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Direct Tax Laws
  
 SC/HC
  
 [2015] 57 taxmann.com 389 (Delhi)[2015] 370 ITR 7 (Delhi)
Concealment penalty levied as loss on sale of fixed assets was claimed in P&L account and in IT return -IT : Where against basic principle of accountancy, assessee claimed capital loss on sale of fixed assets in profit and loss account and had not revised return voluntarily, penalty for concealment of income was justified Read Morenew
  
 [2015] 57 taxmann.com 392 (Bombay)
No reassessment to disallow alleged excess deduction of exp. if its details were made available during assessment -IT: Where assessee made available details of labour charges which was duly accepted by Assessing Officer during regular proceedings, re-opening of same for current year on basis of material obtained during subsequent year, was unjustified Read Morenew
  
 [2015] 57 taxmann.com 19 (Punjab & Haryana)
On sale of asset acquired after partition of HUF, CII had to be taken of the year in which asset was acquired by HUF -IT : Where capital asset was property of HUF prior to 1-4-1981 and assessee acquired absolute ownership on 19-5-1998 by way of partition, assessee was entitled to calculate capital gains tax by taking Cost Inflation Index for financial year 1981-82 Read More
  
 [2015] 57 taxmann.com 20 (Madras)
No transfer of property under income-tax Act on execution of power of attorney without any consideration -IT : Where owner of property executed power of attorney in favour of assessee without any consideration and thereafter property was registered in name of assessee's wife for certain sum, since property rights had not been handed over to assessee, he could not be treated as owner of property for computing capital gain in his hands Read More
  
 [2015] 57 taxmann.com 21 (Allahabad)
No addition of notional interest on belated payments of customers if builder didn’t have right to receive interest -IT : Section 68 permits an addition to be made only where any sum was found to be credited in books of account of assessee for that year Read More
  
 [2015] 57 taxmann.com 395 (Calcutta)
Loss assessed couldn't be carried forward if return declaring income was filed belatedly -IT: Where assessee filed return declaring income after expiry of time extended by Assessing Officer for filing return but assessment was made at loss, assessee would not be allowed benefit of carry forward of losses under section 80 Read More
  
 [2015] 57 taxmann.com 393 (Bombay)
Loss on writing off slow moving items in P&L account is allowable -IT: Where assessee's non moving stores and spares were corroded over a period of time due to wear and tear, assessee would be entitled to write off same in profit and loss account Read More
  
 [2015] 57 taxmann.com 353 (Andhra Pradesh)[2015] 371 ITR 45 (Andhra Pradesh)
AO gets flak from High Court for initiating block assessment even when info unearthed in search was reflected in return -IT : If information discovered in course of search against one assessee has already been reflected in returns or assessment of other assessee, there is no basis to proceed/against other assessee under section 158BB Read More
  
 [2015] 57 taxmann.com 358 (Gujarat)
Penalty couldn't be upheld when revenue reviewed a matter after a whopping period of 10 years -IT : Where all authorities and Tribunal gave concurrent finding that agricultural income declared under amnesty scheme was required to be assessed in year under consideration as undisclosed income, same was to be upheld Read More
  
 [2015] 57 taxmann.com 355 (Delhi)
No reassessment on basis of info of DDIT (Investigation) that cash seized from director belonged to him -IT : Where certain cash was seized by police from director of assessee-company, merely on basis of information received from DDIT (Inv.), AO could not initiate reassessment proceedings by recording reason that creditworthiness of assessee had to be proved beyond doubt to accept claim of its director that money seized infact belonged to assessee-company Read More
  
 [2015] 57 taxmann.com 349 (Karnataka)
Interest earned on sums kept in FD out of sums granted by Govt. for infra development wasn't taxable -IT: Where sum granted by State Government to assessee-government company acting as nodal agency for increasing export of horticultural produce, was kept in fixed deposit before utilisation, interest earned could not be treated as income of assessee Read More
  
 [2015] 56 taxmann.com 429 (Gujarat)
Non-refundable membership fee has to be apportioned and taxed during period of membership, rules Gujarat High Court -IT: Where assessee-company was providing facility cards to members on payment of one-time fee, and services were rendered partially in a year, revenue earning was to be spread over period of membership Read More
  
 [2015] 57 taxmann.com 208 (Bombay)
Cessation of liability to repay loan wasn't taxable as revenue receipts as loan was raised to purchase capital asset -IT : Where assessee, a sick industrial unit, took loan from bank to purchase capital assets, subsequent waiver of said loan by bank in one time settlement did not result in revenue receipt which could be brought to tax in hands of assessee under section 28(iv) Read More
  
 [2015] 57 taxmann.com 325 (Delhi)
Even development of housing projects for DDA would provide sec. 80-IB relief to assessee -IT : Where assessee, after development of infrastructure facility project, transferred same to Government for which it was paid cost plus margin of income by Government, it would be entitled to deduction under section 80-IB Read More
  
 [2015] 57 taxmann.com 84 (Delhi)
Gifts couldn’t be held as unexplained if identity and relationship of donor were known -IT : Where identity and relationship of donor was known, amount received by assessee by way of gifts from said donor could not be treated as income from undisclosed source Read More
  
 [2015] 57 taxmann.com 17 (Himachal Pradesh)
High Court allows depreciation on goodwill following ratio laid down by Apex Court in case of Smifs Securities -IT : Assessee was entitled to claim depreciation on consideration paid and accounted for as goodwill Read More
  
 [2015] 57 taxmann.com 187 (Karnataka)
No cancellation of trust's registration on ground that it was covered under first proviso to sec. 2(15) -IT : If case of assessee falls in first proviso to section 2(15) and, therefore, benefit of registration under section 12A is not available, this is a matter to be considered by Assessing Officer but, registration cannot be cancelled on that ground Read More
  
 [2015] 57 taxmann.com 310 (Delhi)
Interest paid on borrowed funds used by dealer to buy property for his showroom was deductible -IT : Where assessee, a dealer of vehicles, having taken loan, used certain amount for booking of showroom, in view of fact that assessee had sufficient surplus funds for making said advance and, moreover, it was a commercial decision which could not have been gone into unless Assessing Officer had concrete material to contend that transaction was a sham, assessee's claim for interest on borrowed capital could not be rejected Read More
  
 [2015] 57 taxmann.com 5 (Bombay)
Jewellery can be released after furnishing bank guarantee even if its actual ownership is to be determined -IT : Seized jewellery could be released on furnishing of bank guarantee by Karta of HUFs even if it was not cleared whether jewellery belonged to HUFs or Karta Read More
  
 [2015] 57 taxmann.com 36 (Delhi)
No reassessment after 4 years to deny sec. 10A relief if assessee had disclosed all material facts in assessment -IT : Where section 10A exemption was allowed during assessment proceedings after examining return and accompanying document, reassessment to deny said exemption after expiry of 4 years is not justified unless there is allegation that facts were not truely and fully disclosed Read More
  
