International Tax

ITAT: 'Reinsurance brokerage' income of UK broker not FTS under tax treaty

‘Reinsurance brokerage income’ of a non-resident insurance broker not taxable as Fees for Technical Services ('FTS') under UK tax treaty

Oct 12,2011

ITAT: No tax on JDA untill transfer of possession and payment of full consideration

No ‘transfer’ u/s 2(47) under ‘Property development agreement’ in the absence of ‘transfer of possession’ and ‘payment of full consideration’; Capital gains not assessable in the year of agreement

Oct 10,2011

ITAT: Sale consideration cannot be allocated towards non-compete fees; Entire sale consideration taxable as capital gains 

ITAT rejects break-up of sale consideration on shares into non-compete fees; Entire sale consideration for shares, already offered to tax under capital gains; Amount allocated towards non-compete cannot be separately

Oct 07,2011

ITAT:  Non-compete fees received by promoter taxable as business income u/s 28(va)

  Non-compete fees received by promoter taxable as business income u/s 28(va) & not capital gains as ‘right to carry on business’ is not transferred

Oct 07,2011

ITAT: Delhi ITAT reignites ESOP taxation debate, holds income from share sale not STCG

'Right' to exercise an option to sell ‘stock’, a capital asset; Right in shares acquired on the date of acceptance of offer though 'distinctive' shares not allotted to the assessee; Transfer

Oct 07,2011

HC: Waiver of working capital loan a 'deemed business profit'

Waiver of principal amount of working capital loan not a capital receipt; Amount waived off taxable as deemed business profit u/s 41(1)

Oct 05,2011

AAR: Software payments taxable as Royalty

Payment for use of ‘Licensed Program’ taxable as Royalty; tax withholding provisions u/s 195 attracted: AAR

Oct 04,2011

ITAT: Income of non-resident from production of TV signals for broadcasting in India taxable as FTS

Income of non-resident from Prasar Bharti for production of television signals for broadcasting of cricket matches in India, taxable as FTS on gross basis; Assessee did not have PE in

Oct 04,2011

ITAT: Reduction of Equity share capital not subject to Capital Gains provisions

Reduction of Equity share capital not subject to Capital Gains provisions; loss on reduction not allowable as capital loss: Mumbai ITAT Special Bench

Oct 03,2011

HC: Payment to hospitals by TPA attract TDS; CBDT circular upheld  

Delhi HC upholds CBDT circular requiring TPAs to deduct TDS u/s 194J while making payment to hospital; Circular set aside to the extent it provides for levy of penalty u/s

Oct 02,2011

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