International Tax

HC: Can't hold Genpact as representative assessee just because its shares transferred by GE

Representative Assessee not automatically liable for paying tax, merely because it is an agent of the non-resident; Income earned by non-resident and sought to be taxed, must have some connection

Aug 17,2011

HC: Sec 80HHC deduction available on supply of F&B at Indian airports to international flights

Supply of food and beverages to international flights leaving India, are 'exports' qualifying for deduction u/s 80HHC

Aug 17,2011

ITAT: Date of ESOP grant not the date of acquisition of shares, income taxable as STCG

Mere grant of ‘option to buy’ under Stock Option Plans not akin to transfer; date of grant not to be treated as date of acquisition of shares; Reliance on a

Aug 15,2011

ITAT: ITAT SB: Special Bench reference can’t be withdrawn based on HC’s admission of question of law

Special bench reference can’t be withdrawn merely based on admission of question of law by HC in another case; Assessee not allowed to blow hot and cold: ITAT Mumbai Special

Aug 11,2011

HC: Capital gains under land development agreement taxable upon possession

Capital Gain on transfer of property through development agreement taxable in the year of possession; actual date of completion of project not relevant

Aug 10,2011

AAR: Sourcing from India by liaison office constitutes PE

Purchasing activity alongwith 'quality control and getting the goods manufactured as per own specification' by liaison office constitutes PE: AAR

Aug 10,2011

HC: LIC's annual actuarial surplus to exclude 'solvency margin reserve'  

‘Provision for reserve on account of solvency margin’ to be excluded while arriving at ‘annual actuarial surplus’ for life insurance companies

Aug 08,2011

HC: Non-disclo​sure of salary from previous employer held 'concealment' u/s 271(1)(c)

Non disclosure of salary income received from previous employer amounts to 'concealment' u/s 271 (1) (c); question of 'bona fide' intention not a relevant factor while imposing penalty

Aug 08,2011

HC: AO to be guided by law of land, not contrary CBDT circulars

VRS expense allowed as contrary circular not binding on AO in his “quasi judicial" capacity; AO should be guided by law of land

Aug 05,2011

HC: 'Loan or advance' for business considerations not a deemed dividend

‘Deemed dividend' provisions u/s 2(22)(e) applicable for ‘gratuitous advances’ and not where advance is given for business considerations –

Aug 05,2011