769 5 june_2014
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This document provides a summary of recent legal landmarks across various jurisdictions in India. It lists 6 cases with details of the authority, section/rules discussed, ratio or key consideration of the case, and citation and name of the assessed party. Some of the key issues addressed include the tax treatment of retention money withheld by an employer, tax deducted at source on payments made abroad, transfer pricing considerations for valid contracts, deemed income from payments made to related parties, the duty of the CIT to consider audit reports, and the opportunity to be heard regarding transfer of assessment to another jurisdiction.
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This document provides a summary of recent legal landmarks across various tax authorities in India. It lists 6 cases from different High Courts and Tax Appellate Tribunals pertaining to sections like 92C, 2(22), 80HHC, 40(a)(ia), 48, and 145 of the Income Tax Act. Each case provides the section number, ratio or key legal principle established, citation details, and name of the taxpayer involved. The document summarizes important tax rulings on issues like transfer pricing, deemed dividend, deductions, disallowances, capital gains computation, and accounting methods.
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This document provides a summary of recent legal landmarks related to taxation. It lists 6 cases from various High Courts and Tax Appellate Tribunals across India. For each case, it provides the authority, relevant section/rules of the Income Tax Act, a brief ratio or principle from the case, and case name and citation. The cases addressed a range of tax issues like what expenses need to be added to income, application of transfer pricing methods, comparable filters for transfer pricing adjustments, interest rates on loans to foreign affiliates, and questioning of payments to related parties.
1496 8 july_2016
1. The Supreme Court ruled that the period of a special audit is excluded when computing the time limit to complete a block assessment.
2. The Gujarat High Court allowed a company's claim for tax exemption under section 10B because the Development Commissioner had approved it as a 100% EOU rather than a SEZ unit.
3. The Kolkata Income Tax Appellate Tribunal ruled that merely using the word "agency" in an agreement does not necessarily create an agency relationship, so a company was not required to deduct taxes on payments made to overseas organizations.
807 19 july_2014
This document provides a summary of recent legal landmarks across various authorities and courts in India. It lists 6 cases covering topics like concealment penalty on a foreign company's liaison office, allowability of business expenses on commission paid by a distributor to sub-distributor, quashing of an order of revision when grounds differed from notice, income being taxable on accrual basis when following mercantile accounting, preponement of hearing not invalidating a valid transfer order when additional time was given to file submissions, and reasons for reassessment specifically indicating undisclosed material facts.
Practical issues in TDS
The document discusses various case studies related to tax deduction at source (TDS) under the Indian Income Tax Act and analyzes related legal issues and case laws. It covers topics like TDS on salary, interest, rent, technical services fees, etc. and discusses whether the relevant sections were applicable in each case and if penalties for non-deduction/short deduction of TDS were justified. It also briefly discusses some other related topics like consequences of failure to deduct TDS and provisions for disallowance of expenses if TDS is not deducted.
1488 29 june 2016
This document provides a summary of recent legal landmarks in India:
1. The Mumbai ITAT ruled that stay on tax demands should be granted where there was no assignment or transfer of call options by a company to indirectly acquire shares in an Indian company.
2. The Mumbai ITAT also ruled that penalty for concealment could not be levied solely due to differences in pricing methodologies between the assessing officer and the assessed.
3. The Mumbai ITAT further ruled that amendments to section 92B of the Income Tax Act regarding corporate guarantees only apply prospectively, not retrospectively prior to the date of amendment.
753 17 may_2014
This document provides a summary of recent legal landmarks from various tax authorities in India. It lists 6 cases from authorities in Hyderabad, Delhi, and Mumbai. Each case listing includes the section/rules of the Indian Income Tax Act involved, a brief summary of the ratio or legal principle established, and the name of the assessed party. The cases addressed issues relating to transfer pricing comparables, extension of stay of demand, application software expenditures, and commission payments subject to tax deduction at source.
750 14 may_2014
This document provides a summary of recent legal landmarks related to taxation in India. It lists 6 cases from various High Courts and the Income Tax Appellate Tribunal. For each case it provides the authority, section/rules discussed, key ratio or principle from the case, citation details and name of the taxpayer involved. The cases relate to issues like penalty orders, tax recovery, transfer pricing adjustments, deductions, and allowability of provisions for bad debts.
734 24 april_2014
The document provides a summary of recent legal landmarks related to taxation in India. It lists 6 cases with details of the authority, section/rules discussed, key ratio or reasoning from the case, and case name. The cases covered topics like additions of bogus purchases, assessment orders without supplying documents, transfer pricing adjustments, capital gains exemption, unexplained investments, and principles of natural justice in settlement orders.
776 13 june_2014
This document provides a summary of recent legal landmarks across various authorities and courts in India:
1. The Mumbai ITAT ruled that a creditor's liability ceases to exist if they have not demanded payment for over 10 years, citing the case of Asht Laxmi Diamond & Jewellery.
2. The Karnataka HC ruled that expenses incurred under a terminated contract where no payment was received can be claimed as a business expenditure, citing the case of Asia Power Projects (P.) Ltd.
3. The Kolkata HC ruled that reasons given for reopening a tax case cannot be later amended through an affidavit, citing the case of Asiatic Oxygen Limited.
793 3 july_2014
1. The document lists recent legal landmarks from various courts and tribunals in India relating to taxation.
2. It summarizes six cases, providing the section/rules of the Income Tax Act involved, a brief description of the ratio (legal principle) decided, and the citation and subject of the case.
3. The cases addressed a range of issues including what material is needed from the assessing officer to justify a settlement demand, when a preliminary notice needs to be issued for a settlement application, when penalty can be levied for documents related to a group of companies, and whether certain types of orders and deductions are appealable.
783 21 june_2014
This document provides a summary of recent legal landmarks across various authorities and cases. It lists 6 cases with details of the authority, sections/rules considered, ratio or key consideration of the case, citation, and name of the assessee. Case 1 discusses whether usance charges paid to a non-resident would be considered interest income. Case 2 considers whether gifts distributed by a company with its stamp would allow deduction of related expenses. Case 3 examines whether capital gains can be taxed based solely on a development agreement.
Legal landmark 506
This document is a letter from Anand Mehta & Co. consulting firm listing recent legal landmarks and case rulings. It includes 6 cases summarized with the case name, authority, relevant section/rule, and key ratio. The cases cover topics like capital gains tax exemptions, transfer pricing assessments, business expense deductions, and applicability of double taxation treaties. The letter is providing this information to an unnamed client and offers additional assistance if needed.
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