International Tax

HC: Assessment on amalgamating company invalid after merger is effective

Framing of assessment against a non-existing entity a ‘jurisdictional defect’ & not procedural defect; Sec 292B not applicable

Aug 20,2011

HC: Interest on refund cannot be denied due to bank's delay

Interest on tax refund available from date of debit to assessee’s bank account and not the date of credit to Govt account

Aug 19,2011

ITAT: ITAT - Consulting fees paid to non-resident for earning income from 'source outside India' not taxable in India

Foreign Consultant's fees for 'acquiring new business abroad' not taxable u/s 9(1)(vii); No TDS required on fees

Aug 18,2011

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ITAT: ITAT SB: Special Bench reference can’t be withdrawn based on HC’s admission of question of law

Special bench reference can’t be withdrawn merely based on admission of question of law by HC in another case; Assessee not allowed to blow hot and cold: ITAT Mumbai Special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

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