Interesting and Noteworthy Decisions

Retrospectivity of third proviso to section 50C

Income Tax TaxPub Creative Cell

Distribution of copyrighted software thru licensed distributors and resellers -- Treatment as royalty under DTAA

Income Tax TaxPub Creative Cell

Contributions received by a private discretionary trust -- Taxability under section 56(2)(vii) alleging that the trust is an "individual"

Income Tax TaxPub Creative Cell

Sustaining addition under section 56(2)(viib) computation issue of whether to include share application money pending allotment/unsecured loan

Income Tax TaxPub Creative Cell

Payment of SAP licence on cost-to-cost basis claimed as reimbursement and certain technical services -- Whether subject to TDS/Impact of MFN clause

Income Tax TaxPub Creative Cell

FMV substitution for share sale agreement and re-computation of capital gains

Income Tax TaxPub Creative Cell

Allowability of charitable donations under section 80G vs. Disallowance of the same under CSR (Corporate Social Responsibility) spend (Explanation 2 to section 37(1))

Income Tax TaxPub Creative Cell

Income from renting of terrace for erection of mobile antenna tower -- Income from other sources or house property?

Income Tax TaxPub Creative Cell

Reinvestment benefit claim under section 54 on overseas property after due date for filing return under section 139(1)

Income Tax TaxPub Creative Cell

Transfer of capital asset by holding to its subsidiary and consequential change in shareholding by parent -- Depreciation claim on transferred value instead of the erstwhile WDV -- Section 47(iv) read with section 43(1) and Explanation 2 to section 43(6)

Income Tax TaxPub Creative Cell

Reopening by PCIT under section 263 alleging exempted capital gains arose out of penny stocks -- Validity -- Certain key points on powers of reopening by PCIT

Income Tax TaxPub Creative Cell

Re-assessment made on same points wherein the earlier post-search assessment made being held void -- Validity

Income Tax TaxPub Creative Cell

Shares held as stock-in-trade and gifted to another corporate -- Taxability at fair value as business income -- Whether corporate can make gift -- Corporate can it be part of family settlement

Income Tax TaxPub Creative Cell

Taxability of interest waived on debentures with non-residents but offset with a discounted share price -- Default for non-deduction of TDS in the case of non-resident payees -- Time limit reckoning

Income Tax TaxPub Creative Cell

Recharacterization of Compulsorily Convertible Debentures (CCD) issued to parent and to AE as Equity -- Disallowance of interest there on under TP/SDT provisions

Income Tax TaxPub Creative Cell

Deemed capital gains under section 50D on transfer of a right to property with consideration thru a self-made affidavit

Income Tax TaxPub Creative Cell

Notional interest on interest free deposit taxability thereof under income from house property under section 23(1)(a) in a sale and leaseback arrangement

Income Tax TaxPub Creative Cell

Claim of short-term capital loss on depreciable asset on demolition without effecting transfer under section 50(2)

Income Tax TaxPub Creative Cell

Business restructuring as gift by a corporate to offshore step down subsidiaries -- Tax evasion by layering -- Transfer pricing adjustments -- Royalty payments to subsidiary by parent whether permissible

Income Tax TaxPub Creative Cell

Refund of excise whether eligible for deduction under section 80-IB -- Whether it is a taxable income or a capital receipt -- Applicability of MAT on the same

Income Tax TaxPub Creative Cell

Allowability of interest deduction under section 24(b) on loans rolled over with private borrowing

Income Tax TaxPub Creative Cell

Tax credit availability under Indo-Japan DTAA Article 23(2) in India on fee for Independent personal services whether debatable

Income Tax TaxPub Creative Cell

Forfeiture of advances on agreement to sell -- Application of section 56(2)(ix) (inserted w.e.f. 1-4-2015) for prior assessment years

Income Tax TaxPub Creative Cell

Depreciation on sub-lease arising out of property leasing business -- Whether allowable as inter head set-off?

Income Tax TaxPub Creative Cell

Share application money is it a capital asset?

Income Tax TaxPub Creative Cell

Disallowance of year-end provisions voluntarily offered due to non-deduction of TDS and subsequent reversal of the same in the books -- Taxability thereof

Income Tax TaxPub Creative Cell

Miscellaneous Application on a Miscellaneous Application possibility

Income Tax TaxPub Creative Cell

International freight forwarding business -- Transfer pricing -- Sustainability of royalty paid to parent -- Disallowance due to non-deduction of TDS on Global Account Manager fees

Income Tax TaxPub Creative Cell

Demand notice with draft assessment order whether invalidates the assessment?

