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Rulings

Mar 21,2012

Reassessment based on alleged ‘sketchy details’ in tax return filed electronically, held invalid; Assessee not required to file detailed documents along with e-filed tax return; No tangible material with AO

Mar 20,2012
Mar 20,2012

Secondment of employees creates Service PE for foreign company; SC ruling in Morgan Stanley relied on; Salary reimbursement to foreign company liable to TDS u/s 195 and does not amount

Mar 20,2012

Change of ownership of a business or undertaking not to be regarded as reconstruction; No splitting up or reconstruction of undertaking upon transfer of software division as a going concern

Mar 20,2012

Share buyback by Indian subsidiary from Foreign parent company not exempt u/s 47(iv); Shares held by nominees cannot be considered as shared held by Foreign parent; Sec 46A being special

Mar 19,2012

Income received by Foreign University under affiliate agreement for providing distance educational courses in India not taxable as Royalty; Indian affiliate merely provided marketing and promotion services for courses;  No

Mar 15,2012

Date of communication of 'sanction plan' of housing project not relevant for determining eligibility to Sec 80IB deduction; Approval granted in the preceding year, but communication sent in the later

Mar 15,2012

Transaction for leasing boiler entered into by assessee-lessor not genuine, but found to be simple loan transaction; Arrangement facilitated by assessee only to claim depreciation; Law permits only tax planning

Mar 14,2012

Revisionary power u/s 263 can be exercised by CIT only after recording reasons that order is erroneous; CIT cannot remit matter back to AO to decide whether findings recorded are

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