International Tax

AAR: AAR rejects payee's application as similar question pending before AO in payer's assessment

The AAR has rejected application by payee as questions raised covered in the assessment of payer entity. AAR observed that the question raised need not necessarily be subject matter of assessment

Sep 21,2011

AAR: AAR rejects applications on questions pending before AO

Issues raised in AAR application covered in assessment; AAR rejects the application

Sep 21,2011

HC: No 'notional' tax on investment advisory fees of AMC

Limits under SEBI regulations for Asset Management companies for charging advisory fees or recovery of expenses cannot be the basis to notionally levy tax; AMC's decision was a bonafide commercial

Sep 19,2011

HC: Marketing cost allocation between units using turnover ratio upheld

Marketing cost allocation between tax holiday units and other divisions based on turnover ratio upheld

Sep 19,2011

ITAT: No PE for assembly project merely due to 'fixed place' presence in India

‘Construction or assembly project’ to constitute a PE only when threshold period of activity exceeded

Sep 19,2011

HC: Period of limitation not applicable to Sec 201 order regarding TDS default

Period of limitation not applicable to Sec 201 orders, Delhi HC ruling in NHK Japan Broadcasting not correct position in law

Sep 16,2011

ITAT: Date of sale deed registration not relevant for Sec 54 exemption

Date of transfer for Sec 54 exemption on flat determined based on possession, payment and execution of sale deed and not the date of sale deed registration –

Sep 15,2011

HC: Sec 234D Interest leviable only if excess refund granted pursuant to intimation u/s 143(1)

Sec 234D interest leviable only when excess refund was granted to the assessee pursuant to intimation u/s 143(1) and not upon appellate orders: Bombay HC 

Sep 14,2011

ITAT: Date of JDA not relevant for levy of capital gains tax

Willingness of transferee to perform obligations u/s 53A of Transfer of Property Act essential for deciding accrual of capital gain and not date of development agreement

Sep 14,2011

ITAT: Airport terminal building eligible for higher depreciation as 'plant'

Airport terminal building to be treated as ‘plant’; higher rate of depreciation @ 25% applicable

Sep 14,2011

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