Income Tax TaxPub Creative Cell

Resale price method -- Profitability level index -- Huge Expat salaries non-commensurate to turnover

Income Tax TaxPub Creative Cell

Application of Explanation 10 to section 43(1) on capital support received from Govt. of India to maintain capital adequacy

Income Tax TaxPub Creative Cell

Receipt of unusually large share premium on preference shares in a start-up entity -- Additions under section 68

Income Tax TaxPub Creative Cell

Redemption discount on Foreign currency convertible bonds -- Whether taxable

Income Tax TaxPub Creative Cell

Interest income and commitment fees earned by a German bank -- Taxability in India alleging PE -- Certain concepts on international taxation

Income Tax TaxPub Creative Cell

Partner paying interest on overdrawn capital but not receiving interest on capital balance where there is a credit despite there being a clause for interest on the partnership deed -- Notional taxability thereof

Income Tax TaxPub Creative Cell

Method of computing Capital gains on property acquired thru a JDA

Income Tax TaxPub Creative Cell

Addition of deemed dividend under section 2(22)(e) on net basis

Income Tax TaxPub Creative Cell

Recalling order of ITAT under section 254(2) on principles of equity despite lapse of limitation

Income Tax TaxPub Creative Cell

Spend not claimed as expenditure but as pass through whether hit by section 40(a)(i) disallowance

Income Tax TaxPub Creative Cell

Reimbursement of Seconded employee salaries paid by AE whether subject to TDS disallowance under section 40(a)(i)

Income Tax TaxPub Creative Cell

Cancellation of property sale agreement and assessee claiming refund of paid taxes by filing a revised return arising out of a reassessment and claiming it as a rectification petition

Income Tax TaxPub Creative Cell

Revenue from Intermediary services whether subject to FTS clause under Indo-Sweden DTAA?

Income Tax TaxPub Creative Cell

Clubbing of individual criminal complaints under sections 276-D/276-C/277 on same material and offence

Income Tax TaxPub Creative Cell

Amount received from partnership firm on retirement whether subject to capital gains under section 45(1)

Income Tax TaxPub Creative Cell

Lump-sum payment to secure lease of land rights whether TDS obligations arise under section 194-I on the same as "rent"?

Income Tax TaxPub Creative Cell

Payment of Bonus to Director cum shareholders whether disallowable under section 36(1)(ii) as they were in lieu of dividend

Income Tax TaxPub Creative Cell

Exempted interest on tax free bonds under section 10(15)(iv)(h) whether taxable under MAT provisions?

Income Tax TaxPub Creative Cell

Point of accrual of Income of a non-resident as per DTAA

Income Tax TaxPub Creative Cell

Allowability of section 10AA deduction on suo moto ALP additions offered by the assessee

Income Tax TaxPub Creative Cell

Allowability of interest expense on compulsorily convertible debentures under TP provisions

Income Tax TaxPub Creative Cell

Ultra vires of section 40(a)(iib) before High Court

Income Tax TaxPub Creative Cell

Payment for sponsorship/promotional material to Doctors whether Commission/Brokerage under section 194-H?

Income Tax TaxPub Creative Cell

Revenue recognition -- Mirror imaging -- TDS credit thereon

Income Tax TaxPub Creative Cell

Amendment in section 54F whether to be read as singular property or multiple property under a swap of constructed property for land given in a JDA

Income Tax TaxPub Creative Cell

Reopening under section 263 questioning exempt capital gains based on penny stocks allegations

Income Tax TaxPub Creative Cell

Allowability of Depreciation on goodwill arising on amalgamation

Income Tax TaxPub Creative Cell

Indexation whether from date of allotment or from date of possession?

Income Tax TaxPub Creative Cell

Payments to Tribals whose income is exempt under section 10(26) whether hit by TDS obligation disallowance?

Income Tax TaxPub Creative Cell

Revenue from Intermediary services whether subject to FTS clause under Indo-Sweden DTAA?

Income Tax TaxPub Creative Cell

Cancellation of registration of Trust alleging business activity being pursued

Income Tax TaxPub Creative Cell

Movie making business -- Amount received from sale of TV rights whether "receipt on exhibition of film on commercial basis" under rule 9 of Income Tax Rules

Income Tax TaxPub Creative Cell

Interest earned on fixed deposits during pre-commencement of project

Income Tax TaxPub Creative Cell

Interest earned on fixed deposits during pre-commencement of project

Income Tax TaxPub Creative Cell

Demand notice with draft assessment order whether invalidates the assessment?

