Order of Australia

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: CBDTFinance ActGovernment of IndiaIncome Tax Act 1961IndiaOrder of AustraliaTaxation in IndiaThe Income-tax Act 1961transfer 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 CourtCommonwealth Law ReportsDelhi High CourtIncome taxIndiaOrder of AustraliaTaxTax Deducted at SourceTDS

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 LawsCaselawsCBDTCommonwealth Law ReportsHigh CourtIncome taxOrder of AustraliaTaxation in IndiaTDSThe 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 outsourcingKPONational Football League DraftOrder of AustraliaPress ReleaseTaxTaxation in IndiaTPO

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: CITEmployee Provident FundHigh CourtIncome Tax ActIncome Tax Act 1961Order of AustraliaProvident FundRate 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 CourtCapital GainCITCommonwealth Law ReportsHyderabadIncome taxOrder of AustraliaRatio 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: AppealCITIncome taxIndiaMumbaiOrder of AustraliaRoyal Bank of CanadaScotland

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: AppealCITCommonwealth Law ReportsFinance ActHUFOrder (biology)Order of Australiatransfer 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 paymentAllotmentsCITCommonwealth Law ReportsDividendFull Case DocumentGardensITAT MumbaiMumbaiOrder of Australia

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