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Category: Uncategorized

July 10, 2021 / IBC

FEDERAL OR UNITARY/CHARACTERISTICS OF INDIAN CONSTITUTION

FEDERAL OR UNITARY/CHARACTERISTICS OF INDIAN CONSTITUTION It has been the matter of debate among the scholars that whether the constitution of India is completely federal or unitary in nature. But actually Indian constitution contains both features of a federal constitution and unitary constitution. But for the very clear picture of this conclusion first of all …

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October 17, 2020 / Uncategorized

FOREIGN ASSOCIATION PROVIDING ANY TECHNICAL SERVICES AGAINST THE MEMBERSHIP FEE PAID

FOREIGN ASSOCIATION PROVIDING ANY TECHNICAL SERVICES AGAINST THE MEMBERSHIP FEE PAID Normally, Membership paid to foreign association is not taxable in India unless the foreign association is providing any technical services against the fee. On the above mentioned subject, reference may be made to a recent decision of the Mumbai Tribunal in the case of TUV Bayren …

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July 14, 2021 / INCOME TAX

ALP: TPO COULD NOT MAKE ADDITION TO ASSESSEE’S ALP BY ADOPTING CUP METHOD DURING RELEVANT YEAR WITHOUT CONDUCTING ANY FAR ANALYSIS.

ALP: TPO COULD NOT MAKE ADDITION TO ASSESSEE’S ALP BY ADOPTING CUP METHOD DURING RELEVANT YEAR WITHOUT CONDUCTING ANY FAR ANALYSIS. Schutz Dishman Bio-Tech (P.) Ltd vs DCIT [2015] (Ahmadabad – Trib.) In a recent ruling, Where Tribunal in earlier year adopted TNMM in assessee’s case for determining ALP, in absence of change in circumstances; TPO …

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July 14, 2021 / Accounting Services

FATCA LAW OF USA

FATCA LAW OF USA Introduction: On 9th July 2015, India has signed the inter-governmental agreement (IGA) on Foreign Account Tax Compliance Act (FATCA) with the USA.  The government would now receive information about Indian “tax resident” persons having financial accounts in the USA. Financial institutions (FIs) have to perform required due diligence processes, identify “reportable persons” from their …

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July 14, 2021 / Business Strategy

Case Study on DTAA – Taurus Shipping Services. In A Recent Ruling, If Ship Voyages Between Two Indian Ports, On Part Of Its International Voyage, It Cannot Be Termed As Indian Voyage And Benefit Of Article 8 Cannot Be Denied.

Case Study on DTAA – Taurus Shipping Services. In A Recent Ruling, If Ship Voyages Between Two Indian Ports, On Part Of Its International Voyage, It Cannot Be Termed As Indian Voyage And Benefit Of Article 8 Cannot Be Denied. Facts The issue came up for consideration in appellate proceedings was whether a vessel which had operated …

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July 10, 2021 / Business Consultancy

NON APPLICABILITY OF SECTION 50C TO SALE OF ASSETS FORMING PART OF BLOCK OF ASSETS

SECTION 50C DOESN’T APPLY TO SALE OF ASSETS FORMING PART OF BLOCK OF ASSETS Deeming provision under section 50C, adopting stamp duty value as sale consideration applies to compute capital gains and not to determine written down value of assets [2015] 59 taxmann.com 373 – ITAT MUMBAI – Bhaidas Cursondas & Company v/s ACIT, Mumbai FACTS During …

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July 14, 2021 / Company Law Compliances

MAURITIUS VS INDIA TRADE ROUTE MARRED?

MAURITIUS VS INDIA TRADE ROUTE MARRED? Introduction In a complete disregard to the decision of the Supreme Court of India (“SC”) in Union of India vs. azadi Bachao Andolan, (2003) 263 ITR 706, 263 ITR 706 (SC), which had permitted the Mauritian companies having tax residency certificates to benefit from the India-Mauritius tax treaty, Circular No. 789, …

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July 7, 2021 / Company Law Compliances

BASIC FOR THE ISSUE OF BUSINESS VISAS AND EMPLOYMENT VISAS FOR FOREIGN NATIONALS

BASIC FOR THE ISSUE OF BUSINESS VISAS AND EMPLOYMENT VISAS FOR FOREIGN NATIONALS The Department of Industrial Policy and Promotion of the Ministry of Commerce and Industry notified certain guidelines for the issue of Business Visas (“BVs”) and Employment Visas (“EVs”) to foreign nationals.As Per these guidelines all foreign nationals in India who were on …

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June 14, 2024 / Company Law Compliances

TYPES OF LOANS AVAILABLE IN INDIAN MARKET

TYPES OF LOANS AVAILABLE IN INDIAN MARKET PERSONAL LOAN: We offered our services in providing personal loans for any purpose. Our wide expertise in this area allows us to offer you the helping hand with immediate effect right from your request. Our personal loans are meant for business as well as for personal purpose. Our …

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August 24, 2024 / Audit

Book adjustment can’t be deemed as contravention 269SS/269T

Mere book adjustment can’t be deemed as contravention of Sec. 269SS/269T Section 271D, read with sections 271E, 269SS and 269T, of the Income-tax Act, 1961 – Penalty – For failure to comply with section 269SS (Book adjustment) Making book adjustment of funds by assessee firm with sister concern without making payment of cash, could not …

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