Income Tax TaxPub Creative Cell

Disallowance of payments in cash under section 40A(3)

Income Tax TaxPub Creative Cell

Disallowance of payments in cash under section 40A(3)

Income Tax TaxPub Creative Cell

Project related expenses debited whether subject to TDS under section 40(a)(iii) read with Article 15 (Dependent Personal Services - DPS) of Indo-Dutch DTAA

Income Tax TaxPub Creative Cell

Taxability of Mesne profits

Income Tax TaxPub Creative Cell

Taxability of capital contribution in the hands of a firm under section 56(2)(viia) especially when the capital was used for a legitimate layering arrangement to arrive at a desired financial objective

Income Tax TaxPub Creative Cell

State tax paid overseas whether allowable as a deductible expenditure and is not hit by section 40(a)(ii)?

Income Tax TaxPub Creative Cell

Time charter cross border hiring of vessel -- Whether royalty under Indo-Singapore DTAA

Income Tax TaxPub Creative Cell

Denial of benefits of Article 8 exemption to shipping business under Indo Singapore DTAA citing non-taxability in Singapore and invocation of Limitation of benefits (LOB) Article 24

Income Tax TaxPub Creative Cell

Deductibility of TDS done but not remitted before the end of the financial year on cash basis of accounting

Income Tax TaxPub Creative Cell

Chargeability of Capital gains on Exchange differences under section 45 on Investment made in Forex

Income Tax TaxPub Creative Cell

Capital subsidy credited to Capital reserve instead of adjusting against fixed assets as per Explanation 10 to section 43(1)

Income Tax TaxPub Creative Cell

Shares loaned but not returned -- Sustainability as transfer under capital gains

Income Tax TaxPub Creative Cell

Amendment in Indo Singapore DTAA clause in between the year whereby the old clause with rate for royalty @ 15% was replaced by a new clause with royalty @ 10%. Which rate to apply?

Income Tax TaxPub Creative Cell

Payments to overseas attorneys for IP professional consultancy -- Applicability of TDS obligations thereof under IT Act and under various country DTAA's

Income Tax TaxPub Creative Cell

Non-receipt of rent whether taxable under section 22 when TDS remitted by lessee

Income Tax TaxPub Creative Cell

Depreciation on revalued intangible trademarks post conversion of Partnership firm into Company under section 47(xiii) -- Applicability of section 43(1) Explanation 3 read with 5th proviso to section 32(1).

Income Tax TaxPub Creative Cell

Denial of deduction under section 80JJAA in 3rd year subsequent to recruitment year of new employees citing employees working for less than 300 days in first year - retrospective reading of 4th proviso in section 80JJAA

Income Tax TaxPub Creative Cell

Availing Article 24 Tax credit under Indo-UK DTAA

Income Tax TaxPub Creative Cell

Insertion of second proviso to section 54EC(1) vide Finance Act, 2014 with effect from assessment year 2015-16 capping total investment to Rs. 50 lakhs is prospective

Income Tax TaxPub Creative Cell

Insertion of second proviso to section 54EC(1) vide Finance Act, 2014 with effect from assessment year 2015-16 capping total investment to Rs. 50 lakhs is prospective

Income Tax TaxPub Creative Cell

Special Purpose Vehicle Charges (SPV) and Rehabilitation and recouping (R&R) amounts paid on mining operations under order of Supreme court whether allowable expenditure under section 37(1).

Income Tax TaxPub Creative Cell

If agent is remunerated at Arm's length price does it absolve further attribution of profits in the hands of the Permanent Establishment (PE) of the non-resident

Income Tax TaxPub Creative Cell

Sustainability of AMP expenditure under TP provisions

Income Tax TaxPub Creative Cell

Computerized reservation system in aviation sector -- PE-attribution of income -- DAPE

Income Tax TaxPub Creative Cell

To Sustain addition under section 56(2)(vii)(b)(ii) whether transfer be reckoned from date of agreement or date of registration?

