CA Vispi T. Patel

Union Budget 2018-19 Tax Proposals

Income Tax - In the first budget since the end of demonetization and GST went online, the Finance Minister has again provided a thrust to the rural and agrarian economy, with the hope that it may stimulate growth. Please find enclosed herewith the Tax Bulletin analyzing the direct and indirect tax proposals as stated in the Budget....

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Tribunal cannot stay demand beyond maximum period of 365 days

Income Tax - The Tribunal is not authorized to extend stay of demand beyond maximum period of 365 days. The decision of Tribunal to extend stay of demand beyond 365 days amounted to contravention of provisions of the law.( Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited v. CIT (ITA. No. 160&161/2012)] ...

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20% TDS deduction is contrary to S.139A & discriminatory

Income Tax - Section 206AA of the Income Tax Act, which provides for furnishing a permanent account number, is contrary to Section 139A and discriminatory and therefore, read down from the statute for those persons, whose income is less than the taxable limit [A. Kowsalya & Others v. Union of India & Others (W.P 12780-12782/2010)] ...

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Transfer Pricing – Management service charges paid to AE

Income Tax - Management service charges paid to AE by the assessee, which is closely linked to core business activities of the assessee, benchmarked by applying TNMM at entity level is held to be appropriate. Need and benefit from intra-group management services demonstrated by the assessee upheld – [McCann Erickson India Pvt. Ltd. v. ADCIT (ITA No....

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AAR – subsidiary created for Indian business is PE of foreign applicant company as well as its group companies in India

Income Tax - This is a unique Ruling rendered by the AAR wherein the concept of PE of a group of companies has been discussed. It is well known that a subsidiary of a foreign company is not enough to qualify the former as a PE of later or its group companies. The mere existence of a company control is not, in fact, enough, in accordance with Article ...

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Omission of SDT by Finance Act 2017, renders it non-existent from inception: ITAT Bangalore

Texport Overseas Private Limited vs. DCIT (ITAT Bangalore) - Whether the omission of reference of section 40A(2)(b) from section 92BA by virtue of the amendment of Finance Act, 2017 w.e.f. 01.04.2017 shall be deemed not to be on the statute since its introduction w.e.f. 01.04.2012?...

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Tribunal cannot stay demand beyond maximum period of 365 days

Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited Vs CIT (Karnataka High Court) - The Tribunal is not authorized to extend stay of demand beyond maximum period of 365 days. The decision of Tribunal to extend stay of demand beyond 365 days amounted to contravention of provisions of the law.( Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited v. CIT (ITA. No. 1...

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Recent Posts in "CA Vispi T. Patel"

Omission of SDT by Finance Act 2017, renders it non-existent from inception: ITAT Bangalore

Texport Overseas Private Limited vs. DCIT (ITAT Bangalore)

Whether the omission of reference of section 40A(2)(b) from section 92BA by virtue of the amendment of Finance Act, 2017 w.e.f. 01.04.2017 shall be deemed not to be on the statute since its introduction w.e.f. 01.04.2012?...

Read More

Union Budget 2018-19 Tax Proposals

In the first budget since the end of demonetization and GST went online, the Finance Minister has again provided a thrust to the rural and agrarian economy, with the hope that it may stimulate growth. Please find enclosed herewith the Tax Bulletin analyzing the direct and indirect tax proposals as stated in the Budget....

Read More
Posted Under: Income Tax |

Tribunal cannot stay demand beyond maximum period of 365 days

Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited Vs CIT (Karnataka High Court)

The Tribunal is not authorized to extend stay of demand beyond maximum period of 365 days. The decision of Tribunal to extend stay of demand beyond 365 days amounted to contravention of provisions of the law.( Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited v. CIT (ITA. No. 160&161/2012)] ...

Read More

20% TDS deduction is contrary to S.139A & discriminatory

Section 206AA of the Income Tax Act, which provides for furnishing a permanent account number, is contrary to Section 139A and discriminatory and therefore, read down from the statute for those persons, whose income is less than the taxable limit [A. Kowsalya & Others v. Union of India & Others (W.P 12780-12782/2010)] ...

Read More
Posted Under: Income Tax |

Transfer Pricing – Management service charges paid to AE

Management service charges paid to AE by the assessee, which is closely linked to core business activities of the assessee, benchmarked by applying TNMM at entity level is held to be appropriate. Need and benefit from intra-group management services demonstrated by the assessee upheld – [McCann Erickson India Pvt. Ltd. v. ADCIT (ITA No....

Read More
Posted Under: Income Tax |

AAR – subsidiary created for Indian business is PE of foreign applicant company as well as its group companies in India

This is a unique Ruling rendered by the AAR wherein the concept of PE of a group of companies has been discussed. It is well known that a subsidiary of a foreign company is not enough to qualify the former as a PE of later or its group companies. The mere existence of a company control is not, in fact, enough, in accordance with Article ...

Read More
Posted Under: Income Tax |

Budget 2012 -13 – Income Tax Amendments

Deduction in respect of payment of Life Insurance Premium [section 80C] Deduction for life insurance premium as regards insurance policies issued on or after 1 April 2012 shall be available only if premium payable does not exceed 10% of actual capital sum assured. (reduced from 20 %)...

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Posted Under: Income Tax |

Analysis of SC judgment in the case of Vodafone International Holdings B.V. Vs. UOI

Vodafone International Holdings B.V. (VIHB), a Dutch based Vodafone entity, acquired a controlling stake in Hutchison Essar Limited [(HEL), now known as Vodafone Essar Limited VEL)], an Indian company, from Cayman Islands based Hutchison Telecommunications International Limited (HTIL) by acquiring shares of CGP Investment (CGP), a Cayman ...

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Posted Under: Income Tax |

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