HC : 'Qualifying ship' not necessary, even 'Slot Charter' income eligible for Tonnage Tax Scheme 
January 29 2015
HC sets aside ITAT order, Holds income from "slot charter” ships eligible for tonnage tax scheme in case of a “qualifying company"; Concludes that inclusion of slot charter income could no...View more

ITAT : Penalty deleted, ​as ​not levied qua quantum proceedings in which concealment evident
January 28 2015
ITAT deletes penalty u/s.271(1)(c). While penalty and assessment are separate proceedings, penalty must be qua the assessment/quantum proceedings; Notes that assessee offered income of 2003 by revisin...View more

ITAT : Portfolio Management Scheme's objective key for income characterisation; Distinguishes Devasan Investments ruling 
January 27 2015
Holds assessee as both trader and investor in securities for AY 2006-07 to 2008-09 applying CBDT Circular 4/2007 ; Concludes income from Portfolio Management Schemes, whether to be assessed as Capital...View more

HC : Finds no Constitutional challenge in Sec 133(6); Revenue can call for Information 
January 27 2015
HC finds no merit in assessee’s challenge of constitutional validity of Sec 133(6) as amended by Finance Act, 1995 whereby words “enquiry or” were added to expand power to call infor...View more

HC : Lays down imposing exemplary​ ​cost​ personally on CIT​ to discourage casual appeals 
January 23 2015
HC dismisses Revenue’s appeal noting that the issue was settled by earlier HC order and no ground for pressing appeal against settled issue was given in “appeal memo”; Further observ...View more

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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

CBDT's Cyprus notification challenged in HC; Domestic Legislation can't supersede DTAA, argues Petitioner

December 26 2014
CBDT notification specifying Cyprus as ‘non-cooperative jurisdiction’ u/s 94A(1) having regard to lack of ‘effective exchange of information (‘EOI’)’ challenged bef...View more

Refuses stay on Google’s outstanding demand on online-advertisements TDS issue

December 09 2014
The ruling was delivered by ITAT bench of Shri N.V. Vasudevan and Shri Jason P. Boaz. Advocate P. Dinesh argued on behalf of the assessee while Revenue was represented by Mr C.H. Sundar Rao. ...View more

Uttarakhand HC to hear taxability of seismic survey fees u/s 44BB in January 2015: Sources

December 05 2014
Uttarakhand HC allows CGG Veritas Services' urgency application, fixes final hearing date as January 12, 2015 against ITAT order on taxability of seismic survey fees; ITAT had held that conducting sei...View more

Bombay HC to adjudicate whether Explanation to Sec 90 abrogates non-discriminatory clause under India-Japan DTAA

November 19 2014
Bombay HC admits assessee's (Indian branch of a Japanese bank) appeal against Tribunal’s order on issue of rate of tax applicability and net vs. gross interest taxability; Bombay HC to rule whet...View more

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Eye-Share: Irish Proposal to Overcome Sandwich - still a long way to go
January 28 2015
Irish Proposal to Overcome Sandwich - still a long way to go - Mr Ashish Karundia...View more

SC : NPA interest-income taxable on receipt basis, good law, but sub-judice; SLP dismissed 
January 23 2015
SC declines to admit Revenue’s SLP against Karnataka HC judgement, as the substantial question of law before the High Court stood answered in favour of the assessee; HC held that interest income...View more

ITAT : Cash deposit into payee’s account not 'cash expense' attracting Sec 40A(3) disallowance 
January 07 2015
ITAT upholds deletion of Sec 40A(3) expense disallowance, cash deposit made to payee’s bank account through pay-in-challan, not ‘cash payment’ to trigger disallowance; Observes &ldqu...View more

CBDT appoints 15 Commissioners for 5 DRPs at Delhi, Mumbai & Bangalore
January 06 2015
CBDT appoints 15 Commissioners for 5 Disputes Resolution Panel (DRP) panels at Delhi, Mumbai & Bangalore; Majority of DRP appointees transferred from CIT(A) post ...View more

CBDT revises DRP rules/structure with Mumbai, Delhi & Bangalore as headquarters
January 02 2015
CBDT revises Disputes Resolution Panel (DRP) rules, DRP to be set-up with 3 headquarters at Delhi, Mumbai & Bangalore ; Each DRP to have jurisdiction over multiple states and to have 3 Commissione...View more

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Senior tax partners Sudhir Nayak, Ameet Patel quit SKP

January 29 2015
Two senior tax partners at well known Mumbai based CA firm Sudit K Parekh & Co. (SKP) - Sudhir Nayak and Ameet Patel, are learnt to have put in their papers. Sudhir Nayak, who possesses over 2 dec...View more

Government explains rationale for Voda non appeal ; Foreign investor uncertainty put to rest

January 29 2015
Union Cabinet meeting , chaired by Prime Minster Narendra Modi, accepts Bombay High Court verdict in Vodafone share valuation case, terms it "......a major correction of a tax matter which has adverse...View more

Govt. accepts AG advice, not to appeal Voda share valuation ruling

January 28 2015
Govt. accepts AG advice, not to appeal Voda share valuation ruling of Bombay HC; Finance Minister Arun Jaitley decided to avoid fruitless litigation on this matter; Govt sending message to investors o...View more

Eye-Share: Irish Proposal to Overcome Sandwich - still a long way to go

January 28 2015
Irish Proposal to Overcome Sandwich - still a long way to go - Mr Ashish Karundia...View more

Major relief for Shipping Cos.; ‘Slot charters’ qualify for tonnage-tax scheme – Sources

January 24 2015
Kerala HC reverses ITAT’s order, provides major relief to Shipping companies operating on ‘slot charter’ basis; ITAT had denied benefit of Tonnage Tax Scheme under the Act for slot c...View more

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CBDT issues Explanatory Notes to the Provisions of the Finance (No.2) Act, 2014
January 22 2015
CBDT issues Explanatory Notes to the Provisions of the Finance (No.2) Act, 2014   Click below to read and download the copy of Explanatory notes ...View more

Uttarakhand HC dismisses taxpayer's writ , upholds Cyprus notification : Sources
January 22 2015
HC pronounced its verdict earlier this morning. A copy of the HC order is awaited.  Assistant Solicitor General of India Rakesh Thapliyal, appeared for Union of India, Ministry of Finance and Se...View more

Senior tax partners Sudhir Nayak, Ameet Patel quit SKP
January 29 2015
Two senior tax partners at well known Mumbai based CA firm Sudit K Parekh & Co. (SKP) - Sudhir Nayak and Ameet Patel, are learnt to have put in their papers. Sudhir Nayak, who possesses over 2 dec...View more

HC : Quashes writ challenging Cyprus notification; No reason to 'disbelieve' Govt. satisfaction 
January 22 2015
HC quashes writ challenging blacklisting of Cyprus as notified jurisdiction area u/s 94A of Income Tax Act; Refuses reliance on Cyprus govt. press release, holds no requirement for Court to ordinarily...View more

Government explains rationale for Voda non appeal ; Foreign investor uncertainty put to rest
January 29 2015
Union Cabinet meeting , chaired by Prime Minster Narendra Modi, accepts Bombay High Court verdict in Vodafone share valuation case, terms it "......a major correction of a tax matter which has adverse...View more