CA Vispi T. Patel

CBDT amends Rule 10CB relating to interest income computation for secondary adjustments

Income Tax - CBDT amends Rule 10CB relating to interest income computation for secondary adjustments (Notification No. 76/2019/ F.No.370142/12/2017-TPL) Introduction The Finance Act, 2017 inserted Section 92CE in the Income-tax Act, 1961 (the Act) w.e.f. 1 April, 2018 to provide for secondary adjustment, where, as a result of primary adjustment to the...

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Taxation Laws (Amendment) Ordinance, 2019 – Key Changes

Income Tax - HIGHLIGHTS OF THE TAXATION LAWS (AMENDMENT) ORDINANCE, 2019 The President has promulgated an Ordinance dated 20 September, 2019 to amend the Income-tax Act, 1961 and the Finance (No.2) Act, 2019. The Ordinance promulgated is THE TAXATION LAWS (AMENDMENT) ORDINANCE, 2019, hereafter referred to as “the Ordinance”. The Ordinance shall co...

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Key Income tax amendment to Finance Bill 2019 passed by Lok Sabha

Income Tax - Key direct tax amendment to the Finance Bill (No. 2), 2019, as passed by Lok Sabha on 18 July 2019 The Lok Sabha has passed the Finance (No. 2) Bill, 2019 on July 18, 2019, which was presented originally in the Lok Sabha on July 5, 2019. Certain changes have been made to the original […]...

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Validity of CBDT circular incentivising CIT(A) to pass orders in a particular manner

Income Tax - CBDT is empowered to lay down broad guidelines for disposal of appeals by CIT(A). However, it cannot offer ‘incentives’ to CIT(A) for making enhancement and levying penalty. Such policy transgresses the exercise of quasi-judicial powers of the CIT(A) and is wholly impermissible and invalid under section 119 of the Act....

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Key Amendments to Form no. 3CD effective from 20 August 2018

Income Tax - CBDT vide Notification No. 33/2018 amends Form no. 3CD in respect of tax audit under section 44AB. The new reporting requirements, especially with reference to secondary adjustment, limitation on interest deduction, GAAR, Country-by-country Report, etc. are onerous and obligatory on the taxpayers and chartered accountants. Introduction: T...

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SC Ruling: Effect of dismissal of SLP filed before Supreme Court

Khoday Distilleries Ltd. Vs Sri Mahadeshwara Sahakara Sakkare Karkhane Ltd. (Supreme Court of India) - In the case of Khoday Distilleries Ltd. The SC has explained the judicial effect of the dismissal of a Special Leave Petition, filed under Article 136 of the Indian Constitution....

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TPO cannot suo-motu assume jurisdiction to determine ALP price of SDT not referred to him

Times Global Broadcasting Company Ltd vs. Union of India & Ors. (Bombay High Court) - Hon’ble Bombay High Court (HC) held that the transfer pricing officer (TPO) cannot suo-motu assume jurisdiction to determine the arm’s length price (ALP) of specified domestic transactions (SDT) not referred to him....

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Determination of PE for Services Provided by Seconded Employees in India

Samsung Electronics Co. Ltd. Vs. DCIT (Int. Taxation)- ITAT Delhi - Samsung Electronics Co. Ltd. Vs. DCIT (Int. Taxation)- ITAT Delhi Analysis of the Samsung Case on the Determination of a Permanent Establishment (PE) for Services Provided by Seconded Employees of a Korean Parent to Its Subsidiary in India This article examines the ruling of the Delhi Bench of the I...

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AAR on Determination of PE and other connected issues in Master Card Case

In re MasterCard Asia Pacific Pte Ltd (Authority for Advance Rulings) - AAR has held that digital and other connected equipments can, depending on the business model, determine the formation of a permanent establishment of a non-resident enterprise in India. There are also other related issues which will have ramifications on the methodology of conducting business in In...

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Lease equalisation charges allowable expense; ICAI Guidance Note carries great weight: SC

CIT Vs Virtual Soft Systems Ltd. (Supreme Court of India) - Supreme Court Ruling – The Guidance Note issued by Institute of Chartered Accountants of India on lease rental income which helps to compute lease equalisation charges, held to be allowable as a deduction. There is no express bar in the Income-tax Act, 1961 regarding the application of such accoun...

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CBDT Extends CbCR deadline for constituent entities having parent entity in USA

Circular No. 07/2019-Income Tax - (08/04/2019) - The Circular has extended the due date to 30 April 2019, for furnishing Country-by-Country Reports (CbCRs), in respect of reporting accounting years ending up to 29 April 2018. The earlier extended due date for such filing was 31 March 2019. This is applicable only to those constituent entities, who...

