Foreign Bank PE Faces Higher Tax, Intra-Entity Interest Adjustments, Computer Depreciation on ATMs, Full Lease Deduction Issue Whether charging a higher tax rate on a foreign bank’s PE violates DTAA non-discrimination rules. Whether interest paid by an Indian PE to its overseas head office is subject to Section 195 TDS and Section 40(a)(i) disallowance. Whether… Read More »
Violation of Section 13 Taxes Only Non-Conforming Investment Income at MMR, Not Entire Trust Income Issue Whether a violation of Section 13 of the Income-tax Act, 1961 results in the total forfeiture of Section 11 exemption for the entire income of a charitable trust, or if the denial and application of the maximum marginal rate… Read More »
Cancellation of Section 12AA Registration Unsustainable When Plot Sales Retain Charitable Public Utility Character Cancellation of Section 12AA Registration Unsustainable When Plot Sales Retain Charitable Public Utility Character Issue Validity of Registration Cancellation under Section 12AA: Whether the DIT(E) was justified in cancelling the assessee’s registration under Section 12AA on the ground that it was… Read More »
Contractual Site Restoration Provisions Are Fully Deductible and Reassessment Lacking Recorded Reasons Is Invalid Issue Whether a provision made for site restoration expenses by a non-resident petroleum company under a Production Sharing Contract is an allowed business deduction under Section 37(1) and an ascertained liability for Section 115JA book profit computation. Whether a reassessment undertaken… Read More »
Registration Cancellation Remanded for Re-Examination Under the Supreme Court’s Authoritative Ahmedabad Urban Development Authority Dictum Registration Cancellation Remanded for Re-Examination Under the Supreme Court’s Authoritative Ahmedabad Urban Development Authority Dictum Issue Whether the cancellation of a trust’s registration under Section 12AA(3) based on the amended definition of “charitable purpose” under Section 2(15) must be re-examined… Read More »