International Tax

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

ITAT: Portfolio management services fees not deductible, KRA Holdings decision bad law

Portfolio management services fees not deductible; Pune ITAT decision in  KRA Holding & Trading not good law: 

Sep 30,2011

ITAT: Interest on refund from IT Dept fully taxable without reducing interest paid

Interest paid on delayed payment of income tax not allowable as deduction u/s 36(1)(iii) or 37(1); Interest paid cannot be set off against interest received on tax refund; Gross amount

Sep 29,2011

HC: Capital gains u/s 48 to be calculated on full value of consideration, not market value

Capital gains on built-up area received under JDA, cannot be computed using market price of the property; Act consciously adopts two different concepts - ‘full value of consideration’ u/s 48

Sep 28,2011

ITAT: Tribunal has power to 'strike down' rules/notifications', Sec 10(15)(iv)(f) exemption withdrawal arbitrary

ITAT strikes down Government Order withdrawing exemption to Reliance Industries u/s 10(15)(iv)(f), on ECB interest ; Tribunal has power to strike down rules/  notification by application of doctrine of 'Reading Down';

Sep 26,2011

HC: Amended Sec 14A also applies for pre-2001 cases before Tribunals and HC

Sec 14A amendment by Finance Act, 2002 has retrospective application for pending assessments; Amended Sec 14A also applicable for pending appeal before ITAT and HC; Sec 14A disallowance upheld for

Sep 23,2011

HC: HC Dismisses Satyam writ, says no powers to extend time limit for Sec 153 assessment

Time limit for completing assessment u/s 153 cannot be extended by filing petition under Article 226, in absence of a legal provision

Sep 23,2011

HC: HC Directs Asst Comm to pass Sec 197 order without CIT's 'advise'/ 'consent'

Order u/s 197 to be passed after 'independent application of mind', not on 'dictation' or 'advise' of CIT

Sep 21,2011

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