 [2015] 57 taxmann.com 43 (Andhra Pradesh and Telangana)[2015] 370 ITR 557 (Andhra Pradesh and Telangana)(MAG.)
Retracted statement of assessee couldn’t invalidate block assessment if it was also based on seized docs -IT: Where block assessment was not only based upon statement of assessee but was also based on seized documents, retracted statement of assessee could not invalidate said assessment Read More
  
 [2015] 57 taxmann.com 24 (Allahabad)
High Court directs ITAT to re-consider issue of allowing depreciation on goodwill -IT : Where Tribunal had not made any finding on merits of issue of depreciation, matter be reconsidered afresh Read More
  
 [2015] 57 taxmann.com 283 (Punjab & Haryana)[2015] 370 ITR 481 (Punjab & Haryana)(MAG.)
Even refund of excess self-assessment tax paid by assessee would be entitled to interest -IT: Assessee would be entitled to interest under section 244A(1)(b) on amount of refund which was deposited by it by way of self assessment tax under section 140A Read More
  
 [2015] 57 taxmann.com 242 (Delhi)[2015] 371 ITR 139 (Delhi)
Food tasting and development exp. incurred by 'Yum Restaurant' to develop new recipes was revenue exp. -IT : Where assessee provided support services to KFC franchisees in India and to US brand holders of KFC as well, in a systematic and organized way continuously over a period, service income earned was to be treated as business income Read More
  
 [2015] 57 taxmann.com 229 (Calcutta)
Sec. 33AB relief given to tea manufacturer on profit arising from tea grown by it after its blending with purchased tea -IT : Where assessee had utilized entire tea grown by it in its garden and by blending same with tea purchased from outside manufacturers, it had manufactured final product, entire profit arising out of such manufacture would get the benefit of section 33AB as only 11 per cent tea was purchased from outside manufacturers Read More
  
 [2015] 57 taxmann.com 120 (Karnataka)
Trade advances given to shareholder won’t be held as deemed dividend -IT : Even if trade advance is given to shareholder or a concern out of accumulated profits, same would not fall within ambit of provisions of section 2(22)(e) Read More
  
 [2015] 57 taxmann.com 161 (Calcutta)
Brought forward losses couldn’t be set-off against interest income as such income wasn’t proved as business income -IT : In absence of any material to show that interest income was business income, such income could not be treated as business income of assessee in order to allow set off of brought forward business loss from earlier years against said interest income Read More
  
 [2015] 57 taxmann.com 253 (Karnataka)
Provisional figures of census data are to be considered to determine status of bank as 'rural branch' u/s 36(1)(viia) -IT: In order to determine status of a bank as a 'rural branch' for allowing claim of deduction under section 36(1)(viia) even provisional figures of census data available on first day of relevant financial year can be taken into consideration and if figure shown in provisional population total exceeds 10,000, then bank would not be entitled to benefit granted for rural branch Read More
  
 [2015] 57 taxmann.com 309 (Himachal Pradesh)
Manufacture of 'route markers' by cutting pipes and painting would be valid activity u/s 80-IC -IT : Manufacturing of 'Route Markers' by undertaking process of cutting stainless steel pipes of larger sizes with electrical cutter including painting and welding of pipes, amounts to 'manufacture or production' entitling assessee to deduction under section 80-IC Read More
  
 [2015] 57 taxmann.com 83 (SC)
SLP admitted against HC’s order holding that rule 8D was applicable as mixed funds were utilized for investment -IT : SLP granted against order of High Court where it was held that since funds utilized by assessee being mixed funds, interest paid on borrowed fund relatable to investment made in tax free funds was to be computed under provisions of rule 8D(2)(ii) Read More
  
 [2015] 57 taxmann.com 305 (SC)
Proceedings before SetCom should abate if delay in passing order is due to any reason attributable to applicant -IT : Only such proceedings would abate under section 245HA(1)(iv) which had been delayed on account of any reason attributable on part of applicant Read More
  
 [2015] 57 taxmann.com 240 (Punjab & Haryana)
No reassessment to disallow exp. due to verdict of SC in other case if impugned issue was examined in assessment -IT: Where Assessing Officer and Transfer Pricing Officer were not only aware of payment of royalty but had taken same into consideration at every stage, reopening of assessment on ground that on account of Supreme Court's ruling part of royalty was to be treated as capital expenditure, would be case of change of opinion which is not permissible in law Read More
  
 [2015] 57 taxmann.com 211 (Andhra Pradesh and Telangana)[2015] 370 ITR 370 (Andhra Pradesh and Telangana)
ITAT not to hear appeal ex-parte if new date wasn't intimated to assessee after adjournment of previous hearing -IT : Where request for adjournment of hearing was made by assessee and it was not clear as to whether assessee was put on notice about new date of hearing, Tribunal ought not to have heard appeals ex parte Read More
  
 [2015] 57 taxmann.com 254 (Gujarat)
No disallowance of interest on loans if it was shown that borrowed funds were utilised to earn business income -IT : Where in case of assessee, engaged in construction activities, there was clear nexus of utilization of borrowed fund for earning income in form of interest, rent and business income of construction, his claim for deduction in respect of interest on borrowed capital was to be allowed Read More
  
 [2015] 57 taxmann.com 256 (Bombay)
Brought forward business loss is to be set-off while computing income u/s 10A -IT : Post amendment from assessment year 2001-02, claim of set-off of business loss for assessment year 2002-03 against profits of erstwhile section 10A unit for assessment year 2005-06 were allowable Read More
  
 [2015] 57 taxmann.com 255 (Karnataka)
Doctors not entitled to gratuity and PF aren't employees of hospitals; sums paid to them would attract sec. 194J TDS -IT: Remuneration paid to consultant doctors employed by assessee hospital would be subject to TDS under section 194J and not under section 192 Read More
  
 [2015] 57 taxmann.com 252 (Madras)
Losses already set-off against other income couldn't be set-off again while computing relief u/s 80-IA -IT : Where assessee, engaged in windmill power generation, claimed deduction under section 80-IA, since losses incurred by assessee had already been set off against other income of business enterprise, profits earned by its industrial undertaking would be eligible for deduction Read More
  
 [2015] 57 taxmann.com 177 (Madras)[2014] 369 ITR 101 (Madras)
Assessee wasn't 'assessee-in-default' in absence of demand notice; provisional attachment of property set-aside -IT : In absence of any notice of demand under section 156, assessee could not be treated as 'assessee in default' Read More
  
 [2015] 57 taxmann.com 7 (Bombay)
Delayed appeal isn’t condonable even if ITAT decides it subsequently in favour of assessee on similar issue -IT: Where assessee took voluntary decision not to assail order of Tribunal and accepted same, only because assessee succeeded on same issue 5 years later, same could not be a sufficient cause to condone delay of 5 years in filing appeal before High Court Read More
  
