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Direct Taxes (including International Taxation)
SFIS benefit available to Indian Subsidiary of Foreign Company
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 1, 2015
Recently, in Yum Restaurants (I) Pvt. Ltd. vs. Union of India, the Delhi High Court held that no provision in the Foreign Trade Policy de...
Refund allowed even if proceeding is pending before Higher Authority
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 30, 2015
In National Leather Cloth Mfg. Co. vs. The Union of India and others, Bombay High Court held that the Department can not deny the refund ...
Renting Building for Hotel: Not a Taxable Service
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 30, 2015
Recently in Jai Mahal Hotels (P) Ltd. Vs. Commissioner of Central Excise, Jaipur, it was held that renting of building for hotel is not l...
No PE under India-France DTAA if transactions are at ALP
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 27, 2015
In Director of Income tax (IT)I vs. Delmas France, the Tribunal was of view that the Revenue did not demonstrated that transaction betwee...
Undisclosed income shall not be used to set-off unabsorbed losses or depreciation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 27, 2015
In Mahalaxmi Motors Ltd. vs. Secretary, Income-tax Settlement Commission, Chennai, High Court of Andhra Pradesh held that if there existe...
Cash deposit in excess of Rs. 10lakhs does not imply that income has escaped assessment
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 26, 2015
In a recent case, Bir Bahadur Singh Sijwali Vs. ITO, the assessee has deposited cash of more than Rs. 10lakhs in bank. The AO has reopene...
Forex loss is not out of the purview of operating cost
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 21, 2015
In a recent case it was held that the foreign exchange fluctuation loss shall be considered as a part of the Operating Cost. Facts of the...
Business Loss not to be set off against Lottery Income
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 19, 2015
In the case, Commissioner of Income-tax, Chennai vs. Dr. M.A.M. Ramaswamy, it was held that business loss could not be set-off from winni...
Renting Income from terrace is taxable under house property thus deductions u/s 24(a) available
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 18, 2015
In a case it was held that the terrace is certainly a part of the building. The rental income received from renting such terrace for inst...
Mistakes shall have to be apparent from record for rectification under section 154
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 17, 2015
Recently in a case, it was held that the proceedings initiated u/s 154 by the Assessing Officer was dismissed on the ground that mere cha...
Fees for Legalizing Construction is not an allowable expense
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 17, 2015
In Nahar Spinning Mills Ltd. vs. Commissioner of Income-tax, Ludhiana, High Court held that the expense incurred for legalizing the const...
Functional Dissimilarity is not Optimal Basis for Comparison for ITES Provider
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 16, 2015
Recently in Flagstone Underwriting Support Services India (P.) Ltd. vs. Deputy Commissioner of Income-tax, Circle 1 (3), Hyderabad, it wa...
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