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Budget 2014: Analysis of Central Excise Provisions
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Export of Goods and Services – Project Exports
Tax Structure Needs to be Simplified to Help the Taxpayers Becoming Tax Compliant Rather than Tax Evaders Ms Nirmala Sitharaman, Minister of State for Finance
Changes in Companies Act
Provision Regarding Contribution to Political Parties by the Companies
Utilisation of CSR Funds for Welfare of SCS/STS
Extension of validity of reserved names - reg.
Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money Laundering Act (PMLA), 2002 – Money Transfer Service Scheme – Recognising E-Aadhaar
Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money Laundering Act (PMLA), 2002 – Money Changing Activities – Recognising E-Aadhaar as
RBI Reference Rate for US and Euro
Auction for Sale (Re-Issue) of Government Stocks
FM asks I-T officials to focus equally on unearthing of black money within India
File tax returns on time
The ‘Vodafone’ amendment is more than a retrospective issue
India may soon sign first bilateral pact with Japan
Black Money: OECD Unveils Auto Info Exchange Framework
Finance Minister asks I-T Officials to Unearth Black Money at Home too
‘Need debate on the time required to be GAAR- ready’
Why GAAR spooks corporate India
Budget clarifies, plugs loopholes in tax regime
I-T, CBDT to Finalise Tax Collection Road Map
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Where, assessee, a UK based company, entered into a contract with Indian clients for providing its foreign exchange deal matching system services, in view of fact that in terms of contract, assessee allowed its subscribers to use software and computer system to have access to its portal for finding …

When the transactions are influenced by each other, particularly in determining the price/profit involved in the transactions then those transactions would be regarded as 'closely linked' transactions - Held, Yes – Transactions of hiring of equipment to be used for execution of a project to be clubbed…

The facts and circumstances of the instant year are mutatis mutandis similar to those of the preceding two years. The appeal of the assessee for the AY 2007- 08, in which transfer pricing adjustment was made under similar circumstances, came up for consideration before the Tribunal, wherein it was held…

The adjustment made by the TPO and the DRP could be examined only at the time of final disposal of the appeal only. This Tribunal is of the considered opinion that prima facie, the assessee is having a very good case and the adjustment made by the TPO or the DRP appears to be not correct. However, the…

We find that the hearing of the appeal is going on and no delay in the disposal of the appeal is attributable to the assessee. Further, the Assessee has complied with the terms and conditions of the order dated 31.12.2013 of this Tribunal whereby Stay was granted against the demand in question.

We are not at all in agreement with the argument of the assessee. According to us, section 91(1) of the Act authorises relief in accordance with the double tax avoidance agreement, if any, in respect of incomes arising in the country with which there is such an agreement. Where such relief is by way…

The submission made by the counsel for the Revenue appears to be correct and this is the intention behind the order of the tribunal. This becomes apparent when we refer to the earlier portion of the order of the tribunal, which reads as under. "5. The ld. DR, though relied on the impugned order but …

The Tribunal found that the Assessee Bank received interest on refund of taxes paid. It also paid interest on the taxes which were payable. The Assessee sought to set off the interest paid against the interest received and offered the net interest received to tax. We do not see that such findings of…

In view of the fact that judgments passed by Single Judge of this Court and of Division Bench of this Court, have not been set aside, therefore, all the above petitions stand disposed of in terms of judgment dated 20.08.2011 passed by Single Judge in WPMS No. 2197 of 2010 (B.J. Services Company Middle…

We do not find that any error was committed either by the Commissioner of Income Tax (Appeals) or the Tribunal as urged. Firstly, the original Assessment Order was made on 24.10.2003. Thereafter, there is a reassessment order dated 18.12.2007. Aggrieved thereby an initial appeal before the Commissioner…

This Court had an occasion to consider this agreement in the case of Commissioner of Income Tax and others Vs. De Beers India Minerals (P) Ltd., where, after referring to various provisions of law, it was held that the question, whether along with rendering technical services, whether the technical …

Matter remanded where TPO while computing operating cost to determine ALP of international transactions did not identify certain expenses on actual payment basis. Functionally dissimilar company can't be a comparable

Where assessee paid commission to foreign agents for securing order but did not deduct TDS on said payment, Circular No. 786 being in operation, invocation of provisions of section 40(a)(i), read with section 195 was incorrect

Revenue’s Appeal. It is noticed that there is no dispute on the fact of giving 'performance bank guarantees' and 'retention money guarantees'. There is a correspondence from the bank confirming the existence of these guarantees . At the same time, it is a fact that the core business activity of completion…

TP adjustment and Inclusion of Comparables. We found that Mold-Tek Technologies Limited (Mold-Tek) provides KPO services in the field of engineering. We also found that Mold-Tek has demerged its subsidiary Mold-Tek Plastics Limited w.e.f. April, 2007 which is an extra-ordinary event.