 [2015] 57 taxmann.com 236 (Gujarat)
No reassessment to disallow exp. due to TDS default by treating it as royalty if its details were disclosed earlier -IT/ILT : Where at time of making assessment, assessee disclosed all material facts showing that software licence fee paid to foreign company was in nature of revenue expenditure, AO could not initiate reassessment proceedings subsequently merely on basis of change of opinion that fee so paid was in nature of royalty and thus, assessee was required to deduct tax at source while making said payment Read More
  
 [2015] 57 taxmann.com 233 (Karnataka)
Lump sum payment made for procurement of right to use technical know-how is deductible u/s 37 and not u/s 35AB -IT : In case of assessee, engaged in production of engineering related products, expenditure incurred towards procurement of right to use technical know-how by paying a lump sum consideration in course of business was a revenue expenditure falling under section 37 and provisions of section 35AB were not applicable to assessee's case Read More
  
 [2015] 57 taxmann.com 232 (Andhra Pradesh and Telangana)[2014] 368 ITR 457 (Andhra Pradesh and Telangana)
Notice asking assessee to file block return couldn't be challenged in writ as assessee could file appeal against it -IT : Against notice issued to assessee requiring him to file block assessment return as a result of disclosure made in search of premises of other person, assessee had remedies under Income-tax Act to file an appeal against said notice; writ petition against same was not maintainable Read More
  
 [2015] 57 taxmann.com 189 (Madras)
Cash expense incurred by Actor in excess of Rs. 20,000 on travelling, costumes and makeup was allowable; High Court -IT: Where assessee was a film artist and incurred expenditure in cash in excess of Rs. 20,000 on costumes, makeup, wig material, travelling expenses etc., at different places of shooting same was to be allowed Read More
  
 [2015] 57 taxmann.com 235 (Bombay)
Sum paid to affiliate as per formula provided by Govt. for wind-farm taken on lease couldn't be held as excessive -IT : in absence of any material on record, Assessing Officer could not reject assessee's claim for depreciation on purchase of windmills taking a view that cost of said windmills had been inflated Read More
  
 [2015] 57 taxmann.com 22 (Bombay)
Interest received on RBI securities even after their sale due to non-recording of change of ownership wasn’t taxable -IT : Where interest was received by assessee on R.B.I. securities after sale of same, as R.B.I. did not record change of ownership such interest belonged to purchaser and could not be taxed in assessee's hands Read More
  
 [2015] 57 taxmann.com 180 (Punjab & Haryana)
HC upheld disallowance of rent paid to relatives on failure of assessee to justify payment of excessive rent -IT : Where assessee engaged in jewellery business had not brought any explanation for payment of commission to his son, daughter and daughter-in-law, moreover, there was no agreement between said parties, his claim for deduction under section 36(1)(ii) was to be rejected Read More
  
 [2015] 57 taxmann.com 337 (Delhi)
Denying extension of stay by ITAT beyond 365 days to 'well-behaved' assessee is unconstitutional: High Court -IT : Expression 'even if delay in disposing of appeal is not attributable to assessee' as inserted in third proviso to section 254(2A) by virtue of Finance Act, 2008 failed to achieve its object that assesses should not misuse stay orders granted in their favour by adopting delaying tactics, same is to be struck down Read More
  
 [2015] 57 taxmann.com 162 (Karnataka)
Assembling of instruments and apparatus for measuring/detecting ionizing radiators held as manufacturing u/s 10B -IT : Assembling of instruments and apparatus for measuring and deleting ionizing radiators is a manufacturing activity eligible for deduction under section 10B Read More
  
 [2015] 57 taxmann.com 178 (Allahabad)
Re-opening of assessment is valid as AO later found that foreign co. had a subsidiary PE in India -IT/ILT : Where at time of making assessment, assessee did not disclose about existence of PE of its parent company in India and as a result, Assessing Officer could not examine as to whether tax was deductible at source while making remittances to parent company located abroad, it was to be regarded as a valid ground for reopening of assessment Read More
  
 [2015] 57 taxmann.com 8 (Allahabad)[2015] 275 CTR 233 (Allahabad)
No deemed registration to a trust if its application under sec. 12AA wasn’t disposed of within given time period -IT : Non-disposal of an application for registration within 6 months as fixed by section 12AA(2) would not result in a deemed grant of registration Read More
  
 [2015] 57 taxmann.com 336 (Delhi)
Loss arising on assignment of right to receive Iraqi debt in lieu of bonds issued by Indian Govt. wasn’t capital loss -IT : Indian Government issued compensation bonds to assessee in consideration of assignment of debt receivables (in US dollars) from Iraqi Government. The assessee contended that the Iraqi debt was a capital asset which was transferred and that the full value of such consideration on account of transfer fell short of indexed cost of acquisition of bonds. Thus, assessee claimed loss under the head "Capital Gain" on account of assignment of right to receive its debts from Iraqi Government. Read More
  
 [2015] 57 taxmann.com 80 (Gujarat)
Mere participation of assessee in block proceedings couldn’t validate assessment if warrant wasn’t in his name -IT: In absence of warrant of authorization for search in name of assessee, proceedings initiated for block assessment would be void ab initio Read More
  
 [2015] 57 taxmann.com 68 (SC)[2015] 373 ITR 42 (SC)
Depreciation allowed on leased out gas cylinders as leasing was treated as business income of assessee -IT : Where assessee purchased gas cylinders for business purpose but since manufacturing unit had not started functioning, it leased out said cylinders to other party and income from such leasing was treated as assessee's business income, assessee was entitled to depreciation on those cylinders Read More
  
 [2015] 57 taxmann.com 159 (Karnataka)
Making assessment in name of non-existent entity couldn’t be cured by resorting to sec. 292B -IT : Assessment in name of company which had been amalgamated with other company would be null and void Read More
  
 [2015] 57 taxmann.com 163 (Delhi)
Assessment in name of amalgamating co. was invalid as it ceased to exist after amalgamation -IT: Where assessee-company had amalgamated with transferee-company, notice under section 153C ought to have sent to latter, and since such notice had not been issued to transferee-company, assessment made in hands of assessee-company was a nullity Read More
  
 [2015] 57 taxmann.com 66 (SC)[2015] 373 ITR 39 (SC)
SC: Prospective amendment couldn’t be given retro-effect so as to be made applicable for entire block period -IT : Substantive amendment to section 40A(3) falling within block period could not be applied retrospectively for entire block period of ten years Read More
  
 [2015] 57 taxmann.com 29 (Delhi)
Loss on sale of shares by assessee to JV partner at price lower than one offered in rights issue wasn’t artificial -IT : Share sale transaction between JV partners post right share issue by JV company resulting in loss not a 'colourable device'; transaction could not be said to be a cover up for real transaction Read More
  
