The assessee, an Indian company remitted mobilization & demobilization charges of Rs. 8.65 crs by way of reimbursement to its parent company, a company based in Netherlands. The assessee applied to the AO u/s 195 (2) for a Nil withholding rate though the AO held that tax had to be deducted at 11%.
The applicant, a resident of Mauritius, was a subsidiary of a USA company. It received capital contribution and loans from the USA parent which were used to purchase shares in ILFS, an Indian company. On sale of the shares, the applicant earned capital gains which were chargeable to tax under the Act.
Authority for Advance Rulings (AAR) [2010-TIOL-07- ARA-IT] in the case of Amiantit International Holding Ltd. (Applicant) on the issue of whether the transfer of shares held by the Applicant in an Indian company, to its Cyprus-based 100% subsidiary under a re-organization scheme, is taxable as per the provisions of the Indian Tax Law (ITL)
Delhi High Court (HC) [2010-TIOL-139-HC-DEL-IT] in the case of Idea Cellular Ltd. (Taxpayer) on the issue whether the discount retained by Prepaid Market Associates (PMAs) on sale of Subscriber Identification Module (SIM) cards or recharge coupons belonging to the Taxpayer is liable for withholding tax, under the provisions of Indian Tax Law (ITL)
The facts in brief leading to the controversy are that unaccounted commission earned by the assessee was unearthed during the search. In his return of income, the assessee claimed expenditure incurred to earn the said income which the Assessing Officer disallowed under sec.69C of the Act. The CIT (A) deleted this disallowance by observing that sec.69C along with the pro
The concept of sub-contract is intrinsically linked with section 194C(2); if there is no sub-contract then the person making payment is not liable to deduct tax at source even if payment is being made to a resident.
The applicant is a Company incorporated under the laws of Germany and is engaged in the business of architectural designs and drawings. In response to a tender invited by the Govt. of Tamil Nadu for preparation of designs and rawings
Supreme Court in the case of Shahjada Nand & Sons Vs CIT [1997] 108 ITR 358 in which the apex court held that commission paid to the employees is allowable and there is no need for any contractual obligation or extra services performed by the assesses We therefore are of the opinion that the commission payment of Rs. 30 lacs
The deduction under section 10A is not an exemption but only a deduction under Chapter III of the Income-tax Act and the provisions of section 80AB of Chapter VIA would not be applicable to such deduction under section 10A, and also deduction under section 10A is undertaking specific.
The words the whole of the amount of profits and gains of business in section 80P(2)(a) emphasise that the income in respect of which deduction is sought must constitute the operational income and not the other income which accrues to the Society.
