CORPORATE AND PROFESSIONAL UPDATE APRIL 5, 2016 DIRECT TAX: Income Tax: Revision u/s 263 – denial of benefit U/s 11 and 12 and not allowing depreciation -AO has formed one of the view but the ld CIT(Exemption) has formed another view on same facts and circumstances, therefore, change of opinion is not permissible under the …
CORPORATE AND PROFESSIONAL UPDATE MARCH 31, 2016 DIRECT TAX Income Tax: Reopening of assessment – receipt of accomadation enteries – without forming a prima facie opinion on the basis of such material that income has escaped assessment the AO can not assume valid jurisdiction to initiate proceedings and to issue notice u/s 147/148 – Notice u/s …
CORPORATE AND PROFESSIONAL UPDATE MARCH 29, 2016 DIRECT TAX Income Tax: Disallowance being 1/10th Global Depository Receipts – whether the GDR is nothing but increase in the capital and expenses relating to the same is capital in nature? – Section 35D(2)(iv) categorically deals with the expenses in connection with the issue, or public subscription of shares …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 23, 2016 DIRECT TAX Income Tax: Attachment of bank account – any action to recover taxes adopting coercive means is not permissible till the petitioner’s application for stay under Section 220(6) of the Act is disposed of. – HC Income Tax: Reopening of assessment – AO has no power to review; …
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 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 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 …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 26, 2016 INCOME TAX ACT SECTION 12A CHARITABLE OR RELIGIOUS TRUST – REGISTRATION OF Cancellation of : Where assessee-educational trust undertook only one activity of running of school out of 21 objects for charitable purposes and it was charging reasonable fees from students and it also gave a concession to poor …
CORPORATE & PROFESSIONAL UPDATE FEBRUARY 17, 2016 INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Capital gain : Where assessee, a Netherlands based company, tendered part of shares in an Indian company under scheme of buy back on direction of High Court, said arrangement did not fall under definition of …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 16, 2016 INCOME TAX ACT SECTION 4 INCOME – CHARGEABLE AS Nagpur Bench of Bombay High Court said that corruption in India can be beaten if all work together. Calling corruption a “hydra-headed monster”, the court asked citizens to not to pay taxes if the government fails to curb corruption …