 [2015] 57 taxmann.com 136 (SC)
SLP admitted against HC’s order holding that registration of trust couldn’t be cancelled if its objects weren’t changed -IT : SLP granted against order of High Court where it was held that since revenue after satisfying about genuineness of object of assessee, a cricket association, had granted registration under section 12AA, later it could not cancel same on ground that activities of assessee were in nature of trade or commerce as objects remained as they were earlier at time of registration Read More
  
 [2015] 57 taxmann.com 160 (Madras)
Losses set-off against other income in earlier years couldn’t be again set-off while computing sec. 80-IA relief -IT : Where assessee-company, engaged in wind mill power generation, claimed deduction under section 80-IA, since losses incurred by assessee had already been set off against other income of business enterprise, profit earned by it would be eligible for deduction Read More
  
 [2015] 57 taxmann.com 119 (Calcutta)
No. Sec. 14A disallowance when assessee has deemed investment by virtue of merger and without using loan funds -IT : Where major part of investment came to assessee by virtue of a merger and without using loan fund, suo motu disallowance of interest in respect of balance part of investment made by assessee was justified Read More
  
 [2015] 57 taxmann.com 87 (Madras)
No TDS on sum paid to foreign agent for rendering services outside India if it didn’t have any PE in India -IT/ILT: Where assessee, engaged in business of strategic services, paid sales commission to non-resident agents for rendering services abroad, since said agents did not have PE in India, no taxable income accrued to them in India and, consequently, assessee was not required to deduct tax at source while making payments in question Read More
  
 [2015] 57 taxmann.com 313 (SC)
SC: Limit on built-up area for shops u/s 80-IB isn't applicable to housing projects approved before 1-4-2005 -IT : Limit u/s 80-IB(10)(d) on built-up area in housing projects for commercial purpose not applicable to housing projects approved by local authorities and commenced prior to 01.04.2005 and completed by the stipulated date though such stipulated date falls after 01.04.2005 Read More
  
 [2015] 57 taxmann.com 39 (Delhi)[2015] 372 ITR 321 (Delhi)[2015] 274 CTR 343 (Delhi)
Compilation of data and its transformation into e-book for foreign clients held as export of software u/s 10B -IT: Where assessee was collecting text, compiling material, designing same and exported it in form of computer software, assessee was entitled to claim benefit of section 10B Read More
  
 [2015] 57 taxmann.com 132 (Madras)
Trust’s case was rightly transferred to that State wherein its chairman was running educational institutions -IT: Where certain undisclosed income was found in possession of Chairman of assessee-trust, in view of fact that he was deriving income from educational institutions run by trust as well as in his personal capacity, Assessing Officer was justified in transferring case of assessee-trust to officer having jurisdiction over Chairman's case Read More
  
 [2015] 57 taxmann.com 137 (SC)
Commission disallowable on failure of assessee to show nature of service rendered by sub-agents; SC dismissed SLP -IT : SLP dismissed against order of High Court where it was held that since assessee failed to produce evidence regarding nature of services rendered by sub-agents, sub agency commission paid could not be allowed Read More
  
 [2015] 57 taxmann.com 139 (Calcutta)
Loss due to fall in prices of warrants is capital loss if warrants are held as investments and not as stock-in-trade -IT : Where assessee subscribed to Preferential Equity Warrants as investment and not stock-in-trade, any loss incurred due to fall in trading price of said warrants would be a capital loss and not a revenue loss Read More
  
 ITAT
  
 [2015] 57 taxmann.com 142 (Mumbai - Trib.)[2015] 167 TTJ 194 (Mumbai - Trib.)
No transfer u/s 2(47) if developer was given only license to enter into property without transferring possession -IT: Where assessee entered into a development agreement and had given only licence to developer to enter into property but no possession thereof was given, transfer of property did not take place on date of execution of development agreement Read Morenew
  
 [2015] 57 taxmann.com 447 (Jaipur - Trib.)
ITAT imposes cost on CAs for intimidating RTI application when appeal is heard and pending for order -IT : ITAT imposes costs on assessee's counsels(CAs) and forwards matter to HC for punishment for contempt and to ICAI for disciplinary action for relying on a seemingly improbable proposition that an anonymous letter was received by him from benami employee of the Income Tax Department mentioning that some conspiracy was hatched by some income tax officers against the assessee which fact was not born out by record and not filing comprehensive affidavit as per Rule 10 Read More
  
 [2015] 57 taxmann.com 391 (Cuttack - Trib.)[2015] 37 ITR(T) 386 (Cuttack - Trib.)
No disallowance due to cash payment exceeding Rs. 20,000 for purchase of goods as assessee had no bank account therein -IT : Where assessee had no bank account at place of purchase and cash payments were made on demand of seller, disallowance under section 40A(3) was not justified Read More
  
 [2015] 57 taxmann.com 166 (Delhi - Trib.)
ITAT directs AO to made TP adjustment on proportionate turnover based on ratio of transactions with AE -IT/ILT : Where following binding judicial precedent assessee argued that TP adjustment could be made only on proportionate turnover in respect of transactions with AE, but argument of assessee were not considered by lower authorities, matter was to be remanded Read More
  
 [2015] 57 taxmann.com 27 (Bangalore - Trib.)
No ‘transfer’ arose if possession of asset was never given under an agreement to sell -IT : Where there was nothing to show that possession was ever delivered by assessee to purchaser in part performance of agreement for sale, there was no transfer within meaning of section 2(47)(v) Read More
  
 [2015] 57 taxmann.com 111 (Delhi - Trib.)
Trust working for relief of poor on behalf of NGOs like UNICEF or Care India would be entitled to Sec. 11 relief -IT : Where assessee-society was engaged in providing consultancy, workshop training program, conducting research for and on behalf of NGOs related to WHO, UNO, etc. as these had no experience, said activity would fall within scope of section 2(15) entitled for exemption Read More
  
 [2015] 57 taxmann.com 385 (Delhi - Trib.)
Company whose promoters were involved in fraud couldn't be selected as comparable for TP study -IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering ITES services to its AE, in view of fact that one comparable selected by TPO was improper as it was rendering high end services involving specialized knowledge and domain expertise whereas promoters of another comparable were involved in fraud for earlier years and, hence, financial results of said company could not be relied upon, impugned addition was to be set aside Read More
  
 [2015] 57 taxmann.com 329 (Delhi - Trib.)
Software development service provider couldn't be compared with a software developer under TP study -IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering software development service to its AE, in view of fact that two comparables selected by TPO were improper on account of their huge turnover, brand value whereas another comparable selected by TPO was found inappropriate as it was developing its own software products, impugned addition was to be deleted Read More
  
 [2015] 57 taxmann.com 367 (Ahmedabad - Trib.)
Interest earned by co-operative society on idle funds kept with bank wasn't eligible for sec. 80P relief -IT : Where assessee, a co-operative society, having accepted deposits from its members, kept idle funds with bank, since there was no nexus between interest earned on said deposits and business of assessee providing credit facilities to its members, it could not claim deduction under section 80P(2)(d) in respect of interest income in question Read More
  
