A focused glance of the aforesaid provision would show that the maximum time limit for issuance of notice under Section 148 of the IT Act is six years from the end of relevant assessment year. In the present case, the relevant assessment year is 2009-10 and the impugned notice is said to have been issued… Read More »
Amount received for providing training services not “fees for technical services” under treaty with the Netherlands: The Mumbai Bench of the Income-tax Appellate Tribunal held that consideration received by the taxpayer for providing training services and for access to a centralised reservation system (that is, common facilities provided to members of the taxpayer group) were… Read More »
Foreign investment reporting, single master form The Reserve Bank of India introduced a single master form for reporting total foreign investment in an Indian entity. Read a June 2018 report [PDF 477 KB]
Share premium received from foreign holding companies not income chargeable to tax The Mumbai Bench of the Income-tax Appellate Tribunal held that a share premium received by the taxpayer from its non-resident holding company was a capital transaction and, thus, not income chargeable to tax in India. The case is: Finproject India (P.) Ltd. Read a June… Read More »
what emerges is that the assessee who was engaged in manufacturing textile products, had expended the amount in question for product development undertaken by a sister concern of the assessee on its behalf. The research work did not involve development of a new product or even a new technique or technology to manufacture existing product… Read More »
Encashment of bank guarantee for non performance is Capital Expenditure or revenue Expenditure Video Tutorial by CA Satbir Singh (Voice in Hindi , Slides in English) explaining Encashment of bank guarantee for non performance allowed as exp under income tax Issue involved in this appeal is whether the bank guarantee encashed by the Delhi transport Corporation… Read More »
Paragraph 6 of the order passed by the Commissioner of Income Tax (Appeals), it has been stated that it can be inferred that the machines “computer printers” under consideration can either be called computers-printers, since a lot of independent functions done by the computers are done by these printers and they can be called an… Read More »
Taxability of gift of shares to “sister concern” under family realignment The Delhi Bench of the Income-tax Appellate Tribunal addressed the taxability of a gift of shares to a sister concern under a family realignment “without consideration.” The case is: Gagan Infraenergy Ltd. Read a May 2018 report[PDF 423 KB] Read KPMG Report Income Tax on… Read More »
Mere use of the word “advance” in the letter of the Sugarcane Growers Association by itself would not change the character of the payment, especially when the amount paid was an ascertained liability and the assessee was following mercantile system of accounting and the payment was also done during the relevant accounting year. Furthermore, the… Read More »
HIGH COURT OF BOMBAY Principal Commissioner of Income-tax-26 Mumbai v. R.F. Nangrani HUF M.S. SANKLECHA AND SANDEEP K. SHINDE, JJ. IT APPEAL NO. 33 OF 2016 APRIL 18, 2018 A.R. Malhotra and N.A. Kazi for the Appellant. Ajaykumar R. Singh and Ravindra Poojary for the Respondent. ORDER 1. This Appeal under Section 260-A of the Income Tax Act, 1961 (the Act) challenges the order dated… Read More »