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Income Tax : ITAT Delhi held that advertisement and distribution revenue earned by Discovery Asia Inc. is taxable as per Mutual Agreement Resol...
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Income Tax : ITAT Ahmedabad held that denial of Foreign Tax Credit [FTC] on the ground that corresponding income has not been offered for tax i...
Income Tax : ITAT Ahmedabad rules procedural delays in filing Form 67 cannot deny Foreign Tax Credit under Section 90 of the Income Tax Act. Re...
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ITAT Delhi held that advertisement and distribution revenue earned by Discovery Asia Inc. is taxable as per Mutual Agreement Resolution (MAP) as decided by competent authority of India & USA. Accordingly, appeal allowed partially.
Punjab and Haryana High Court held that the same assessing officer is required to pass an order under the new scheme after giving notice under Section 148 of the old Act. Thus, all the writ petition are dismissed.
In the instant case, assessee had not filed any return within stipulated time framed u/s 139(1), but had filed the return u/s 139(8A) (updated return) on 31.03.2023 along with Form 67 filed online on the said date claiming FTC.
ITAT Ahmedabad held that denial of Foreign Tax Credit [FTC] on the ground that corresponding income has not been offered for tax in the year under appeal is not justifiable. Accordingly, FTC allowed.
ITAT Ahmedabad rules procedural delays in filing Form 67 cannot deny Foreign Tax Credit under Section 90 of the Income Tax Act. Relief granted to the taxpayer.
ITAT Ahmedabad directs CIT(A) to decide the denial of Foreign Tax Credit (FTC) due to delay filing of Form No. 67 to be decided with other pending appeal of the same assessment year. Accordingly, matter remitted to CIT(A).
Hire charges of a vessel did not constitute ‘Royalty’ as it was in the nature of business income and as there was no Permanent Establishment therefore, no taxability arose on account of business income.
A person residing in USA desirous of transferring money to an individual or an entity in India, approaches a branch or an outlet of the assessee and transfers the money in USDs, together with the charges prescribed by the respondent-assessee.
Although Rule 128(9) requires Form 67, assessee’s compliance within this rule during the rectification stage demonstrated a good faith or effort to fulfil procedural requirement.
ITAT Kolkata held that since filing of Form 67 is procedural in nature, delay in filing of the same cannot be the reason for denial of relief under section 90 of the Income Tax Act. Accordingly, appeal allowed.