 [2015] 57 taxmann.com 350 (Ahmedabad - Trib.)
TDS liability doesn't arise on payments made to NR shipping Cos or its agents -IT : Where assessee made payments to agent of non-resident shipping companies, assessee was not required to deduct TDS under section 194C in respect of said payment Read More
  
 [2015] 57 taxmann.com 352 (Hyderabad - Trib.)
Cost of Acquisition of land to partner would be deemed as its book value on date of transfer on dissolution of firm -IT : In case of transfer of land on dissolution of partnership firm, book value of land as on date of transfer would be deemed as cost of acquisition of said land in hands of transferee Read More
  
 [2015] 57 taxmann.com 280 (Mumbai - Trib.)[2015] 37 ITR(T) 501 (Mumbai - Trib.)
AO couldn't initiate reassessment again on same ground on which previous reassessment was cancelled by CIT(A) -IT: Once first reassessment initiated on ground that assessee had availed deduction in respect of ceased liability without offering it to tax, was cancelled, second reassessment could not be initiated if no new information is available Read More
  
 [2015] 57 taxmann.com 368 (Pune - Trib.)
A fraudulent company can't be chosen as comparable for TP study as its financial results aren't reliable -IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering call centre services to its parent company located abroad, since comparables selected by TPO were involved in fraud on account of which their financial results could not be considered as correct and reliable, impugned addition was to be set aside Read More
  
 [2015] 57 taxmann.com 227 (Delhi - Trib.)[2014] 36 ITR(T) 155 (Delhi - Trib.)(MAG.)
Sec. 80-IC relief couldn't be restricted on ad hoc basis to 50% as manufacturing was started in mid of the year -IT : Certificate of Deputy Director of Industries showing date of commencement of commercial production is a positive proof that assessee was manufacturing/assembling unit, entitled to deduction under section 80-IC Read More
  
 [2015] 57 taxmann.com 333 (Pune - Trib.)
No denial of sec. 11 relief to hospital just because it didn't provide concessional treatment to poor patients -IT: Where assessee-hospital was providing medical relief to people at large, merely because surplus was generated from hospital activities could not be ground to deny exemption under section 11 to assessee Read More
  
 [2015] 57 taxmann.com 215 (Pune - Trib.)
A software service provider can't be compared with a software developer for TP study -IT/ILT: Company engaged in rendering of provision of software services to its AEs is not comparable to a company engaged in development of software products Read More
  
 [2015] 57 taxmann.com 400 (Hyderabad - Trib.)
A developer can change its method of accounting if there is uncertainty in ultimate collection of revenue -IT : Uncertainty in ultimate collectibility of revenue justifies change of method of accounting by property developer from percentage of completion to recognition of income based on registration of agreements for sale or completion of possession and consequential reversal of revenue on cancellations/legal cases. This is so especially where such uncertainty is evidenced by cancellations of property bookings and National Consumer Dispute Redressal Commission upholding cancellation and dismissal Read More
  
 [2015] 57 taxmann.com 206 (Hyderabad - Trib.)
Sum paid to AE for use of its trademark couldn't be disallowed even if assessee's own trademark was well established -IT/ILT : Where TPO disallowed payment of royalty made by assessee to its AE on sales, in view of fact that there were no comparable companies offering similar services comparison made by TPO on basis of transactions of assessee's subsidiary company much prior to year under consideration could not be considered as internal CUP and, consequently, impugned disallowance was to be deleted Read More
  
 [2015] 57 taxmann.com 278 (Ahmedabad - Trib.)[2014] 35 ITR(T) 498 (Ahmedabad - Trib.)
No reassessment by AO to withdraw sec. 80-IB relief without bringing any new materials to justify such action -IT : Where Assessing Officer allowed deduction under section 80-IB(10) assessee being small scale industrial unit but sought to reopen assessment for withdrawing same on ground that total value of plant and machinery exceeded limit of Rs. 1 crore but he had not brought any new material which came to his notice, initiation of reassessment was bad in law Read More
  
 [2015] 57 taxmann.com 25 (Mumbai - Trib.)
Declaration of additional income pursuant to survey doesn’t invite penalty in absence of any concealment of facts -IT : Where assessee, consequent to survey, declared additional income which was accepted by Assessing Officer, imposition of penalty under section 271(1)(c) was not justified Read More
  
 [2015] 57 taxmann.com 34 (Mumbai - Trib.)
Assessee liable to pay secs. 234B and 234C interest if he didn’t discharge advance tax liability on specified dates -IT: Where assessee's liability to pay advance-tax within time prescribed under section 211 existed on last date for payment of advance tax or at least on last date of financial year, on failure to pay advance tax on stipulated dates, interest was to be levied Read More
  
 [2015] 57 taxmann.com 181 (Mumbai - Trib.)
Stay granted by ITAT as TP adjustment were made on basis of comparable which were rejected in earlier years -IT/ILT : Where comparables rejected by TPO were accepted to be good comparables in subsequent years/earlier years, assessee had a prima facie case for partial stay of demand arising mainly out of transfer pricing adjustment Read More
  
 [2015] 57 taxmann.com 239 (Mumbai - Trib.)
TPO to re-consider additions as assessee had filed details which were not available at the time of additions -IT/ILT : Where assessee submitted necessary details in respect of management, technical and consulting services received from AEs for its civil construction work, ALP determined by it could not be disregarded without considering said details Read More
  
 [2015] 57 taxmann.com 95 (Kolkata - Trib.)
Subsidy for setting-up industry in backward area couldn’t be reduced from actual cost of asset to compute depreciation -IT: Assessee is eligible for additional 50 per cent depreciation in subsequent year when in earlier year 180 days period was not completed Read More
  
 [2015] 57 taxmann.com 112 (Delhi - Trib.)
Receipt on transfer of units at initial construction stage are taxable as per percentage of completion Method -IT: Where assessee, a developer, having constructed commercial units, transferred same at initial stage of construction alongwith significant risks and rewards of ownership to buyers, assessee's income had to be taxed on year to year basis by applying percentage completion method Read More
  
 [2015] 57 taxmann.com 143 (Delhi - Trib.)
Comparable earning commission couldn’t be taken as benchmark for an entity working on ‘cost-plus’ model -IT/ILT : Where assessee operating as a procurement support services company for its AE i.e. GAP US, declared income on model of reimbursement of operating cost plus a markup of 15 per cent, TPO could not make addition to assessee's ALP by adopting a specific rate of commission on value of goods procured by GAP US directly from third party vendors from India Read More
  
 [2015] 57 taxmann.com 234 (Mumbai - Trib.)
ITAT slams AO for not adjudicating on contention that sum paid to AE wasn't taxable on grounds of mutuality -IT/ILT: Revenue should have adjudicated assessee's plea relating to non-taxability of payment made to foreign associate on basis of principle of mutuality Read More
  
