Editor's Pick

ITAT: Software-payments not royalty under treaty; TDS inappliable even on Hong Kong payments pre-2012

Payment by Reliance Industries Ltd. (‘assessee’) to residents of different countries such as Australia, Canada, Singapore, Japan, Netherlands,

May 20,2016

ITAT: Forex loss on loan has nexus with interest cost saving, allows deduction

Pune ITAT allows deduction of foreign exchange fluctuation loss on outstanding foreign currency loan 

May 18,2016

HC: Rejects re-assessment on US-parent, Indian-subsidiary assessed at arm's length not PE

Delhi HC quashes reassessment on US company (‘assessee’), holds that AO’s belief that assessee’s India subsidiary (which was subjected

May 17,2016

ITAT: Raises doubts on ESOP scheme, denies expense deduction; Distinguishes Novo Nordisk ruling

Chennai ITAT denies deduction for ESOP expenses incurred by assessee-company through ESOP trust for buying equity shares from

May 17,2016

CBDT effects pan-India annual transfer of over 500 IRS officers

CBDT orders 111 inter-city transfers and 62 local transfers in the grade of Asst. CITs and local transfers

May 17,2016

HC: Quashes CBDT instruction curtailing refund issuance; Powers u/s 119 'hedged by limitations'

HC quashes CBDT Instruction No. 1/2015 dated January 13, 2015, rules that the instruction shall not berelied upon to

May 16,2016

HC: 'Income-diversion' principle inapplicable to shareholders directly receiving de-merger consideration; Applies 'look-at' test

Delhi HC reverses ITAT ruling, holds that 'part consideration' for demerger paid directly to transferor company's shareholders instead

May 16,2016

HC: Allows "non-discrimination" relief pre-Sec 40(a)(ia) insertion, for administrative fee payment under US treaty

Delhi HC upholds ITAT order, no Sec 40(a)(i) disallowance to assessee (an Indian company) for TDS default on

May 13,2016

SC: Dismisses SLP; Erroneous legal opinion defence unavailable for baseless claim, upholds penalty-levy

SC dismisses assessee’s SLP against Delhi HC judgement; HC had confirmed AO's action of levying Sec 271(1)(c) penalty

May 13,2016

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