Relief To Vodafone: Supreme Court Dismisses Dept’s SLP On Taxability Of Interconnect Charges And TDS Liability Fastening Basis Retrospective Amendment
The Supreme Court Dismissed the department's Special Leave Petition (SLP) on taxability of interconnect charges and TDS liability fastening basis retrospective amendment.
The court relied...
Relief To MITSUBISHI CORPORATION: AO Can’t Object ITAT’s Decision Allowing Assessee To Set Up Fresh Claim: Delhi High Court
The Delhi High Court held that AO can't object to ITAT's decision allowing assessee to set up fresh claim.
The court observed that while ordinarily...
Reducing Tax From 20% to 12.5% & Withdrawing Indexation On LTCG Is A Clear Act Of Looting Citizens, Understand With Illustrations
Recently, the Union Finance Minister in the Union Budget 2024 has announced the reduction of the tax on long-term capital gains (LTCG) arising on...
Receipt From Supply Planning Services Can’t Be Taxed As Fees For Technical Services/Royalty : ITAT
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench ruled that receipt from supply planning services cannot be taxed as fees for technical services/royalty.
The Tribunal...
Addition Made Purely On Employees’ Statement Not Sustainable: ITAT Deletes Income Tax Addition Of Rs. 1.68 Crores
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench has upheld the deletion of the income tax addition of Rs. 1.68 Crores which was made...
Mere Omission To Give Correct Information Is Not Suppression Of Facts Unless It Was Deliberate To Stop Payment Of Duty: Chhattisgarh High Court
The Chhattisgarh High Court has held that mere omission to give correct information is not suppression of facts unless it was deliberate to stop...
ITAT Upholds Assessee’s Claim Within The Period Of 3 Years From The Sale Of Land
The Income Tax Appellate Tribunal, Ahmedabad upheld the Assessee's claim within the Period of 3 years from the sale of land.
The bench observed that...
Notice Initiating Assessment Proceedings In The Name Of Deceased Assessee Is Void Ab-Initio: ITAT
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench held that notice issued initiating assessment proceedings in the name of deceased assessee is void ab-initio.
The...
Impermissible For TPO To Doubt Commercial Soundness Of Expenditure That May Be Incurred: Delhi High Court
The Delhi High Court ruled that it is impermissible for Transfer Pricing Officer to doubt commercial soundness of expenditure that may be incurred.
The bench...
Whether International Transactions With Non-Korean AEs Similar To MAP Covered Korean AE: ITAT Remit Back TP Adjustment To TPO
The Income Tax Appellate Tribunal, Chennai, remitted back the Transfer Pricing adjustment to Transfer Pricing Officer while stating that whether international transactions with Non-Korean...
Temple Not In Same State As It Was Prior To Demolition Is A Matter Of Genuine Hardship: Karnataka High Court Condones Delay In Filing...
The Karnataka High Court has condoned the delay in filing the return by the petitioner, Sri. Muthu Mariayamma Devasthana Trust.
The court noted that the...
Foreign Tax Credit Claim Tallied With Computation: Madras High Court Directs Income Tax Dept. To Reconsider
The Madras High Court has directed the department to reconsider the claim of Foreign Tax Credit.
The court on examining the company tax return and...
Black Money Act: Tax Clearance Certificate Mandatory to Fly Abroad
The Union Finance Minister Nirmala Sitharaman has recently proposed an amendment in the Income Tax Act to include Black Money Act, 2015 for Obtaining...
Delhi High Court Directs Income Tax Department To Process Application For Exemption Made By NOIDA
The Delhi High Court has directed the income tax dept. to process application for exemption made by New Okhla Industrial Development Authority (NOIDA).
The court...
ALP On Account Of Corporate Guarantee At 0.50% On Guaranteed Amount Is Proper Commission: ITAT
The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench direct the Assessing Officer/learned TPO to adopt the same at 0.50% on the guaranteed amount.
The corporate...
Relief To Axis Bank: Discount On ESOPs Is Allowable As Deduction: ITAT
In a major relief to Axis Bank, the Income Tax Appellate Tribunal (ITAT) Ahmedabad bench has ruled that the ESOP scheme under consideration was...
Imparting Education Through Virtual Mode Or By Adoption Of New Technologies Qualifies Income Tax Exemption: Delhi High Court
The Delhi High Court ruled that imparting education through virtual mode or by adoption of new technologies qualifies Income Tax Exemption.
The court noted that...
No Income Tax Payable On Tamil Nadu Advocates welfare Fund: ITAT
The Income Tax Appellate Tribunal Chennai, ruled that no income tax payable on Tamil Nadu Advocates welfare fund.
The tribunal noted that the Tamil Nadu...
Bandwidth Services Provided Outside India Not Taxable As ‘Royalty’: Delhi High Court
The Delhi High Court ruled that the bandwidth services provided outside India are not taxable as royalty.
The court opined that the legal position in...
Whether ‘Royalty’ Is A ‘Tax’; Supreme Court Directs The Matter To Be Before Appropriate Bench
The Supreme Court has presided over the controversy of whether ‘Royalty’ Is A ‘Tax’ or not.
The court concluded that royalty is in the nature...
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