International Tax

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

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

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