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Interesting and Noteworthy Decisions
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
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