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Direct Taxes (including International Taxation)
Expense before 1.4.2013shall be disallowed if TDS not deducted
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 20, 2015
Recently in Thomas George Muthoot vs. Assistant Commissioner of Income Tax, it was held that the assessee partner shall deduct TDS on the...
LIBOR plus 200 basis points appropriate method for arms length price for interest on loan
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 19, 2015
In the Bhansali & Co. vs. Assistant Commissioner of Income-tax, it was held that Interest charged as LIBOR plus 200 basis points on f...
No reassessment if there is no failure on the part of the assessee to disclose material fact duri...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 16, 2015
In Global Signal Cables (India) (P.) Ltd. Vs. Deputy Commissioner of Income Tax, it was held that after the expiry of 4 years, no reasses...
Capital gain chargeable on sale of assets if case is not of succession
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 14, 2015
In the Ana Labs vs. Deputy Commissioner of Income Tax, the High Court of Andhra Pradesh held that where the assessee firm sold its assets...
Legal expenditure for acquisition of a brand shall be revenue expenditure
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 12, 2015
Recently in Deputy Commissioner of Income Tax vs. Pan India Food Solutions (P) Ltd., it was held that the legal expenses incurred to acqu...
Appeal not maintainable when the assessment is made on the basis of consent of the assessee
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 11, 2015
Recently in Deep Kukreti vs. Commissioner of Income-tax, it was held that the appeal shall not be maintainable when the assessment is mad...
Software Development service and Software related services shall not be compared for TP
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 10, 2015
In Lear Automotive India (P.) Ltd. vs. Assistant Commissioner of Income-tax, it was held that a company providing exclusive software rela...
Availability of interest free funds for tax free investments then interest expense not to be disa...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 9, 2015
In Deputy Commissioner of Income-taxvs. Gujarat Narmada Valley Fertilizers Co. Ltd., it was held that the assessee having the interest fr...
Salary reimbursement to NR parent company from its Indian subsidiary shall not be taxable in India
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 7, 2015
Recently in Morgan Stanley International Incorporated vs. Deputy Director of Income-tax, it was held that the NR rendering support servic...
3-in-1 Mantras of ELSS – Invest, Save and Earn
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 7, 2015
Options are numerous when it comes to tax saving. Mere knowing of all the options is not enough. Investment in haphazard manner may not e...
Notional loss on option contract being speculative in nature, not deductible
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 5, 2015
In Shankara Infrastructure Materials Ltd. vs. Assistant Commissioner of Income-tax, it was held that the assessee engaged in trading busi...
Absence of the word ‘Works contract’ in the Agreement will not convert it to Sale Agreement
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 3, 2015
Recently in Thirumalai Ready Mix Concrete vs. State of Puducherry, the High Court held that the mere absence of the word ‘Works contrac...
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