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CORPORATE AND PROFESSIONAL UPDATE APRIL 12, 2016 DIRECT TAX: Income Tax: Exemption u/s 54 on unregistered property purchased from son of the assessee allowed – transferee gets the right over the property and has become the owner of the property therefore for the purpose of deduction U/s 54 read with Section 2(47)(V) of the Act the …
CORPORATE AND PROFESSIONAL UPDATE APRIL 8, 2016 DIRECT TAX: Income Tax: Treatment of agricultural income – as seen from the documents placed in the paper-book, these are not lease rentals received from the agricultural lands, but sale proceeds, which are stated to have been transferred from the place of agricultural lands to the assessee through clerk …
CORPORATE AND PROFESSIONAL UPDATE APRIL 7, 2016 DIRECT TAX: Income Tax: Where action of assessee-company to make advances to group companies at a lower rate of interest than interest rate at which assessee-company borrowed such funds, was not shown to be in any manner actuated by business expediency, disallowance of differential interest was justified – [2016] 67 …
CORPORATE AND PROFESSIONAL UPDATE APRIL 6, 2016 DIRECT TAX: Income Tax: Addition u/s 68 – creditor from the foreign country – Even the AO has also not disputed the identity source and genuineness of share capital. We are also of the view that it is unnecessary burden upon the assessee by pressuring it to bring the …
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 …