 [2015] 57 taxmann.com 209 (Cuttack - Trib.)
Profit rightly estimated on gross receipt as assessee failed to produce evidence in support of expenditures -IT : Where a civil contractor did not produce salary and wage register and other evidences in support of expenses incurred, Assessing Officer was justified in estimating profit at 8 per cent of gross contract receipts Read More
  
 [2015] 57 taxmann.com 397 (Delhi - Trib.)
Sec. 80-IA: Profit on sub-leasing of land was deductible, being integral part of business of development of toll road -IT : Assessee-company was incorporated as a Special Purpose Vehicle (SPV) for developing operating and maintaining toll roads. Assessee entered into a concession agreement with Taj Expressway Development Authority (TEA) in terms of which assessee was to develop, operate and maintain six lane access controlled expressway toll road, it was granted by TEA, rights for land development of 25 million sq. mts. of land along proposed Expressway for commercial amusement, industrial, institutional and res Read More
  
 [2015] 57 taxmann.com 188 (Delhi - Trib.)
Provision for obsolete stock was excludible for computing operating margin if it wasn't made by any comparable -IT/ILT: Where assessee had created a provision for obsolete stock which had not been made by any comparable company, to determine ALP of international transaction of assessee, provision being an extraordinary item, suitable adjustments be made Read More
  
 [2015] 57 taxmann.com 237 (Chennai - Trib.)
No revision to disallow interest due to borrowings in making FD as this case was revenue neutral -IT : Where assessee used a part of loan taken from bank for making fixed deposits, even if income from interest on 'fixed deposit' was considered as income from other sources, still interest incurred by assessee on borrowings used for making said deposits would be allowable as deduction Read More
  
 [2015] 57 taxmann.com 192 (Kolkata - Trib.)
Interest paid on tax dues couldn't be set-off against interest earned on tax refund -IT : Where power is generated through steam and said industrial undertaking complies with all other conditions as stipulated under section 80-IA, it would be an eligible undertaking for claiming deduction in terms of section 80-IA(4) Read More
  
 [2015] 57 taxmann.com 191 (Delhi - Trib.)
Income from letting out of equipment and rendering of services to oil exploration co. is taxable under sec. 44BB -IT/ILT : Income of assessee, a foreign company, from hiring of equipments and rendering services to entities engaged in oil exploration in India, was to be taxed on presumptive basis under section 44BB Read More
  
 [2015] 57 taxmann.com 251 (Mumbai - Trib.)[2014] 36 ITR(T) 355 (Mumbai - Trib.)(MAG.)
No denial of depreciation due to non-usage of plant in particular period once it had been used for business purpose -IT : Where assessee company paid management consultancy fees and had filed evidence in support of said services rendered to assessee, matter was to be readjudicated to decide claim under section 37(1) Read More
  
 [2015] 57 taxmann.com 287 (Pune - Trib.)
Export transactions can't be compared with domestic transactions for TP study -IT/ILT : Profit margins of transaction of export of parts and components could not be compared with domestic sale of manufactured products in computing ALP Read More
  
 [2015] 57 taxmann.com 6 (Delhi - Trib.)
State development authority works with predominant object of public welfare; out of ambit of proviso to sec. 2(15) -IT : Proviso to section 2(15) was not applicable to assessee-city development authority established for providing housing, roads, sewerage system, etc. Read More
  
 [2015] 57 taxmann.com 261 (Lucknow - Trib.)
Sum paid for transmission of electricity couldn't be held as 'FTS' -IT : Where in terms of agreement, assessee purchased electricity from UPPCL which was transmitted through UPPTCL, payment of transmission charges was not payment for fee for technical services, therefore provisions of section 194J were not attracted Read More
  
 [2015] 57 taxmann.com 193 (Hyderabad - Trib.)
Export transactions can't be compared with domestic transactions for TP study -IT/ILT : Where, assessee exported goods to its AEs and made sales in domestic markets, keeping in view material differences which affected substantially profitability of export transactions vis-a-vis domestic transactions, it would not be fair and proper to compare exports made by assessee to its AE with sales made by assessee-company to in domestic segment Read More
  
 [2015] 57 taxmann.com 230 (Hyderabad - Trib.)[2015] 37 ITR(T) 303 (Hyderabad - Trib.)
No denial of sec. 80G approval due to non-registration of land in name of trust, being held for charitable purposes -IT : Where assessee-charitable society had fulfilled requisite conditions of section 80G, approval under section 80G could not be denied merely because land required for establishing its activities had not been registered in its name Read More
  
 [2015] 57 taxmann.com 26 (Delhi - Trib.) (TM)
Income can be determined on estimation basis only after rejection of books of account with a valid reason -IT : Where Commissioner (Appeals) had accepted assessee's explanation regarding set off of unabsorbed loss and both members of Tribunal agreed that claim of assessee was acceptable if such explanation was correct, there was no need to send matter back to Assessing Officer for examining such explanation Read More
  
 [2015] 57 taxmann.com 258 (Mumbai - Trib.)[2014] 36 ITR(T) 224 (Mumbai - Trib.)
Sec. 80-IB relief allowed following order of ITAT couldn't be denied even if such was challenged in High Court -IT: Where Commissioner (Appeals) allowed assessee's claim for deduction under section 80-IB by following earlier order of Tribunal in assessee's own case, merely because department had preferred an appeal before High Court against said order of Tribunal, it could not be a ground for rejecting assessee's claim Read More
  
 [2015] 57 taxmann.com 238 (Delhi - Trib.)
Seller was in default as he didn't collect TCS at time of sales without obtaining Form 27C from buyer-manufacturer -IT : Furnishing of Form No. 27C by buyer at time when collection of tax at source is contemplated under section 206C, has to be construed as mandatory Read More
  
 [2015] 57 taxmann.com 228 (Mumbai - Trib.)
CIT(A) gets flak from ITAT for holding that assessee didn't have PE in India as per DTAA without giving reasons -IT/ILT: Where Commissioner(Appeals) had dealt with DTAA but had not discussed actual work and nature of job done by assessee nor had he given reasons as to how he arrived at conclusion that provisions of article 5 of DTAA of Indo-Netherland were not applicable, matter required readjudication Read More
  
 [2015] 57 taxmann.com 114 (Delhi - Trib.)
Matter remanded as assessee was dealing in securities frequently which rebutted his claim of being investor -IT : Matter was to be reconsidered where assessee claimed that he was an investor in securities but facts revealed that he was both trader and investor in securities Read More
  
 [2015] 57 taxmann.com 179 (Delhi - Trib.)
No TDS from sum paid to 'All India Tennis Association' for seeking approval to conduct tennis tournament -IT/ILT : While making payments to non-resident sports association, i.e., Association of Tennis Professionals (ATP), assessee was required to deduct tax at source under section 194E Read More
  
