CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 22, 2016 DIRECT TAX Income Tax: Wherever under the DTAA’s. Make available clause is found, then as there is no imparting, the payment in question is not ‘FTS’ under the Treaty and when there is no ‘FTS’ clause in the treaties, the payment falls under Article 7 of the Treaty …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 21, 2016 DIRECT TAX Income Tax: Where assessee-NBFC provided security in form of cash collateral for loans purchased by purchaser-bank but did not book said amount as its income, levy of concealment penalty was justified – [2016] 67 163 (Chennai – Trib.) Income Tax: Where assessee received gifts from two …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 18, 2016 DIRECT TAX INCOME TAX : CBDT directs reopening assessments in claim of bogus capital gains / loss in penny investment scam by taxpayersvide letter dated 16.03.2016 INCOME TAX : TDS-Credit of TDS won’t be denied to a contractor even if entire work has been sub-contracted to others …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 17, 2016 DIRECT TAX Income Tax: Income-tax (5th Amendment) Rules, 2016) – Rules in respect of fund manager regime under section 9A of the Income-tax Act, 1961 – Notification Income Tax: Addition u/s 68 – merely because the bank statement an ITR of the lender were not submitted, in spite of …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 16, 2016 DIRECT TAX Income Tax: Disallowance of Privilege fee paid u/s 40(a)(ii) or (iii) – sharing of revenue with the state – The privilege fee payable by the petitioner to the State Government would be taxable with effect from 1.4.2014 and not prior thereto – HC Income Tax: Adoption of …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 15, 2016 DIRECT TAX EXPENDITURE INCURRED IN RELATION TO INCOME NOT INCLUDIBLE IN TOTAL INCOME: Tribunal faced strong criticism for not following the judgment of jurisdictional High Court given in the case of the petitioner itself for an earlier Assessment Year on identical issue of applicability of Section 14A …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 14, 2016 INCOME TAX ACT SECTION 2(47) CAPITAL GAINS – TRANSFER Sale of partnership business as going concern to company : Sale of business of assessee-firm as a going concern to company for consideration of paid up share capital does not amount to transfer liable to tax as capital gains …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 13, 2016 INTEREST & PENALTIES UNDER THE FINANCE ACT, 1994 The analysis of the amended provisions as per the Finance Bill, 2016 in respect of “Interest and Penalties” are as under: Amendment under Section 73 of the Finance Act, 1994 Section 73 of the Finance Act, 1994 deals with …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 12, 2016 DIRECT TAX Income Tax: Computation of MAT u/s 15JB – Book Profit – Once it is realized that the assessee had correctly debited the profit and loss account for the loss arising out of the transfer of investment division, there remains no difficulty in realizing that the CIT …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 11, 2016 DIRECT TAX Income Tax: Qualification for exemption u/s 10(5) – LTC paid to the employees involving foreign travel – TDS on the payment of LTC to the employees – Revenue has rightly held the assessee to be in default, as the assessee has not deducted TDS intentionally on …