Widening of the scope of power of Transfer Pricing Officer in context of Section 92CA of the Income Tax Act, 1961 An Analogous study
In the last few years the Government of India has taken many steps in order to strengthen the Transfer Pricing (Taxation) regime in India. A series of amendment has been introduced in order to enhance the ambit of tax base and consequent increase in the revenue. The latest step in this direction was the extension… Read More
Tags: CBDT, Finance Act, Government of India, Income Tax Act 1961, India, Order of Australia, Taxation in India, The Income-tax Act 1961, transfer pricing
TDS Credit has to be given despite TDS Certificate entry is not displayed in Form 26AS
CLR Editorial Note: In this case or TDS credit, the assessee claimed credit for TDS which was denied by the Assessing Officer on the ground that the claim did not match the entries shown in Form No. 26AS and that there was a discrepancy. On appeal by the assessee, the CIT(A) held that the assessee… Read More
Tags: Bombay High Court, Commonwealth Law Reports, Delhi High Court, Income tax, India, Order of Australia, Tax, Tax Deducted at Source, TDS
HC issues strict guidelines in order to end CBDT™s TDS credit & refund adjustment harassments
CLR Editorial Note: A letter dated 30th April 2012 was addressed to the High Court, by Anand Parkash, FCA, in which numerous problems were highlighted which mentioned about the hassles being faced by assesses across the Country owing to the faulty processing of the Income Tax Returns and non-grant of TDS credit & refunds. It was claimed… Read More
Tags: Case Laws, Caselaws, CBDT, Commonwealth Law Reports, High Court, Income tax, Order of Australia, Taxation in India, TDS, The Honourable
Safe Harbour Rules under Section 92CB of IT Act Finalized
Safe Harbour Rules Finalized after Considering Comments of Various Stake Holders ; Rules to be Applicable for 5 Assessment Years Beginning from Assessment Year 2013-14 Section 92CB of the Income-tax Act provides for framing of safe harbour rules. The determination of arms length price u/s 92C or 92CA of the Act is subject to these… Read More
Tags: Business process outsourcing, KPO, National Football League Draft, Order of Australia, Press Release, Tax, Taxation in India, TPO
High Court Explains Why Section 43B applies To Employees PF
Ratio of the case: Due date in Section 36(1)(va) for payment of employees™ Provident Fund, ESIC etc contribution should be read with section 43B(b) to mean due date for filing ROI CLR Editorial Notes: The assessee collected employees™ Provident Fund contribution for payment to the provident fund authorities. However, the amount was not paid to the provident… Read More
Tags: CIT, Employee Provident Fund, High Court, Income Tax Act, Income Tax Act 1961, Order of Australia, Provident Fund, Rate of return
Section 54/54F deductions are allowed for purchase of multiple independent house units
Ratio Decidendi: The Andhra Pradesh High Court decided in this case that the ITAT Special Bench Verdict on purchase of multiple under Section 54/54F is not good law. A purchase of two residential flats entitles the buyer to an exemption u/s 54 of the IT Act with respect to capital gains on sale of the properties. CLR… Read More
Tags: Andhra Pradesh High Court, Capital Gain, CIT, Commonwealth Law Reports, Hyderabad, Income tax, Order of Australia, Ratio decidendi
FII™s securities transactions™ profits cannot be assessed as business profits™
CLR Editorial Note: An appeal was placed with the Tirbunal by the assessee which was directed against an earlier order of the CIT(A) Mumbai for the assessment year 2007-08. The appeal was made on the following grounds :- 1. Based on the facts and circumstances of the case, the learned Commissioner of Income-tax (Appeal) [CIT(A)] erred in upholding… Read More
Tags: Appeal, CIT, Income tax, India, Mumbai, Order of Australia, Royal Bank of Canada, Scotland
Interest Payment at 15% u/s 40A(2)(b) to related parties is not considered to be excessive
CLR Editorial Notes: This appeal was presented by the assessee for the assessment year 2007-2008 which was directed against the order of the CIT(A)-XXI. The contention of the assessee was that the CIT (A) had erred in confirming the addition u/s 40A(2)(b) of a said amount which was alleged to be an excessive payment of interest by 3%, and also overlooked the… Read More
Tags: Appeal, CIT, Commonwealth Law Reports, Finance Act, HUF, Order (biology), Order of Australia, transfer pricing
Share application money is not loan or advance
Ratio Decidendi: Money paid in advance for Share application cannot be treated as loan or advance or Deemed Dividend as under Section 2(22)(e) of the IT Act. CLR Editorial Note: The assessee was a beneficial shareholder of two companies named Kingston Properties P Ltd. (KPPL), New Dimensions Consultants P Ltd (NDCPL) & R. S. Estate Developers P Ltd… Read More
Tags: Advance payment, Allotments, CIT, Commonwealth Law Reports, Dividend, Full Case Document, Gardens, ITAT Mumbai, Mumbai, Order of Australia
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