Income Tax TaxPub Creative Cell

Rejection of Books of Accounts

Income Tax TaxPub Creative Cell

Satellite transponder -- Whether royalty under Indo-UK DTAA -- Land Earth Station (LES) whether a place PE -- Static vs. Ambulatory approach of reading DTAA provisions whether empower reading of IT Act amendments into DTAA unilaterally

Income Tax TaxPub Creative Cell

Additions on share premium sustained under section 56(2)(viib) -- Startup

Income Tax TaxPub Creative Cell

Payments for subscription of manuals, flight training, route navigation, parts and service bulletins to non-residents -- Whether subject to TDS under section 195

Income Tax TaxPub Creative Cell

Benchmarking Management/Support fees as NIL under Transfer pricing provisions -- ALP computation and tolerance

Income Tax TaxPub Creative Cell

Indirect transfer of shares outside India and taxability of non-resident in India

Income Tax TaxPub Creative Cell

Sustainability of re-opening under section 147 & 148 -- Summary assessment -- Manually filed revised return ignored by revenue

Income Tax TaxPub Creative Cell

Share premium utilized to wipe of accumulated losses under court approval -- Taxability under MAT

Income Tax TaxPub Creative Cell

Sale of Copyrighted article v. Copyrighted under DTAA

Income Tax TaxPub Creative Cell

Disallowance under section 14A on interest on capital paid to partners of a firm

Income Tax TaxPub Creative Cell

Dividend distribution tax rate in section 115-O does it override DTAA rates (Indo-German)

Income Tax TaxPub Creative Cell

Rectification of order route used for sustaining additions post scrutiny assessment -- Validity

Income Tax TaxPub Creative Cell

Retrospective amendment in law -- Imposing TDS obligations

Income Tax TaxPub Creative Cell

Allowability of employees exclusively for PE of a foreign bank under head office expenditure under section 44C

Income Tax TaxPub Creative Cell

Section 40(a)(ia) disallowances in the case of presumptive income under section 44AD

Income Tax TaxPub Creative Cell

Levy of penalty under section 271AA for non-maintenance of TP documentation on non-resident

Income Tax TaxPub Creative Cell

Lower rate deduction of TDS on immovable property in case of non-resident -- Levy of penalty thereof

Income Tax TaxPub Creative Cell

TP adjustment of notional interest whether hit by DTAA Article No. 11 of Indo Cyprus DTAA

Income Tax TaxPub Creative Cell

Additions under section 56(2)(ix) for advances given for stock-in-trade in real estate business

Income Tax TaxPub Creative Cell

Disallowance under section 40(a)(ia) for non-deduction of TDS under section 194-I on room bookings in a club

Income Tax TaxPub Creative Cell

Divergence in treatment of Leases by lessee under AS-19 -- Invocation of section 263

Income Tax TaxPub Creative Cell

Taxability of reversal of an impairment provision of an Asset Reconstruction Trust as income of an AOP citing an irrevocable trust existence with no definite share with pass thru mechanism under question by revenue

Income Tax TaxPub Creative Cell

Invocation of section 263 revision powers of Commissioner in a case of limited scrutiny assessment under section 143(3)

Income Tax TaxPub Creative Cell

Amount credited to Partner's capital account prior to retirement for goodwill whether taxable as capital gains with cost of acquisition as per section 55(2)(a) as NIL.

Income Tax TaxPub Creative Cell

Alleged Owelty in a Family Settlement vs. Capital gains

Income Tax TaxPub Creative Cell

Allowability of bad debts under section 37(1) or 28(1)

Income Tax TaxPub Creative Cell

Additions for annual value for vacant flats held as stock-in-trade -- Per section 23(5) introduction years

Income Tax TaxPub Creative Cell

Deduction under section 10A/10AA is it prior to set off of carry forward losses or vice versa?; Buy back expenses whether allowable as a business expenditure?

Income Tax TaxPub Creative Cell

Income if excluded under DTAA would it cover losses as well thus question of allowability of carry forward losses of Capital gains there in

Income Tax TaxPub Creative Cell

Exempted incomes under section 10 whether excluded from MAT computation?

Income Tax TaxPub Creative Cell

Attribution of profits in the hands of the non-resident -- Dependent Agency PE (DAPE) alleging Exclusive agency relationship

Income Tax TaxPub Creative Cell

Taxability of reversal of an impairment provision of an Asset Reconstruction Trust as income of an AOP citing an irrevocable trust existence with no definite share with pass thru mechanism under question by revenue

Income Tax TaxPub Creative Cell

Claim of reimbursement -- Not hit by section 40(a)(i) read with section 195

Income Tax TaxPub Creative Cell

Alleged alteration of client code modification (CCM) to corner profits -- Reopening thereof

Income Tax TaxPub Creative Cell

Whether depreciation is mandatory prior to CIT v. Mahendra Mills Ltd. (2000) 159 CTR 381 (SC) : 2000 TaxPub(DT) 1304 (SC) given the wording of Explanation 5 to section 32.