 [2015] 57 taxmann.com 182 (Chandigarh - Trib.)[2014] 36 ITR(T) 388 (Chandigarh - Trib.)[2014] 166 TTJ 58 (Chandigarh - Trib.)(UO)
CIT gets flak from ITAT for revising order of AO after rejecting books without pointing out any error therein -IT: Where Commissioner rejected books of account and applied higher GP rate than that declared by assessee in spite of fact that assessee had filed all relevant documents before assessing authorities which were duly accepted by them, order passed by Commissioner was unjustified Read More
  
 [2015] 57 taxmann.com 183 (Pune - Trib.)[2014] 36 ITR(T) 290 (Pune - Trib.)(MAG.)
Interest on NPAs couldn't be taxed on accrual basis in hands of non-scheduled co-op. bank -IT : It cannot be said that interest relatable to NPAs is includible in total income of a non scheduled co-operative bank on accrual basis Read More
  
 [2015] 57 taxmann.com 175 (Pune - Trib.)
Exemption couldn't be denied to a trust created for benefit of Christians but also serving public at large -IT : Where objects of assessee-trust were strictly not for Christian community in particular, but were both for purposes of Christian community and other public at large, assessee was a charitable religious trust and provisions of section 13(1)(b) would not be applicable Read More
  
 [2015] 57 taxmann.com 121 (Delhi - Trib.)
Notarized copy of passport can be relied on to determine residential status of individual if original passport is lost -IT/ILT: On loss of passport, secondary evidences such as notarized copy of passport, etc., were to be relied on where total stay in India of assessee for assessment years under consideration was less than 182 days in each of years assessee would fall in category of 'being outside India Read More
  
 [2015] 57 taxmann.com 145 (Chennai - Trib.)
No revocation of trust’s registration as it didn’t prove that trustees had siphoned of undisclosed income of trust -IT: Where there were no findings by revenue that assessee trust was indulging in any activity other than promoting education and there were no conclusive findings to prove that trustees had siphoned out undisclosed income of trust, Commissioner was not justified in withdrawing registration granted under section 12A(a) by invoking provisions of section 12AA(3) Read More
  
 [2015] 57 taxmann.com 165 (Hyderabad - Trib.)
Co. rendering high end KPO services isn’t comparable with a co. rendering low end BPO services -IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering ITES services to its ALP, in view of fact that some of comparables selected were rendering high end KPO services and thus, there exited functional difference whereas some other comparables were improper on account of their huge turnover and brand value, impugned addition deserved to be set aside Read More
  
 [2015] 57 taxmann.com 110 (Hyderabad - Trib.)
Sec. 54 relief allowed on investment in ongoing construction of house even if same was commenced 6 year before transfer -IT : There is nothing in section 54 requiring that a residential house had to be only a new residential house; where amount spent by assessee on construction was within stipulated period, assessee was entitled to deduction under section 54 Read More
  
 [2015] 57 taxmann.com 138 (Delhi - Trib.)[2015] 37 ITR(T) 487 (Delhi - Trib.)
Hire charges paid on KM basis without bearing running cost would attract sec. 194C TDS and not TDS u/s 194-I -IT: Where assessee-State Transport Corporation was making payment on kilometre running basis without any responsibility for running cost, maintenance cost, driver cost etc., said payment would fall within ambit of section 194C and not under defination of rent as defined in section 194-I Read More
  
 [2015] 57 taxmann.com 37 (Mumbai - Trib.)
ALP of exp. reimbursed to AE for using services of its employees couldn’t be Nil as services were used for business -IT/ILT : Where assessee had claimed to have used services of personnel of its AE and had produced sufficient evidence that said services was an inevitable part of business activity of assessee, ALP of said expenditure could not be determined at Nil Read More
  
 [2015] 57 taxmann.com 88 (Lucknow - Trib.)
No disallowance for TDS default on expenses which were ‘paid’ before year end; Merilyn’s case referred to -IT : No disallowance under section 40(a)(ia) can be made if it is established that deductee has paid tax on amount received Read More
  
 [2015] 56 taxmann.com 431 (Chennai - Trib.)[2015] 37 ITR(T) 422 (Chennai - Trib.)
No denial of sec. 80P relief to society just because it was working on large scale -IT: As long as handloom weavers co-operative societies were cottage industries, mere fact that size of industry was large and large number of workers were employed, could not be reasons to deny them benefit available under section 80P Read More
  
 [2015] 57 taxmann.com 91 (Mumbai - Trib.)[2015] 167 TTJ 724 (Mumbai - Trib.)
Inter-corporate deposits non-recoverable due to merger of entities allowable as bad debts -IT : While computing depreciation under section 32, value of block of assets in case of resulting company should be written down value of assets of demerged company immediately before demerger Read More
  
 [2015] 57 taxmann.com 33 (Chennai - Trib.)
Sum incurred towards leasehold improvements in a rented premise is a revenue exp. -IT : Loss suffered by assessee-broker on account of mis-deals on purchase and sale of shares by trading in derivatives in a recognized stock exchange could not be speculative loss and same was to be set off as business loss Read More
  
 [2015] 57 taxmann.com 92 (Hyderabad - Trib.)
E-seva provider has no TDS liability on commission paid by bank to retail merchant on issuing co-branded credit cards -IT: Where assessee e-seva provider and bank launched co-branded credit card, for commission paid by bank to retail merchant assessee would not have TDS liability Read More
  
 [2015] 57 taxmann.com 134 (Delhi - Trib.)[2014] 36 ITR(T) 439 (Delhi - Trib.)
ITAT directs TPO to select appropriate method for determining ALP of export made to AE by following its earlier order -IT/ILT : Following order passed by Tribunal in assessee's own case relating to earlier assessment year, matter was to be remanded back to TPO for selection of oppropriate method of determining ALP in respect of transaction relating to export of silica by assessee to its AE Read More
  
 Statutes
  
LETTER [F.NO.134/11/2015-TPL]
CBDT unveils draft rules to apply multiple year's data and 'range concept' for determination of ALP -IT/ILT : Section 92C of the Income-Tax Act, 1961 - Transfer Pricing - Computation of Arm’S Length Price – Draft Scheme of Proposed Rules for Computation of Arm's Length Price (ALP) of An International Transaction or Specified Domestic Transaction Undertaken on or after 1-4-2014 Read Morenew
  
LETTER NO.HRD/CM/220/14/2013-14/(PT-II)/1008
Pr. CCITs to re-fix seniority of I-T officers by 31-07-2015 on basis of SC's judgment in case of N.R. Parmar: CBDT -IT : Meeting to Review the Progress in Implementation of N.r. Parmar Judgment of Supreme Court [2012] 28 Taxmann.com 249 (SC) /[2013] 212 Taxman 97 (SC) and Decisions Taken Thereon Read More
  
 News
  
Black Money Bill, 2015 is assented by the President -IT/ILT/INDIAN ACTS & RULES : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 [29-05-2015] Read Morenew
  
Jewellers’ suggestion on gold monetisation -Jewellers’ suggestion on gold monetisation [29-05-2015] Read Morenew
  
