Cross-charge transactions under GST Cross-charge transactions under GST : An update on the draft GST law concerns: Read a July 2016 report of KPMG In this edition of GST updates, we shall analyse (a) the taxability of typical transactions between a head office and its branch offices, and (b) credit optimisation in case of centralised billing from… Read More »
Social security agreement (SSA) with Japan: The SSA between India and Japan (signed in November 2012) has entered into force, and is effective 1 October 2016. Read a July 2016 report of KPMG
Mobilisation / demobilisation of vessels used in exploration for oil and gas: The Delhi Bench of the Income-tax Appellate Tribunal held that reimbursements paid by customers for the mobilisation / demobilisation of vessels used by the taxpayer in exploration for oil and gas and attributable to the distance travelled outside India are taxable. The case is: Western… Read More »
Determining distributed income with respect to buy-back of shares: The Central Board of Direct Taxes (CBDT) issued draft rules concerning the method for determining the amount received by companies under different circumstances when shares have been issued. Read a July 2016 report of KPMG
Held AO/DRP have erred in treating the acquisition of software under the head ‘fee for technical services/royalty’ requiring the assessee to pay the tax on the same. [para 30] IN THE ITAT DELHI BENCH ‘I-1’ SAIC India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 7(1), New Delhi KULDIP SINGH, JUDICIAL MEMBER AND N. K.… Read More »
Held An, by its very nature, does not have any physical form. Therefore, it does not exist in a physical form at any particular location. The legislature could have, through a deeming fiction, provided for the location of an intangible capital asset, such as intellectual property rights, but, it has not done so insofar as… Read More »
Held To fall within the realm and ambit of right to use copyright in the computer software programme, the aforesaid rights must be given and if the said rights are not given then, there is no copyright in the computer programme or software. As noted by the CIT (A), under the terms of the agreement… Read More »