Income Tax TaxPub Creative Cell

Disallowance under section 14A in the books of the foreign bank branch in India on interest paid by Head office -- Head office expenses of the foreign branch of a bank -- TDS disallowance on Nostro account expenses

Income Tax TaxPub Creative Cell

Allowability of section 10A deduction by raising invoices after year end without amending audited accounts

Income Tax TaxPub Creative Cell

Additions under section 68 in the case of presumptive taxation under section 44AD

Income Tax TaxPub Creative Cell

Expat Support services -- Employee salary payment and reimbursement with a mark up to an AE -- Questionability in TP

Income Tax TaxPub Creative Cell

Reassessment under section 147 post block assessment under section 158BC

Income Tax TaxPub Creative Cell

Additions made under different head by Commissioner (Appeals) without giving opportunity to assessee under section 251(2) for enhancement

Income Tax TaxPub Creative Cell

Additions sustained on newspaper reports

Income Tax TaxPub Creative Cell

Section 40A(3) applicability on spend in cash outside India

Income Tax TaxPub Creative Cell

Deemed to be an international transaction -- Scope of section 92B(1) and (2)

Income Tax TaxPub Creative Cell

Retrospective application of Proviso 1 of section 50C

Income Tax TaxPub Creative Cell

Refund of taxes arising out of MAP -- Credit of taxes arising by way of TDS -- Reading of section 199

Income Tax TaxPub Creative Cell

Software licence fees -- Whether royalty under Indo-Singapore DTAA -- Unilateral taxation under IT Act without amending DTAA provisions

Income Tax TaxPub Creative Cell

Revision by PCIT under section 263 pending appeal with Commissioner (Appeals)--Section 56(2)(viib)

Income Tax TaxPub Creative Cell

Commercial growing of flowering plants for export purpose -- Agricultural income

Income Tax TaxPub Creative Cell

Disallowance under section 40(a)(i)/(ia) on depreciation claimed

Income Tax TaxPub Creative Cell

Interest under section 244A on refund of self-assessment tax whether hit by proviso to section 244A(1)(a)

Income Tax TaxPub Creative Cell

Claim of prior-period expenses in current assessment year alleging claim not made in earlier assessment year on a belated return with certain evidences being controverted

Income Tax TaxPub Creative Cell

Dead rent payable in years of no manufacturing when mines were non-operational

Income Tax TaxPub Creative Cell

Addition under section 92C(4) -- Claim of deduction under section 10AA post APA -- Advance Pricing Agreement

Income Tax TaxPub Creative Cell

Due date of payment of TDS whether it relates to the date of credit or date of deposition

Income Tax TaxPub Creative Cell

Transfer pricing interest benchmarking on Fully and Compulsorily Convertible Debentures (FCCD) denominated in INR

Income Tax TaxPub Creative Cell

Notional addition of annual value under income from house property on sub-licensed property

Income Tax TaxPub Creative Cell

Notional addition of interest on sticky loan to related party

Income Tax TaxPub Creative Cell

Swapping of shares of amalgamated company in lieu of shares of amalgamating company -- Shares held as capital asset or as stock in trade -- Whether profit accrues on the transfer as capital asset or as business profits -- Taxability thereof

Income Tax TaxPub Creative Cell

Levy of equalization levy on the PE of a non-resident -- Mutual exclusivity

Income Tax TaxPub Creative Cell

Reassessment with additions sustained under wrong provisions

Income Tax TaxPub Creative Cell

Allowability of carry forward of losses arising from long-term capital loss on sale of shares/equity units

Income Tax TaxPub Creative Cell

Addition under section 56(2)(vii)(b)(ii) for difference in stamp value vs. actual consideration of purchased immovable property

Income Tax TaxPub Creative Cell

Exempted long-term capital gains on sale of shares--Addition under section 68 alleging price rigging arising out of third party statement

Income Tax TaxPub Creative Cell

Reinvestment allowance under section 54F--Co-ownership--Transfer of property held prior to sale--Alleged afterthought--Tax evasion

