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 MARCH 28, 2016 DIRECT TAX Income Tax: Correction of statement cum challan relating to TDS on sale of property u/s 194IA – CPC-TDS has enabled functionality for online correction in form 26QB from 29/02/2016. Income Tax: TDS u/s 194I – whether the tour operators/travel agents were required to deduct TDS under Section 194-I …
CORPORATE AND PROFESSIONAL UPDATE MARCH 26, 2016 DIRECT TAX Income Tax: Penalty u/s 271E – Company has directly repaid the loan taken from Director to Bank – violation of section 269T – The assessee has demonstrated that under the compulsion the payment was directly credited in the bank account of the Director. Strictly it was not …
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 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 …