Though in Section 68 proceedings, the initial burden of proof lies on the assessee yet once he proves the identity of the creditors/share applicants by either furnishing their PAN number or income tax assessment number and shows the genuineness of transaction by showing money in his books either by account payee cheque or by draft or by any other mode, then the onus of proof would shift to the Revenue.
On the issue of whether such payments are, alternatively, in the nature of fees for technical services (FTS), liable to tax withholding under any other provision of the ITL, the Mumbai ITAT restored the matter to the Tax Authority for fresh adjudication in the light of the Supreme Court’s (SC) directions in the case of Bharti Cellular Ltd. Hi (Bharti ruling). In this ruling, the SC was concerned with the issue of applicability of withholding tax on interconnection charges paid by one telecom operator to another, on the basis that it constituted FTS. The SC, noting that FTS has been given a restrictive meaning by several High Courts (HC) and ITATs, had referred the matter back to the Tax Authority for fresh adjudication, by taking into account an expert’s opinion on whether any human intervention is actually involved in such transactions.
The Supreme Court has, on facts of the case, upheld the decision of Madras High Court that from the scheme of amalgamation becoming effective, proceedings in which the transferor company was a party be continued and enforced by or against the transferee company in the same manner and to the same extent as it could be or might have been continued and enforced by or against the transferor company as if the scheme had not been made. In other words, when a transferor company stands dissolved (with or without winding up) due to amalgamation, its right under the decree for eviction devolves on the transferee company.
The government is considering the issue of granting voting rights to Non-Resident Indians and suggestions have been submitted to the Election Commission on the matter, Union minister for overseas Indian affairs Vayalar Ravi said on Sunday. Speaking
The Foreign Contribution (Regulation) Act, 2010 [FCRA] has been passed by both the houses of Parliament to replace Foreign Contribution (Regulation) Act, 1976 [FCRA 1976] to • regulate the acceptance and utilization of foreign contribution prohibit acceptance and utilization of FC or foreign hospitality for any activities detrimental to national interest.
An expert said under the new structure, foreign banks’ tax liability might go up if the wholly-owned subsidiary decides to pay a dividend, as such payments will attract dividend distribution tax. Tax liabilities of foreign banks will rise marginally
Reserve Bank of India [RBI] had on 12 August 2010 issued guidelines for Core Investment Companies [CICs]. RBI has on, 5 January 2011 notified Core Investment Companies (Reserve Bank) Directions, 2011 [CIC Directions]. The CIC Directions and the conse
Financial regulators Sebi and RBI have enhanced vigil on Indian entities routing their funds from secretly-held Swiss bank accounts to India through Dubai and other locations, on fears of getting exposed for stashing the money in the European nation.
This ruling clarifies that the ‘purchase exclusion’ contained in the ITL for export of goods out of India can be relied upon by a non-resident only if income otherwise does not accrue or arise in India. This ruling also states that if a non-resident
The Government has decided today to remove Shri Suresh Kalmadi from the position of the Chairman of the Organizing Committee, CWG, Delhi, 2010 and the position of Chairman, Executive Board of the organizing, CWG, 2010 and Shri Lalit Bhanot from the position of Secretary General of the Organizing Committee, CWG, 2010 and from the position of Secretary General, Executive Board of the Organizing Committee, CWG, Delhi 2010 with immediate effect.