Income Tax TaxPub Creative Cell

Disallowance of earnest money deposit in the hands of a real estate businessman

Income Tax TaxPub Creative Cell

Capital gains computation vs. Intra head adjustments

Income Tax TaxPub Creative Cell

Revision powers under section 263 invoked for the second time on the same topic--Whether permissible--Addition of share capital with large share premium therein

Income Tax TaxPub Creative Cell

Bonus issue expenses allowability

Income Tax TaxPub Creative Cell

Questioning legality of assessment process under section 144C

Income Tax TaxPub Creative Cell

Additions sustained under section 68 where amounts were not received in the assessment year of appeal

Income Tax TaxPub Creative Cell

Existence of PE -- Movie production -- Alleged of default in TDS

Income Tax TaxPub Creative Cell

Sustainability of addition under section 56(2)(viib) of share premium

Income Tax TaxPub Creative Cell

Transfer pricing addition in freight forwarding business applying Berry ratio

Income Tax TaxPub Creative Cell

Taxability of Sale of carbon credits Certified Emission Reduction (CER) receipt

Income Tax TaxPub Creative Cell

Bogus purchase of machinery -- Addition under section 69

Income Tax TaxPub Creative Cell

Disallowance of depreciation on block of assets -- Converted into stock-in-trade

Income Tax TaxPub Creative Cell

Search and seizure -- Additions on alleged incriminating evidences/documents -- Sustainability

Income Tax TaxPub Creative Cell

Validity of revision powers of Commissioner on erroneous claim of depreciation on alleged intangible asset

Income Tax TaxPub Creative Cell

Assessment in the hands of a non-existent entity

Income Tax TaxPub Creative Cell

Sales Promotional spend to doctors -- CBDT circular validity/retrospectivity -- Section 37(1) explanation thereto.

Income Tax TaxPub Creative Cell

Depreciation on goodwill arising out of a Business transfer agreement dated 20-6-2008 (Assessment Year 2009-10) without claiming it in return but raising the claim before assessing officer for the first time--Allowability.

Income Tax TaxPub Creative Cell

1. Alternate claim of expenditure incurred to increase authorised capital under section 35D instead of section 37(1), 2. Allowability of legal and professional expenses for an aborted IPO.

Income Tax TaxPub Creative Cell

APA roll back on IT/ITES services and claim of section 10AA SEZ benefit thereon

Income Tax TaxPub Creative Cell

Amalgamation in the nature of purchase under court approval -- Sale of shares and capital gains claimed exempt -- MAT treatment -- Question of colourable transaction alleging tax evasion

Income Tax TaxPub Creative Cell

Taxability of amount received arising out of a sub-licensee's right being relinquished

Income Tax TaxPub Creative Cell

Stay powers of ITAT -- Effect of writ questioning constitutionality under Article 226(2) of Constitution of India

Income Tax TaxPub Creative Cell

Unregistered agreement to buy vacant site with right to claim specific performance -- Subsequently sale to a third party with assessee being a confirming party and receiving consideration -- Taxability whether capital gains or income from other sources

Income Tax TaxPub Creative Cell

Suo moto rejection by Commissioner (Appeals) against rectification done by assessing officer to his assessed return in an appeal

Income Tax TaxPub Creative Cell

Belated return -- Carry forward of unabsorbed depreciation under section 32(2) vs. carry forward of business loss interplay

Income Tax TaxPub Creative Cell

Disallowance under section 40A(2)(b) of royalty paid to AE (Associated enterprise) of assessee controverting previous year royalty amounts. Interplay of section 40A(2)(b) vs. TP provisions.

Income Tax TaxPub Creative Cell

Composite letting out whether income from house property or income from other sources?

Income Tax TaxPub Creative Cell

Time limits amended in section 201(3) vide Finance Act 2 of 2014 with effect from 1-10-2014 are these retrospective or prospective?

Income Tax TaxPub Creative Cell

Alleged additions from offshore bank account unearthed in an investigation about Offshore bank accounts with stashed money. Averments proving ownership to assessee -- assessee providing wishy washy rejoinders -- Whose money is it?

Income Tax TaxPub Creative Cell

Disallowance due to non-deduction of TDS on purchase of goods with AE's arising out of a survey alleging PE existence -- Non-discrimination clause of DTAA.