Court slams I-T dept for withholding info -Court slams I-T dept for withholding info [29-05-2015] Read Morenew
  
Chidambaram retro tax heat on govt -Chidambaram retro tax heat on govt [29-05-2015] Read Morenew
  
Foreign Funds Get Watchdog's Backing on MAT -Foreign Funds Get Watchdog's Backing on MAT [29-05-2015] Read Morenew
  
Fearful of Retro Tax Rap, PEs Demand Indemnity from Cos -Fearful of Retro Tax Rap, PEs Demand Indemnity from Cos [28-05-2015] Read More
  
Tax Issues: Amazon's Capitulation Could Show Light to Others -Tax Issues: Amazon's Capitulation Could Show Light to Others [28-05-2015] Read More
  
Some HSBC Ac Holders may Hide Behind Veils -Some HSBC Ac Holders may Hide Behind Veils [28-05-2015] Read More
  
United Spirits books face MCA, I-T probe -United Spirits books face MCA, I-T probe [28-05-2015] Read More
  
Committee on Revisiting & Revitalizing the PPP Model of Infrastructure Development Constituted -Committee on Revisiting & Revitalizing the PPP Model of Infrastructure Development Constituted [27-05-2015] Read More
  
Committee on Direct Taxes Matters Headed by Justice A.P. Shah Invites Suggestions and Representations on the Matter Relating to Minimum Alternate Tax (Mat) on FIIS From All Stakeholders, Including Industry Associations by 22nd June, 2015 -Committee on Direct Taxes Matters Headed by Justice A.P. Shah Invites Suggestions and Representations on the Matter Relating to Minimum Alternate Tax (Mat) on FIIS From All Stakeholders, Including Industry Associations by 22nd June, 2015 [27-05-2015] Read More
  
Era of Tax Haven Has Come to an End: FM on Swiss Move -Era of Tax Haven Has Come to an End: FM on Swiss Move [27-05-2015] Read More
  
Swiss will confirm or deny proof on black money: Jaitley -Swiss will confirm or deny proof on black money: Jaitley [27-05-2015] Read More
  
A P Shah committee invites view on MAT -A P Shah committee invites view on MAT [27-05-2015] Read More
  
E-commerce business on I-T radar now -E-commerce business on I-T radar now [27-05-2015] Read More
  
India, Japan to resolve transfer pricing disputes -India, Japan to resolve transfer pricing disputes [27-05-2015] Read More
  
Govt. intends to obtain info about Indians having offshore bank accounts; releases manual on exchange of tax info. -IT/ILT : Manual on Exchange of Information [27-05-2015] Read More
  
Tax dispute: Ex-Bulgarian min arbitrator for Cairn -Tax dispute: Ex-Bulgarian min arbitrator for Cairn [26-05-2015] Read More
  
Amazon to stop funnelling Euro sales through low-tax haven -Amazon to stop funnelling Euro sales through low-tax haven [26-05-2015] Read More
  
Swiss govt begins naming Indians, others being probed at home -Swiss govt begins naming Indians, others being probed at home [26-05-2015] Read More
  
More steps soon to curb black money: Jaitley -More steps soon to curb black money: Jaitley [26-05-2015] Read More
  
FPIs Run into a Wall of Confusion After I-T Notices -FPIs Run into a Wall of Confusion After I-T Notices [25-05-2015] Read More
  
Tax residency of companies -Tax residency of companies [25-05-2015] Read More
  
To bring more people in tax net I-T eyes tier-II cities -To bring more people in tax net I-T eyes tier-II cities [25-05-2015] Read More
  
GST & land Bills priorities for the year ahead: FM -GST & land Bills priorities for the year ahead: FM [23-05-2015] Read More
  
Is Your Money Black? Govt Working on a Tech to Find You -Is Your Money Black? Govt Working on a Tech to Find You [22-05-2015] Read More
  
Submit Proof to Freeze Verma Ac, Liechtenstein Tells ED -Submit Proof to Freeze Verma Ac, Liechtenstein Tells ED [22-05-2015] Read More
  
TDS on PF withdrawals in some cases from June -TDS on PF withdrawals in some cases from June [22-05-2015] Read More
  
Draft norms for range concept in transfer pricing -Draft norms for range concept in transfer pricing [22-05-2015] Read More
  
CBDT Head Anita Kapur Divests Investigation Charge -CBDT Head Anita Kapur Divests Investigation Charge [21-05-2015] Read More
  
CBDT Looks to Settle 120 Transfer Pricing Disputes -CBDT Looks to Settle 120 Transfer Pricing Disputes [21-05-2015] Read More
  
Unaccounted Wealth may See Light of Day Via Gold Scheme -Unaccounted Wealth may See Light of Day Via Gold Scheme [21-05-2015] Read More
  
Black money: Direct talks with tax havens -Black money: Direct talks with tax havens [21-05-2015] Read More
  
Panel set up to review MAT demand on FIIs -Panel set up to review MAT demand on FIIs [21-05-2015] Read More
  
Govt. constitutes high level committee to examine levying of MAT on FIIs -IT/ILT : High Level Committee (HLC) Headed by Justice A.P. Shah on Direct Tax Matters Constituted [21-05-2015] Read More
  
FAQs on Gold Monetization Scheme -The Govt. has released the draft Gold Monetization Scheme (GMS). The main objective of the Scheme is to mobilize gold held by the households in lieu of interest and to make it available to the jewellery sector as raw material on loan. [20-05-2015] Read More
  
MAT and Mouse Game -MAT and Mouse Game [20-05-2015] Read More
  
'India ignored warnings on foreign investor tax row' -'India ignored warnings on foreign investor tax row' [20-05-2015] Read More
  
Minimum alternate tax on foreign companies -Minimum alternate tax on foreign companies [20-05-2015] Read More
  
CBDT chairperson divests investigation charge -CBDT chairperson divests investigation charge [20-05-2015] Read More
  
Interest on gold deposits may be exempt from tax -Interest on gold deposits may be exempt from tax [20-05-2015] Read More
  
Interest/Principal sum in Gold Monetization Scheme to be valued in terms of gold; depositors will get tax exemption -IT : Draft gold monetization scheme [20-05-2015] Read More
  
ITR norms for company sponsored foreign trip -ITR norms for company sponsored foreign trip [19-05-2015] Read More
  
Shah panel to probe all ‘legacy’ tax issues: Jaitley -Shah panel to probe all ‘legacy’ tax issues: Jaitley [19-05-2015] Read More
  
RBI urges taxpayers to remit their income-tax dues in advance to avoid last minute rush -IT/ILT : Pay income-tax dues in advance at RBI or at 29 specified authorised bank branches [18-05-2015] Read More
  
Reasonable taxation, ease of doing business govt's priority: FM -Reasonable taxation, ease of doing business govt's priority: FM [18-05-2015] Read More
  
Govt Plans Cells for Black Money Declarations -Govt Plans Cells for Black Money Declarations [18-05-2015] Read More