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Recent Posts in "CA Vispi T. Patel"

CBDT amends Rule 10CB relating to interest income computation for secondary adjustments

CBDT amends Rule 10CB relating to interest income computation for secondary adjustments (Notification No. 76/2019/ F.No.370142/12/2017-TPL) Introduction The Finance Act, 2017 inserted Section 92CE in the Income-tax Act, 1961 (the Act) w.e.f. 1 April, 2018 to provide for secondary adjustment, where, as a result of primary adjustment to the...

Read More
Posted Under: Income Tax |

Taxation Laws (Amendment) Ordinance, 2019 – Key Changes

HIGHLIGHTS OF THE TAXATION LAWS (AMENDMENT) ORDINANCE, 2019 The President has promulgated an Ordinance dated 20 September, 2019 to amend the Income-tax Act, 1961 and the Finance (No.2) Act, 2019. The Ordinance promulgated is THE TAXATION LAWS (AMENDMENT) ORDINANCE, 2019, hereafter referred to as “the Ordinance”. The Ordinance shall co...

Read More
Posted Under: Income Tax |

Key Income tax amendment to Finance Bill 2019 passed by Lok Sabha

Key direct tax amendment to the Finance Bill (No. 2), 2019, as passed by Lok Sabha on 18 July 2019 The Lok Sabha has passed the Finance (No. 2) Bill, 2019 on July 18, 2019, which was presented originally in the Lok Sabha on July 5, 2019. Certain changes have been made to the original […]...

Read More
Posted Under: Income Tax |

Validity of CBDT circular incentivising CIT(A) to pass orders in a particular manner

CBDT is empowered to lay down broad guidelines for disposal of appeals by CIT(A). However, it cannot offer ‘incentives’ to CIT(A) for making enhancement and levying penalty. Such policy transgresses the exercise of quasi-judicial powers of the CIT(A) and is wholly impermissible and invalid under section 119 of the Act....

Read More
Posted Under: Income Tax |

SC Ruling: Effect of dismissal of SLP filed before Supreme Court

Khoday Distilleries Ltd. Vs Sri Mahadeshwara Sahakara Sakkare Karkhane Ltd. (Supreme Court of India)

In the case of Khoday Distilleries Ltd. The SC has explained the judicial effect of the dismissal of a Special Leave Petition, filed under Article 136 of the Indian Constitution....

Read More
Posted Under: Income Tax |

CBDT Extends CbCR deadline for constituent entities having parent entity in USA

Circular No. 07/2019-Income Tax (08/04/2019)

The Circular has extended the due date to 30 April 2019, for furnishing Country-by-Country Reports (CbCRs), in respect of reporting accounting years ending up to 29 April 2018. The earlier extended due date for such filing was 31 March 2019. This is applicable only to those constituent entities, whose parent entities are resident in USA....

Read More

TPO cannot suo-motu assume jurisdiction to determine ALP price of SDT not referred to him

Times Global Broadcasting Company Ltd vs. Union of India & Ors. (Bombay High Court)

Hon’ble Bombay High Court (HC) held that the transfer pricing officer (TPO) cannot suo-motu assume jurisdiction to determine the arm’s length price (ALP) of specified domestic transactions (SDT) not referred to him....

Read More

Determination of PE for Services Provided by Seconded Employees in India

Samsung Electronics Co. Ltd. Vs. DCIT (Int. Taxation)- ITAT Delhi

Samsung Electronics Co. Ltd. Vs. DCIT (Int. Taxation)- ITAT Delhi Analysis of the Samsung Case on the Determination of a Permanent Establishment (PE) for Services Provided by Seconded Employees of a Korean Parent to Its Subsidiary in India This article examines the ruling of the Delhi Bench of the Income Tax Appellate Tribunal (ITAT or [&...

Read More

Key Amendments to Form no. 3CD effective from 20 August 2018

CBDT vide Notification No. 33/2018 amends Form no. 3CD in respect of tax audit under section 44AB. The new reporting requirements, especially with reference to secondary adjustment, limitation on interest deduction, GAAR, Country-by-country Report, etc. are onerous and obligatory on the taxpayers and chartered accountants. Introduction: T...

Read More
Posted Under: Income Tax |

Analysis of Supreme Court Judgments on Permanent Establishment

The general principle of taxation is that a person, who is resident of a country, would normally be taxable on his/its global income. However, as a rule of exception to this general principle, a person may also be taxed in the country of source i.e., the place where the business of a person is carried on, though he may be a resident of an...

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Posted Under: Income Tax |

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