Income Tax TaxPub Creative Cell

Income from business or other sources -- Cessation of business as sick company and leasing of assets in joint operation -- Res judicata principles

Income Tax TaxPub Creative Cell

Reinvestment benefit under section 54 -- Allowability -- Assessee selling two houses and acquiring one residential property

Income Tax TaxPub Creative Cell

Denial of charitable purpose exemption due to commercial activities referring to section 11/12 read with section 2(15) proviso -- Detailed discussion on this topic

Income Tax TaxPub Creative Cell

Post search return filed under section 153A had increased losses due to correction of error noticed in original return --- Whether can be considered by assessing officer/Commissioner (Appeals)?

Income Tax TaxPub Creative Cell

Notice for default in deduction of TDS beyond 6 years on non-resident under section 201(3) validity thereof

Income Tax TaxPub Creative Cell

Profit in lieu of salary under section 17(3) -- Non-compete fee paid to non-resident employees -- TDS default applicability -- DTAA Article 16 scope

Income Tax TaxPub Creative Cell

Developmental rights transferred by civil contractor with part consideration received in assessment year and offered as business income and possession given -- Applicability of capital gains section 2(47)(v) thereof.

Income Tax TaxPub Creative Cell

Capital gains levy on cancellation of sale deed due to non-payment of consideration -- Section 53A of Transfer of Property Act, 1882 interplay -- real income concept in capital gains

Income Tax TaxPub Creative Cell

Reckoning of turnover, how to be applied in case of intra day trade for section 44AB -- Levy of penalty under section 271B thereof

Income Tax TaxPub Creative Cell

Education or higher education cess whether an allowable business expenditure not hit by Section 40(a)(ii) Expenses expressly disallowable

Income Tax TaxPub Creative Cell

Taxability under section 56(2)(viib) of share premium from promoters/shareholders in cash and otherwise -- Non-residents applicability -- Assessing officer disturbing share valuation of DCF (discounted cash flow) method to (NAV) net assets value method permissibility

Income Tax TaxPub Creative Cell

Non-resident entity -- Reassessment alleging Place and Agency PE (Permanent Establishment) of its BPO Indian entity bereft those points raised and dealt in scrutiny assessment.

Income Tax TaxPub Creative Cell

Re-opening questioned post section 143(1)(a) with no scrutiny assessment -- Selling of shares of in lieu of non-compete agreement -- Setting off of external debt obligations with income from capital gains whether diversion of income by overriding title -- Clubbing provisions read into -- Non-compete fee non-taxable under section 28(va) prior to 1-4-2003

Income Tax TaxPub Creative Cell

Carry forward and set off loss on de-merger by filing revised return -- Decision in favour of assessee

Income Tax TaxPub Creative Cell

Explanation 2 to section 263 scope explained

Income Tax TaxPub Creative Cell

Retrospectivity of Proviso 3 to section 50C(1) thereof

Income Tax TaxPub Creative Cell

Disallowance due to non-deduction of TDS under section 40(a)(i) on overseas guarantee commission -- thereof

Income Tax TaxPub Creative Cell

Concealment Penalty under section 271(1)(c) - assessment order mentioning reason for penalty but notice under section 271(1)(c) not clearly mentioning it - quashing of penalty levy thereof on grounds of incorrect notice issuance

Income Tax TaxPub Creative Cell

Pre-ICDS assessment years -- revised ICAI Accounting standard-7 (Construction contract) -- AO disturbing income questioning consistent method of accounting employed by assessee from completed contract method to percentage of completion method -- Permissibility thereof.

Income Tax TaxPub Creative Cell

Alleged existence of PE and attribution of income on a set of composite contracts - with part of it possibly creating PE subsequently cancelled and rest of the income exclusively coming under scope of Fee for Technical Services (FTS).

Income Tax TaxPub Creative Cell

Transfer pricing -- Interest free loan to Associated Enterprise (AE), TPO making imputed interest addition Rs 45.69 crores whether contrary to 'real income' principle thus deserve to be quashed. Is it a must to have 'real income' to trigger chapter-X -- TP provisions.

Income Tax TaxPub Creative Cell

Transfer of shares by a non-resident of Cyprus held in an Indian entity to a resident Indian closely held company with alleged transfer of underlying land forming substantial part of fair value of shares -- Taxability in hands of Indian resident company as representative agent assessee of non-resident under section 163(1)

Income Tax TaxPub Creative Cell

TDS Obligation on import of goods alleged thru a business connection of a non-resident

Income Tax TaxPub Creative Cell

Port terminal operator claiming deduction under section 80-IA

Income Tax TaxPub Creative Cell