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Fees for Technical Services, even if rendered outside India are taxable consequent to retrospective amendment in Section 9 by the Finance Act, 2010

May 31, 2010 1383 Views 0 comment Print

Mumbai Tribunal Ruling: Fees for Technical Services, even if rendered outside India, are taxable consequent to retrospective amendment in Section 9 by the Finance Act, 2010 (Ashapura Minichem Limited v. ADIT)(ITA No. 2508/M/2008)

Receipts of NRI for contract executed outside India cannot be taxed under the special provisions if the same is not taxable under the general provisions of the Indian Tax Law

May 31, 2010 723 Views 0 comment Print

This Tax Alert summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) [2010- TII-41-ITAT-MUM-INTL] in the case of J Ray McDermott Eastern Hemisphere Ltd. (Taxpayer). The ITAT held that receipts pertaining to transportation and installation contract executed by the Taxpayer outside India cannot be taxed under the special provisions, which provide for taxation of certain income of a non-resident on presumptive basis, if the income is not chargeable to tax under the general provisions of the Indian Tax Law (ITL).

Fees for Technical Services, even if rendered outside India, are taxable

May 29, 2010 2931 Views 0 comment Print

The assessee, an Indian company, entered into an agreement with a Chinese company for bauxite testing services in its laboratories (outside India) and for preparation of test reports. The assessee filed an application u/s 195(1) in which it argued that as the services were rendered outside India and the recipient did not have a permanent establishment in India,

Sec. 269SS Contribution towards share application money received in cash is not loan or deposit

May 28, 2010 546 Views 0 comment Print

Income Tax Appeal – Share Application Money Dispute | Abhisek Saraf’s Cash Contribution | ITAT Kolkata Decision | Penalty under s. 271D

Section 50C does not apply to “rights” in land & building like tenancy rights

May 28, 2010 489 Views 0 comment Print

The assessee, a tenant in a flat, sold tenancy rights for Rs. 30 lakhs and offered long-term capital gains on the basis that the said sum was the consideration. The AO took the view that as the market value adopted the Sub-Registrar was Rs. 33,11,200, the said market value had to be adopted as the consideration u/s 50C.

Timeshare membership fee is taxable only over the term of contract

May 27, 2010 438 Views 0 comment Print

The assessee, a time-share company having resorts at tourist places granted membership for a period of 33/25 years on payment of certain amount. During the currency of the membership, the member had the right to holiday for one week in a year at the place of his choice from amongst the resorts of the assessee. The membership fee was received either in lump sum or in installments to the prospective member.

Timeshare membership fee taxable over the period of contract: ITAT Chennai (SB)

May 26, 2010 4136 Views 0 comment Print

This Tax Alert summarizes a recent ruling of the Special Bench of the Chennai Income Tax Appellate Tribunal (SB) [ITA Nos. 2412 to 2416/Mds/2005] in the case of M/s Mahindra Holidays & Resorts (India) Ltd. (Taxpayer) on the issue of taxability, under the Income Tax Law (ITL), of timeshare membership fee received upfront by the Taxpayer in the initial year of enrolment of a member.

There is nothing in language of section 13(1)(b) to suggest that an institution of mixed objects is precluded from getting registration under section 12AA

May 26, 2010 1122 Views 0 comment Print

Only a trust which is for religious purpose is excluded and debarred from registration under section 12AA; a trust whose object is charitable as well as religious is not debarred from registration.

Profits from shares is business profits: ITAT Mumbai

May 25, 2010 855 Views 0 comment Print

The assessee, a director and shareholder in a company engaged in share trading, returned income of Rs. 78,89,499 earned by her on transfer of shares as a “short-term capital gain”. The AO took the view that as there were voluminous transactions, the assessee was engaged in share trading and the income was assessable as “business income”. This was upheld by the CIT (A). On appeal, HELD dismissing the appeal:

ITAT Mumbai laid down principles to determine whether income from shares is “business” income or “capital gains”

May 25, 2010 688 Views 0 comment Print

The assessee, engaged in management consultancy, offered profits of Rs. 1.03 crores earned by it on sale of shares as long-term and short-term “capital gains” depending on the period of holding. The AO took the view that as the assessee was regularly dealing in shares throughout the year,

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