"18 April 2019" Archive

Amendment of Rules for Profit attribution to PE: CBDT invites comment

F. No. 500/33/2017-FTD.I (18/04/2019)

Public Consultation on the proposal for amendment of Rules for Profit attribution to Permanent (PE) Establishment invited by CBDT. Under Article 7 in the Indian treaties, profits are to be attributed to the PE as if it were a distinct and separate entity on the basis of the accounts of the PE and where such accounts are not available to e...

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Benefit of section 10(37) cannot be denied for acquisition through negotiated sale deed

ITO Vs Sri.Harimurali Sreedhara Panicka (ITAT Cochin)

Merely because the sale price is fixed through a negotiated settlement will not take away the proceedings from the Land Acquisition Act when the relevant provision of the Act are invoked....

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Allowability of Expense And Burden of Proof on Assessee

In the case of Pr. CIT versus Chawla Interbild Construction Company Private Limited (2019) 412 ITR 152 (Bom.), the hon’ble Bombay High Court has reiterated an important principle regarding burden of proof which lay on the assessee to prove the genuineness of the transaction. The Court has held that the assessing officer cannot compel th...

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Posted Under: Income Tax |

New Half-Yearly Compliance for Unlisted Companies

The audit report provided under regulation 55A of the securities and Exchange Board of India (Depositories and participants) Regulations, 1996 shall be submitted by the unlisted public company on a half-yearly basis to the Registrar under whose jurisdiction the registered office of the company is situated....

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Posted Under: Income Tax |

Company cannot be treated as comparable due to unreliability of its financial data

Travelex India Pvt. Ltd. Vs DCIT (ITAT Mumbai)

As regards comparability of Maple e–solutions Ltd., it has now been well settled through various judicial precedents that this company cannot be treated as comparable due to unreliability of its financial data. ...

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TDS U/s. 194J deductible on Fees shared between hospital & doctors

CIT Vs Asian Heart Institute and Research Centre Pvt. Ltd. (Bombay High Court)

CIT Vs Asian Heart Institute and Research Centre Pvt. Ltd. (Bombay High Court) In the present case, it has been recorded that the doctors were entitled to admit, investigate and provide treatment to the patients and that the doctors would be responsible for their clinical care. The doctors were responsible for supervising the sub-ordinate...

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Reassessment when Assessee made AO left with little time to complete assessment

Cenveo Publisher Services India Ltd Vs. UOI (Bombay High Court)

Cenveo Publisher Services India Ltd Vs. UOI (Bombay High Court) In this case the petitioner raised objections promptly after withdrawing the petition from this Court, would not in any manner dilute the fact that it was on the ground of the petitioner’s conduct that the Assessing Officer was left with little time to dispose of [&hell...

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RBI releases draft “Enabling Framework for Regulatory Sandbox”

Press Release : 2018-2019/2485 (18/04/2019)

Reserve Bank of India Press Releases Date : Apr 18, 2019 In view of the growing significance of FinTech innovations and their interface with the financial sector as well as financial sector entities, the Financial Stability and Development Council – Sub Committee had decided to set up a Working Group (WG), to look into and […...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 19.04.2019

Notification No. 32/2019-Customs (N.T.) (18/04/2019)

Customs Rate of Exchange of Foreign Currency Conversion wef 19th April, 2019 notified vide Notification No. 32/2019–Customs (N.T.) dated 18th April, 2019....

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Tax Treatment of Dividend Received From A Foreign Company

Article discusses about Meaning of dividend, Head of taxability and applicable tax rate, Relief from double taxation, Concessional rate of tax to dividends received from foreign specified company,...

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Posted Under: Income Tax | ,