International Tax

ITAT: Income from delivery based transactions of shares taxable as capital gains, not business income 

Income derived by assessee from delivery based transactions of shares and commodities, held as investment, taxable as capital gains and not business income; CBDT Circular No. 4 of 2007, distinguishing

May 05,2012

ITAT: Rejects transfer of business through separate agreements, taxes it as slump sale

Transfer of Sealants and Adhesive Business through separate agreements for tangible and intangible property, taxable as slump sale u/s 50B; Separate agreements read together, indicated sale of business as a whole

Apr 20,2012

HC: Sec 50C not attracted on sale of land held as stock-in-trade

Stamp duty valuation provisions u/s 50C not applicable to sale of plot of land held as stock-in-trade; Sec 50C applies only to capital assets; Sale of plots ancillary and incidental

Apr 19,2012

HC: Central & State Govt to sort dispute on levy of interest on late deposit of TDS by State Govt  

Levy of interest on State Govt for late deposit of TDS, a dispute between Central Govt and State Govt; HC directs State Govt to place TDS dispute before Secretary Finance of Central Government

Mar 13,2012

ITAT: MAT applicable on gains directly credited to capital reserve

Sec. 115JB authorises AO to go behind the accounts to verify if accounts are prepared as per Schedule VI; Gains on sale of investments directly credited to Capital Reserve liable

Jan 16,2012

ITAT: No DAPE under French treaty if transactions with agent at arm's length 

No DAPE under India-France tax treaty, in the absence of specific finding that the transactions with agent not at arm’s length; Article 5(5) regarding formation of DAPE to override Article

Jan 12,2012

ITAT: Profits from Portfolio Management Scheme taxable as business income, not capital gains

Profits on share transactions carried through Portfolio Management Scheme (PMS) taxable as business income and not capital gains; Portfolio Manager acts as agent to trade in shares; Sec 10(38) exemption

Jan 08,2012

ITAT: No tax on deemed rent for vacant inhabitable house

Vacant house not rented throughout the year despite owner's efforts qualify for benefit of Sec 23(1)(c); Absent  actual rent received, annual rent for vacant property to be 'NIL'; ‘Actual’ letting in past or in relevant FY not

Dec 21,2011

ITAT: Exemption u/s 10(6A) available on royalty agreement approved by RBI under FERA

Taxes borne by Indian company on royalty payment exempt in the hands of foreign company u/s 10(6A); No grossing up for taxes borne by Indian payer under royalty agreement approved by RBI

Dec 20,2011

HC: Payment for import of software, later integrated with hardware, amounts to ‘royalty’ 

Payment for import of software, which is integrated separately with imported hardware, amounts to ‘royalty’ u/s 9(1)(vi) in hands of non-resident; Contract for importing software an independent contract 

Dec 15,2011

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