ITAT : Ship charter hire not taxable under India-UAE treaty; Distinguishes Poompuhar ruling 
October 21 2014
ITAT deletes Sec 40(a)(i) disallowance, holds ship charter hire charges payment to UAE Co. for operating vessel in 'international waters', not subject to Sec 195 TDS; Though payment falls under &lsquo...View more

ITAT : Explains law on 'hedging contracts'; Holds Forex Forward contract loss as speculative 
October 21 2014
ITAT disallows loss on account of foreign currency forward contract to assessee (a dealer in diamonds), holds it “speculative” in nature u/s 43(5); As assessee was dealing in ‘diamon...View more

HC : Deletes investment company's Sec 14A disallowance; Shares may earn future taxable income 
October 20 2014
HC quashes disallowance of entire expenditure of an investment company, holds Sec 14A invocation not justified; Observes assessee made investment by purchasing substantial number of shares, thereby se...View more

HC : AAR ruling on cost allocation for Group support-services ‘cannot stand’, matter remanded
October 18 2014
Delhi HC sets-aside AAR ruling on cost allocation for Group support services, remands matter back; AAR had held that receipt by Dutch company (applicant) from operational and support services to Group...View more

SC : Dismisses Centrica's SLP against HC ruling on employee secondment creating PE 
October 17 2014
SC dismisses assessee’s SLP against Delhi HC decision; Delhi HC had held that secondment of employee from Canadian & UK Group companies to Indian assessee creates Permanent Establishment (&l...View more

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Bombay HC admits appeal on treatment of negative net-worth in capital gains computation​

October 01 2014
Bombay HC admits Summit Securities Ltd’s (assessee) appeal against ITAT Special Bench decision on issue of addition of negative net worth in capital gains tax computation on slump sale; Special ...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

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

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CBDT issues guidelines for Sec 194LC long term bonds
October 20 2014
CBDT issues guidelines for deemed approval by Central Government (‘CG’) for ‘long-term bonds’ to qualify for concessional TDS rate under amended Sec 194LC; Finance Act (No 2), ...View more

HC : AAR ruling on cost allocation for Group support-services ‘cannot stand’, matter remanded
October 18 2014
Delhi HC sets-aside AAR ruling on cost allocation for Group support services, remands matter back; AAR had held that receipt by Dutch company (applicant) from operational and support services to Group...View more

ITAT : Builder's tax-holiday can't be denied if buyers merged two flats post sale 
October 09 2014
ITAT allows Sec 80IB(10) benefit for AY 2009-10 in respect of all 1-BHK flats constructed by assessee-developer, though design of such 1BHK enables conversion to ‘duplex flats’; Rejects Re...View more

HC : Deferred sales tax waiver upon prepayment not taxable benefit u/s 41 
October 08 2014
HC confirms ITAT order, holds waiver of balance ‘deferred sales-tax’ upon pre-payment not taxable; Taxpayer opted for ‘sale tax deferral loan incentive scheme’, allowing retent...View more

SC : Dues to stock exchange 'statutory lien', get precedence over IT Dept claim 
September 26 2014
SC sets aside Bombay HC ruling giving Income Tax dept. priority over proceeds of auction by Bombay Stock Exchange, of membership card of defaulting member; No accrued right to property was ever vested...View more

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Switzerland assures information exchange with India; To conclude 'Automatic EOI Agreement' soon

October 21 2014
Swiss – India discussion in Switzerland on ‘Exchange of Information’ (EOI) a significant development in context of India’s resolve to combat unaccounted money and tax evasion; ...View more

CBDT issues guidelines for Sec 194LC long term bonds

October 20 2014
CBDT issues guidelines for deemed approval by Central Government (‘CG’) for ‘long-term bonds’ to qualify for concessional TDS rate under amended Sec 194LC; Finance Act (No 2), ...View more

Govt. uses 'right to privacy' shield for black money names non-disclosure

October 20 2014
Govt. affidavit in Supreme Court on black money issue defends non-disclosure of names; 'Right to privacy' an integral part of right of life, hence information received under tax treaty cannot be discl...View more

CBDT extends 2nd quarter TDS/TCS statement filing date in specified States

October 17 2014
CBDT vide press relese dated October 17, 2014 has issued order extending due date for filing TDS/TCS statements for 2nd Quarter in States of Andhra Pradesh, Jammu & Kashmir, Odisha & Telangana...View more

CBDT announces local transfers/postings of 30 officers in the grade of ACITs/DCITs

October 17 2014
CBDT announces local transfers/postings of 30 officers in the grade of ACITs/DCITs  Click below to read and download the Order. ...View more

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SC : Dismisses Centrica's SLP against HC ruling on employee secondment creating PE 
October 17 2014
SC dismisses assessee’s SLP against Delhi HC decision; Delhi HC had held that secondment of employee from Canadian & UK Group companies to Indian assessee creates Permanent Establishment (&l...View more

HC : AAR ruling on cost allocation for Group support-services ‘cannot stand’, matter remanded
October 18 2014
Delhi HC sets-aside AAR ruling on cost allocation for Group support services, remands matter back; AAR had held that receipt by Dutch company (applicant) from operational and support services to Group...View more

HC : Deletes investment company's Sec 14A disallowance; Shares may earn future taxable income 
October 20 2014
HC quashes disallowance of entire expenditure of an investment company, holds Sec 14A invocation not justified; Observes assessee made investment by purchasing substantial number of shares, thereby se...View more

CBDT issues guidelines for Sec 194LC long term bonds
October 20 2014
CBDT issues guidelines for deemed approval by Central Government (‘CG’) for ‘long-term bonds’ to qualify for concessional TDS rate under amended Sec 194LC; Finance Act (No 2), ...View more

HC : Convicts company directors, despite non-issuance of separate notices treating them ‘principal officers’ 
October 16 2014
HC upholds prosecution against directors u/s 276B for company's TDS default as directors' failed to show that offence occurred without their knowledge; Rejects lower court's view that mere non-issuanc...View more