ITAT Delhi held that commission paid to foreign agents for procurement of orders do not fall under Technical, Managerial or consultancy services. Accordingly, TDS not deductible on commission paid to such foreign agents.
NCLAT Delhi held that operational creditor can initiate Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor only in clear cases where no real dispute exists between the two parties.
CESTAT Chennai held that tendering of an order to an unauthorized person or sending it without ‘registered post with acknowledgement due’ is not considered as a valid service of order. Accordingly, matter disposed of by way of remand.
A Committee of Experts to ‘Onshoring Indian Innovation to GIFT IFSC’ constituted by IFSCA submitted its report to Chairperson, IFSCA on August 14, 2023.
Overview of proposed amendments by IFSCA for investments by International Financial Service Centre Insurance Office in 2023. Participate in public consultation.
NCLAT Chennai held that suspension of initiation of CIRP (Corporate Insolvency Resolution Process) as per provisions of section 10A of the Insolvency and Bankruptcy Code, 2016 applies to date of default i.e. 31.03.2020.
ITAT Mumbai held that revisionary powers under section 263 of the Income Tax Act rightly invoked by PCIT as order of assessing officer is erroneous and prejudicial to the interest of revenue.
ITAT Bangalore held that disallowance of deduction claimed u/s 54F unjustified as no steps were taken to convert the limited scrutiny into complete scrutiny. Accordingly, disallowance deleted.
CESTAT Chennai held that once the licencing authority has found that the licencing conditions have been fulfilled, it would not be open to the customs authorities too contend that the imports under the licence are contrary to law.
ITAT Bangalore held that payments received by assessee towards interconnectivity utility charges from Indian customers / end users cannot be considered as Royalty / FTS to be brought to tax in India under section 9(1)(vi)/(vii) of the Act and also as per DTAA.
