ITAT : Deletes concealment penalty on 'voluntary' income addition absent malafide intention & Revenue's 'detection' 
April 24 2015
Tribunal deletes concealment penalty on income addition on share application money, absent any 'detection' by Revenue; Assessee offered share application money during assessment proceedings as income ...View more

HC : TCS's brand equity contribution to Tata Sons out of FBT purview
April 24 2015
HC upholds ITAT’s order, fringe benefit tax (FBT) not payable by Tata Consultancy Services for subscription payment to Tata Sons pursuant to ‘‘Brand Equity and Business Promotion Agr...View more

HC : No liability to pay service tax until actual receipt; Deletes Sec 43B disallowance 
April 24 2015
HC upholds ITAT’s order deleting Sec 43B disallowance for unpaid service tax, absent liability to pay service tax; Rejects Revenue’s stand that once services rendered, liability to pay ser...View more

ITAT : No role for BEPS in judicial process; Tribunal unswayed by tax-policy considerations 
April 23 2015
ITAT, while ruling on Sec 44BB applicability, deals with Revenue's submission that assessee's view would amount to base erosion and profit shifting from developing countries; ITAT says base erosion an...View more

HC : Allows Sec 10B benefit to a ‘manufacturer’ despite ‘outsourcing’ part of activities 
April 23 2015
HC overturns ITAT’s order, allows Sec 10B benefit to assessee (a 100% EOU) engaged in manufacturing of 'Helmet and Jackets'; Rejects Revenue’s stand that assessee “outsourced” ...View more

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Karnataka HC reserves judgment on writ challenging constitutional validity of Sec 234E fee

April 20 2015
Karnataka HC reserves judgment on writ petition challenging constitutional validity of Sec 234E for delay in filing of TDS returns; Assessees’ argued that to levy ‘fee’, there must b...View more

Revenue takes Copal judgment to SC; Assails arbitrary 50 % threshold, alleges tax evasion

April 14 2015
IT Dept. files SLP before Supreme Court against the Delhi HC ruling in Copal case, pleads that transactions were designed prima facie to avoid tax; Revenue submits 50% asset threshold set by HC, erron...View more

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

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HC : Mere appeal before higher forum not bar against ITAT's rectification power u/s 254 
April 22 2015
HC allows assessee’s writ, quashes ITAT’s order dismissing assessee’s rectification application u/s 254(2); Sec 254(2) confers power upon ITAT to rectify any mistake apparent from th...View more

HC : Upholds ITAT order; overseas remittance by Indian branch non-taxable absent RBI approval
April 17 2015
HC upholds ITAT’s order holding amount remitted by Indian branch to overseas group entities as non-taxable absent RBI approval as required under FERA; ITAT had held that amounts will not partake...View more

CBDT notifies increase in transport allowance exemption from Rs 800 to Rs 1600
April 15 2015
CBDT notifies amendment to Rule 2BB specifying transport allowance exemption u/s 10(14) w.e.f. April 1; Increases transport allowance exemption from Rs 800 to Rs 1600 per month; Also, doubles the exem...View more

CBDT amends PAN/TAN application rules for companies not registered u/ Companies Act,2013
April 14 2015
CBDT amends rule 114/114A relating PAN/TAN application; Amended rules provide that companies not registered under Companies Act, 2013 can apply for PAN/TAN allotment in Form No. INC-7 u/s 7(1) of the ...View more

Quoting PAN in appeals mandatory post NJRS soft launch
April 09 2015
Directorate of Income Tax (Legal & Research) issues order making quoting of PAN mandatory after 'Soft-Launching' of National Judicial Reference System (NJRS); NJRS is envisaged to be a computerise...View more

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CBDT instructs Officers to 'expeditiously' decide FII exemption claims vis-a-vis DTAA

April 24 2015
CBDT instructs Officers to 'expeditiously' decide FII exemption claims vis-a-vis DTAA; One month deadline set for taking decision where FIIs seek DTAA benefits: CBDT Instruction ...View more

Singapore's BEPS caution; Philip Baker's 'source vs residence' masterclass; MNCs face the heat!

April 21 2015
The inaugural IFA Asia-Pacific Regional tax conference held in Singapore last week, promised a lot of fireworks and it did not disappoint! The two days conference witnessed high octane deliberations o...View more

Jaitley welcomes BEPS progress, calls for strengthening automatic information exchange standard

April 20 2015
Indian Finance Minister Arun Jaitley makes intervention on International Tax Issues at G20; FM says Base Erosion and Profit Shifting (BEPS) a concern for emerging economies, also unfair to the general...View more

CBDT announces 43 ACITs/DCITs transfers at Delhi, Mumbai, Tamilnadu, Karnataka & Goa

April 20 2015
CBDT vide Order dated April 26, 2015, announces transfers/postings of 43 officers in the grade of ACIT/DCIT; Transfers are announced at Delhi, Mumbai, Rajasthan, Gujarat, Kerala, Pune, Tamilnadu, West...View more

CBDT notifies return forms, discontinues ITR-V CPC-filing if ROI verified through electronic-code

April 17 2015
CBDT notifies Form ITR-1, ITR-2 and ITR-4S for AY 2015-16 and also amends Rule 12 of Income-tax Rules, 1962 which provides for condition of filing tax return; ITR-1 (SAHAJ) and ITR-4S (SUGAM) cannot b...View more

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CBDT instructs Officers to 'expeditiously' decide FII exemption claims vis-a-vis DTAA
April 24 2015
CBDT instructs Officers to 'expeditiously' decide FII exemption claims vis-a-vis DTAA; One month deadline set for taking decision where FIIs seek DTAA benefits: CBDT Instruction ...View more

CBDT announces 43 ACITs/DCITs transfers at Delhi, Mumbai, Tamilnadu, Karnataka & Goa
April 20 2015
CBDT vide Order dated April 26, 2015, announces transfers/postings of 43 officers in the grade of ACIT/DCIT; Transfers are announced at Delhi, Mumbai, Rajasthan, Gujarat, Kerala, Pune, Tamilnadu, West...View more

HC : No liability to pay service tax until actual receipt; Deletes Sec 43B disallowance 
April 24 2015
HC upholds ITAT’s order deleting Sec 43B disallowance for unpaid service tax, absent liability to pay service tax; Rejects Revenue’s stand that once services rendered, liability to pay ser...View more

Karnataka HC reserves judgment on writ challenging constitutional validity of Sec 234E fee
April 20 2015
Karnataka HC reserves judgment on writ petition challenging constitutional validity of Sec 234E for delay in filing of TDS returns; Assessees’ argued that to levy ‘fee’, there must b...View more

Singapore's BEPS caution; Philip Baker's 'source vs residence' masterclass; MNCs face the heat!
April 21 2015
The inaugural IFA Asia-Pacific Regional tax conference held in Singapore last week, promised a lot of fireworks and it did not disappoint! The two days conference witnessed high octane deliberations o...View more