"10 April 2016" Archive

Sone Ki “Chidiya” ko Tax ki “Bediya”.

Krishna, what is the reason of agitation held by Jewellers across the Country. Why there businesses are closed from so many days? Let us discuss the reason of agitations as well as implication of taxation on gold and effect of the same on businessman and customers....

Posted Under: Income Tax | ,

Technical services Meaning – articulated by SC

CIT vs. Kotak Securities Ltd (Supreme Court)

This topic has importance in the context of TDS u/s 195 i.e. whether such payment is to be covered under article 12 i.e. fees for technical / managerial / consultancy services [in some treaties, fees for included services or under article 7 being business receipts....

Posted Under: Income Tax |

Recovery proceedings Initiation before stay application disposal is illegal

Khandelwal Laboratories Pvt. Ltd. Vs DCIT (Bombay High Court)

High Courtheld that the any action of revenue to recover taxes adopting coercive means is not permissible till the assessee’s application for stay under section 220(6) of the Act is disposed of. Further, an application for stay should be disposed off by a speaking order....

Arbitrary higher profit rate on unaccounted sale not permitted

Mohd Tehseen Vs ITO (ITAT Delhi)

ITAT held that the rate of profit @15% on estimated unaccounted sale is an arbitrary rate without any comparable cases. The best comparison is also available of the business of the assessee himself wherein he has shown net profit at the rate of 6%....

Casual workers covered in employee under ESI Act 1948- SC

Royal Western India Turf Club Ltd. Vs E.S.I. Corporation & Ors. (Supreme Court of India)

A person who is employed for wages in the factory or establishment, on any work of, or incidental or preliminary to or connected with the work is covered. The definition brings various types of employees within its purview....

Sec.14A-No disallowance where No exempt income

M/s Krishna Knitwear Technologies Ltd. Vs DCIT (ITAT Mumbai)

Section 14A contains the expression ‘in relation to income which does not form part of the total income’. The said decision cannot be used in the reverse to contend that even if no income has been received, the expenditure incurred can be disallowed u/s 14A....

Equalization levy or is it introduction of tax on DIGITAL ECONOMY

Action plan on Base Erosion and Profit Shifting (‘BEPS’) issued by Organization for Economic Co-Operation and Development’s (‘OECD’) inter alia has proposed to levy a tax on digital transaction to equalize the tax burden on remote and domestic supplier of goods as well as services....

Posted Under: Income Tax |

Tax administrations ready to act on “Panama Papers”

Government officials from around the world have called on the OECD to convene a special project meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) Network to explore possibilities of co-operation and information-sharing, identify tax compliance risks and agree collaborative action, in light of the Pana...

Posted Under: Income Tax |

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February 2024