling charges” for electricity transportation absent human intervention 
August 12 2015
Upholds ITAT’s order, holds that “wheeling charges” not taxable as FTS u/s 194J; Pursuant to TDS survey AO held that TDS u/s 194J was applicable on payment of wheeling charges as aga...View more

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Issues guidelines for rewarding "informants" leading to tax-recovery; Sets Rs 15 lakhs reward limit

September 04 2015
CBDT issues guidelines regulating grant and payment of reward to “informants” leading to recovery of irrecoverable taxes; “Informants” for the purpose of the guidelines shall b...View more

OECD’s ‘Tax Database’ highlights Sweden's 56.86% personal tax-rate highest among OECD countries

September 04 2015
OECD releases tax database providing comparative analysis of tax statistics in 34 member countries based on information contained in OECD’s Tax Administration Survey, Tax Policies Study, and Tax...View more

CBDT releases second set of 27 FAQs on Black-money law amnesty scheme

September 03 2015
CBDT issues second set of 27 FAQs to address tax compliance issue for Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015 ('the Act'); Clarifies that in case where a private trust (w...View more

CBDT orders local transfers of ACITs/DCITs and inter-city transfers of CITs

September 03 2015
CBDT announces local transfers of DCITs / ACITs and intercity transfers of CITs with immediate effect : CBDT  Click below to read and download CBDT order....View more

CBDT stays FPIs / FIIs pending MAT assessments, directs no recovery of outstanding demand

September 03 2015
CBDT issues Instruction 9/2015 pursuant to Govt’s acceptance of AP Shah Committee report; Agrees to carry out appropriate amendment in the Income-tax Act, 1961 so as to clarify that for period p...View more

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12 members transferred in ITAT reshuffle
September 02 2015
ITAT President orders transfer of 12 Members pursuant to consultations with the Collegium of ITAT, consisting of the President and two senior most Vice Presidents; Out of the12 members, 9 members tran...View more

15 takeaways from Justice Shah Committee report on MAT applicability to FIIs/FPIs
September 01 2015
Justice Shah Committee says Castleton ruling completely wrong; Legislature failed to specify any method for taxing book profits of FIIs/FPIs; Taxing foreign income in the company’s 'book profits...View more

Govt. extends last date for filing tax returns till Sept. 7
September 02 2015
Govt. extends last date for filing tax returns till Sept. 7: CBDT ...View more

CBDT lays down criteria for manual selection of scrutiny cases during FY 2015-16
August 31 2015
CBDT lays down criteria for compulsory manual selection of cases for scrutiny during FY 2015-16, no substantial changes vis-à-vis similar CBDT instruction issued last year i.e. for FY 2014-15; ...View more

Tax Experts react to Govt's MAT relief to FIIs!
September 02 2015
Rajesh Simhan ( Head - International Tax ,Nishith Desai Associates) This will be very good news for FIIs and FPIs. It also shows that the Government‎ means business and genuinely wants to attract...View more