"18 May 2012" Archive - Page 2

TPO Cannot question business purpose of transaction

Ericsson India Pvt. Ltd Vs DCIT (ITAT Delhi)

There is no force in the Revenue’s claim that the assessee was not required to make any payment to its AE for resolving warranty claims. The assessee has the right to enter into an arrangement according to which its business interests are protected. It is the prerogative of the assessee to decide the business expediency. ...

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Taxes levied in foreign countries on profits or gains is deductible u/s 37(1)

Mastek Limited Vs DCIT (ITAT Ahmedabad)

Due consideration of the provisions of s.37 and s.40(a)(ii) of the Act as well, it emerges that u/s 37, all taxes and rates are allowable irrespective of the place where they are lived i.e., whether on Indian soil or offshore, whereas u/s 40(a)(ii) of the Act, income-tax which is a tax leviable on the profits and gains chargeable under th...

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Foreign Permanent Establishment profits may be taxed in India

Telecommunications Consultants India Ltd. Vs Addl.CIT (ITAT Delhi)

Other items of income or capital may not be taxed in the State of source or situs; as a rule they are taxable only in the State of residence of the taxpayer. This applies, for example, to royalties (Article 12), gains from the alienation of shares or securities (paragraph 5 of Article B), private sector pensions (Article 18), payments rec...

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ICAI Invites Suggestions on Common Code for Excise & Service Tax

The Group has the following terms of reference: To examine the feasibility and develop a draft Common Code for Central Excise and Service Tax that can be implemented under the present Constitutional scheme, keeping however, in view the challenges in the context of the impending goods and Services Tax (GST);...

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Posted Under: Income Tax |

To ‘make available’ technical knowledge’ payer must be enabled to perform service himself

CIT Vs De Beers India Minerals Pvt Ltd. (Karnataka High Court)

On facts, while the Dutch company performed the surveys using substantial technical skills, it has not made available the technical expertise in respect of such collection or processing of data to the assessees, which the assessee can apply independently and without assistance and undertake such survey independently. Consequently, the con...

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SC To Reconsider Verdict In S. A. Builders on allowability of Interest paid to acquire equity capital of subsidiary company

Addl.Commr. Of I.T Vs M/S.Tulip Star Hotels Ltd. (Supreme Court of India)

The respondent-assessee had borrowed certain funds which were utilized by the assessee to subscribe to the equity capital of the subsidiary company, namely, M/s. Tulip Star Hospitality Services Ltd. This subsidiary company used the said funds for the purpose of acquiring the Centaur Hotel, Juhu Beach, Mumbai, which is now functioning as T...

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No Disallowance U/s. 40(a)(ia) if TDS been Paid Before due date of Income Tax Return

Assistant Commissioner of Income Tax Vs. Shri M.K. Gurumurthy (ITAT Bangalore)

he amendment to s. 40(a)(ia) by the Finance Act, 2010 has been specifically made retrospectively applicable from the asst. yr. 2010-11. It has nowhere been expressly set out that the amendment is curative or merely declaratory of the previous law. The intention of the legislature as gathered from the Notes on Clauses and the Memorandum Ex...

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Tribunal cannot merely record its conclusions without discussing factual matrix, evidence & material

Commissioner of Income Tax Vs Promain Ltd. (Delhi High Court)

The Tribunal is required to deal with the factual findings recorded by the Assessing Officer and, then after examining the document and evidence, give and record their factual conclusions. The factual conclusion should be based upon reasons and should be outcome of analysis and discussion. The Tribunal being the final fact finding authori...

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Notice u/s 148 can be issued to assessee after 4 years if assessee has not truly and fairly disclosed material facts during assessment proceedings

The Board of Control for Cricket in India Vs The Assistant Commissioner of Income Tax (Bombay High Court)

The assessee, during the course of assessment proceedings for Assessment Year 2004-2005, had not furnished any intimation to the Assessing Officer about the alleged misappropriation of funds. Though the FIR was lodged by the Assessee on 16 March, 2006 and the assessment proceedings for Assessment Year 2004-2005 were completed thereafter o...

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Sinking fund contribution for Replacement / Repair of Fixed Assets is capital receipt

Alpha Services Vs Dy. Commissioner of Income Tax (ITAT Delhi)

It has been contended by the ld. counsel of the assessee that the Ld. Commissioner of Income Tax (Appeals) has erred in treating Rs. 35,49,091/- as revenue receipt being the amount received from the flat owners and / or tenants for replacement of capital assets and shown as sinking fund in accounts which was considered and treated as capi...

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