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Income Tax : Rule 46(8) mandates daily backups of electronic books on servers located in India, strengthening digital tax compliance and data i...
Income Tax : CBDT allows eligible salaried taxpayers with LTCG up to ₹1.25 lakh under section 112A to file ITR-1, simplifying return filing f...
Income Tax : Explore income-tax rates applicable over the last ten assessment years for individuals, companies, firms, LLPs, HUFs, and co-opera...
Income Tax : Learn how business and professional income is computed under the Income-tax Act after the Finance Act, 2026. This guide explains t...
Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : ITAT Jaipur held that exemption under Section 11 cannot be denied merely because Form 10B was filed late when it was already avail...
Income Tax : Bombay HC admitted the Revenue's appeal on AMP expenditure and payments to doctors, holding both require judicial examination. It ...
Income Tax : ITAT held that agricultural land within the prescribed municipal distance is a capital asset and restricted the on-money addition ...
Income Tax : NCLAT held that a single application covering multiple years and company officers is maintainable in the absence of any statutory ...
Income Tax : ITAT held that Section 87A rebate cannot be denied on tax payable under Section 111A where the assessee qualifies under the prescr...
Income Tax : CBDT has approved a scientific research institution under the Income-tax Act, 2025 for tax years 2026-27 to 2030-31. The notificat...
Income Tax : CBDT has approved the University of Hyderabad for scientific research under Section 45 of the Income-tax Act, 2025. The approval i...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
In a recent decision, the Federal Court of Australia (“the Court”), in the case of SNF (Australia) Pty. Ltd. v. Commissioner of Taxation [2010] FCA 635 ,ruled in favour of the taxpayer acceding to the approach of direct transactional (price) comparisons (i.e., use of Comparable Uncontrolled Price Method) adopted by the taxpayer, and rejecting the profit-based analysis (using Transaction Net Margin Method) suggested by the Commissioner of Taxation (“the Commissioner”) for benchmarking the taxpayer’s purchase (of polyacrylamide products or “the products”) transactions with its overseas affiliates. The Court also held that sustained losses do not necessarily imply that the transfer prices are not at arm’s length. In this context, the Court also observed that parent company support provided under a market penetration strategy might permit a loss-making company to continue operations over an extended period without exiting the market. After Roche Products Pty Ltd. v. Commissioner of Taxation [2008] 70 ATR 703 , this judgement is only the second substantive transfer pricing decision to have been pronounced by an Australian Court or Tribunal.
The Finance Ministry will make a presentation before a parliamentary panel on the bill on Direct Taxes Code (DTC), which is scheduled to replace archaic income tax act from April 1, 2012. “It”s a preliminary introductory meeting for the first time..
Plan your Home Loan Payment Schedule to take maximum tax benefit. Partial or full prepayment makes sense, but only in some cases. When Jabalpur resident Mahavir Ojha received Rs 80 lakhs from selling an ancestral property, he decided to part-pay his
IASB Exposure Draft on Severe Hyperinflation (proposed amendment to IFRS 1) (Comments to be received by November 26, 2010) – (19-11-2010) The International Accounting Standards Board has issued this Exposure Draft on Severe Hyperinflation a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendment proposes guidance on how an entity […]
India has begun the trail for money allegedly stashed away in secret bank accounts in tax havens. Finance minister Pranab Mukherjee on Friday told delegates at the Hindustan Times Leadership Summit that has India has written to 78 countries for amend
The Greater Mohali Area Development Authority (GMADA) came under the scanner of Income Tax (I-T) department on Wednesday. A team of I-T sleuths, headed by Assistant Commissioner Preneet Suri, swooped on the GMADA office at PUDA Bhawan in Sector 62
In Coca Cola India Inc vs. ACIT 309 ITR 194 the P&H High Court upheld the constitutional validity of Chapter X & laid down far-reaching principles on the applicability of transfer pricing provisions to cases where the non-resident was also assessed in India and there was supposedly no cross-border transaction or erosion of tax revenue. On appeal by the assessee, HELD disposing off the SLP: “The issue in this special leave petition concerns the application of the principle of Transfer Pricing. In the case of assessee herein, Notice was issued under Section 148 of the Act for some of the Assessment Years. On the question of jurisdiction, a writ petition was filed by the assessee, which has been disposed of by the High Court in the writ jurisdiction. However, on going through the papers, we find that foundational facts are required to be established which could not have been done by way of writ petition. For the afore-stated reasons, we are of the view that the assessee should be relegated to adopt proceedings, which are pending, as of date, before various Authorities under the Act … We, accordingly, direct these Authorities to expeditiously hear and dispose of pending proceedings as early as possible. If the petitioner-assessee herein is aggrieved by the orders passed by any of these Authorities, it will have to exhaust the statutory remedy provided under the Act. We make it clear that each of the Authorities will decide the matter uninfluenced by any of the observations made in the impugned judgement.”
Supreme Court disposed off a civil appeal arising out of a special leave petition involving a transfer pricing dispute, in the case of Maruti Suzuki India ltd. v. ADIT [Civil Appeal No. 8457 of 2010].The Delhi High Court , in the taxpayer’s case, had earlier, inter-alia held that the obligatory use of brand/logo of a foreign associated enterprise should be accompanied either by an appropriate payment by the foreign trademark owner or by a rebate to the Indian licensee. Furthermore, the HC also held that if the advertisement, marketing and promotion expenses incurred by a domestic enterprise, being even an entrepreneurial licensed manufacturer, which mandatorily uses the brand/logo of a foreign associated enterprise, are more than those incurred by independent domestic comparables, the foreign associated enterprise should provide arm’s length compensation to the domestic enterprise. Such compensation would be required for brand building and increased brand awareness in the domestic market, i.e., for creation of marketing intangible for the foreign associated enterprise.
Mumbai Income-tax Appellate Tribunal in the case of M/s. Goldcrest Exports v. ITO held that compensation payable for breach of contract to a foreign company would not be taxable in the hands of the foreign company in the absence of a permanent establishment of the foreign company in India. The Tribunal further held that interest included in compensation merges with and partakes the character of compensation itself, and hence, would not be taxable under the tax treaty between India and UK . Therefore, deduction claimed by the assessee for compensation including interest cannot be disallowed on account of non-withholding of taxes therefrom.
:Bangalore bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Bosch Ltd. v. CIT [2009-TIOL-736-ITAT-BANG]held that the taxpayer company was entitled to claim depreciation on the skill and the know-how brought by the employees of the transferee company classified as ‘business information’ under the category of ‘other identifiable intangibles’ (goodwill) under section 32(ii) of the Income-tax Act, 1961 (the Act).