At the outset, a perusal of the directions as issued by the Dispute Resolution Panel, clearly shows that the DRP has directed the Assessing Officer to take figures from the audited accounts after verification for the purpose of computation of the Profit Level Indicator (PLI).

Benefit of Article 8 of the Indo-Malaysia DTAA is also applicable to shipping of goods from Indian Port to Hub Port using feeder vessels under a space charter or slot charter as the entire voyage from the Indian Port to final destination port is inextricably linked and cannot be segregated. "Operation…

Expenditure on bank anniversary. We have considered rival contentions and found that the expenditure was incurred by the assessee on the occasion of bank's 6th anniversary. The expenditure was relating to hire charges of room and expenditure on tea, coffee, snacks etc. The assessee has entertained its…

We have considered the rival submissions as well as relevant material on record. We find that the channel placement fee paid to the cable operator or DTH service provider cannot be regarded as royalty as it does not fall under the definition in terms of section 9(1)(vi).

Upward adjustment of Purchase Price. The TPO has erred in equating cash discounts with trade discount. The cash discounts in the present case has been offered after the completion of sales and are entirely different in nature from trade discounts. Therefore, the contention of the TPO to reduce it from…

A method of accounting adopted by the taxpayer consistently and regularly cannot be discarded by the Departmental authorities on the view that he should have adopted a different method of keeping the accounts or on valuation. Financial institutions like bank, are expected to maintain accounts in terms…

We find that the Central Board of Direct Taxes has issued a Circular No. 68 explaining as to when a mistake apparent from the record could be corrected in the event of a subsequent decision delivered by the Supreme Court of India. In ACIT Vs. Saurashtra Kutch Stock Exchange Ltd., the SC held that the…

It requires to be noted that even the Tribunal has relied upon its own decision in the case of very assessee, but, with respect to the Assessment Year 2008-09, by which the Tribunal decided the issue in favour of the assessee. Even otherwise, on appreciation of the evidence, both the CIT(A) and the …

To satisfy ourselves whether the reassessment proceedings have been initiated solely at the instance of the audit part and solely on the audit objections, we called for the original file from the office of the Assessing Officer. Advocate appearing on behalf of the revenue has produced the relevant files…

It is required to be noted that as such M/s. TAFE Limited had already instituted a Civil Suit against the assessee for recovery of Rs.1.09 crores before the Madras Court and the said Suit is pending. It is also required to be noted that, as such, the assessee has not returned the outstanding liability…

It is required to be noted that while disposing the appeals preferred by the Revenue and confirming the orders passed by the CIT(A) canceling the orders passed by the AO under Section 154 of the Act, by which the amounts of Rs.33,72,684/- and Rs.30,31,338/- with respect to respective years were disallowed…

We have gone through the impugned judgment and order passed by the Tribunal and the decision of the Division Bench of this Court in the case of Commissioner of Income Tax vs. N.R. Paper and Board Ltd. In the case of Commissioner of Income Tax vs. N.R. Paper and Board Ltd., the Division Bench of this…

From the plain reading of Sec. 80P(2)(a)(i) it is apparent that if the co-operative society is engaged in carrying of business of banking or providing credit facilities to its members, the co-operative society is entitled for deduction on whole of the income relating to any one or more of such business.…

The Jurisdictional High Court for the AY 2008-09 had remitted the issue back to the file of the Assessing officer with the direction that the entire issue revolves round the fact that whether this amount of Rs. 8.53 Crores is in respect of amounts reimbursed to M/s. MPCMS on contract as alleged by the…

We find that this is the objection of the Assessing Officer that a simple request made by the assessee company by way of letter to Commissioner of Customs, Bombay which is not accepted by the Commissioner of Customs, Bombay till 2012 is a mere request and it cannot be treated relinquishment of title…

Subscribe Landmark Judgments
Budget 2014: Analysis of Central Excise Provisions
Budget 2014: Analysis of Customs Provision
Budget 2014: Accepting / repaying loans and deposits through ECS
Budget Article : Concessional tax rate for foreign dividends extended without any sunset clause
Budget Article: Assessments / Penalties / Compliances
Budget Article : Power to survey so as to verify deduction of tax at source
Budget Article : Amendment in Charitable trusts/institutions
Budget Article: Alternate Minimum Tax
Budget Article: Provisions Impacting Individuals
Budget Article : Changes in Transfer Pricing regime
Budget Article : Tax Deducted at Source
Budget Article: Expansion of tax incentive schemes
Budget Article: Amendments in Service Tax
Budget Article: Taxation Regime for Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (INVIT)
Service Tax : Service Tax: Important Changes Introduced
Budget Article: Amendments in CENVAT Credit Rules
Valuation of fertilizers for the purpose of levy of excise duty – inclusion of subsidy component in the assessable value – Clarification – Regarding.
Steel and Steel Products (Quality Control) Order 2012-implementation – regarding.
Reduction in Subsidy
FDI Hike in Insurance Sector
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