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How NRI can save TDS on selling immovable property in India
Are you an NRI facing huge TDS on sale of your immovable property located in India? If yes, this article is for you to read. The word “Act” in this…
Budget 2023- No Deduction if payment is delayed to MSE, Section 43B
Budget 2023 has proposed a significant amendment in section 43B of the Income Tax Act
Royalties/fees for technical services – Marketing services 
SLP dismissed against impugned order of High Court that where assessee-company made payments to US Company for marketing services and scope of work was to generate customer leads using/subscribing customer…
Scope of provision
 Where assessee-trust was created by a company to carry on and execute CSR activities and Commissioner rejected its application seeking registration under section 12AB and approval under section 80G without…
Contribution to BATF
Where assessee-company, engaged in mining business, contributed certain amount to Bellary Agenda Task Force (BATF) which was set up for development of infrastructure facilities, since such amount contributed by assessee…
Sub-section (2)(vii)(b) 
Where Assessing Officer issued a reopening notice under section 148 on ground that there was a difference between guideline value and sale consideration of property purchased by assessee, since there…
Cash deposit
Where assessee filed writ petition alleging that its reply to reopening notice issued on ground that assessee had made huge cash deposit in his bank account during demonetisation period was…
Manufacture of books 
 Where Assessing Officer had disallowed deduction under section 80-IC claimed by assessee, since AO had not disallowed deduction on ground of violation of prescribed conditions but based on finding that…
Principle of natural justice-Personal hearing
 Where video recording of personal hearing indicated that petitioner's CA was heard patiently and he requested time for uploading written submissions, thus, petitioner's contention that no personal hearing was given…
CIRCULAR NO. RBI/2023-24/115 DOR.REG/LIC.NO.72/16.05.000/2023-24, DATED 17-01-2024
RBI revises eligibility criteria for UCBs in 2nd Sch. of RBI Act, aligning with the Revised Regulatory Framework
Royalties/fees for technical services
Broadcasting Services : Where assessee, a Singaporean company, sub-licensed sports broadcasting rights in relation to live feeds to Indian company, since a live feed cannot constitute a 'work' in which copyright…
Adventure in nature of trade
Where assessee along with other co-owners had purchased a land and thereafter established a partnership firm with same co-owners and entered into a development agreement with said firm to develop…
National Pension Scheme
Where lower authorities disallowed payments made by assessee of employee's contribution to National Pension Scheme on ground that same had been made beyond due date prescribed under relevant Act, since…
Bonus
Where tax auditor had certified bonus amount under section 43B as a pre-existing liability which was paid during previous year, same deserved to be allowed - Adani Enterprises Ltd. v. Deputy…
SECTION 68 OF THE INCOME-TAX ACT, 1961 – CASH CREDIT
 Where assessee received sum of certain amount from two persons as loan to invest in shares of a company and AO made additions under section 68 in name of assessee…
Stay of demand 
Where High Court by impugned order directed revenue to release lien on remaining fixed deposits only after assessee made a payment of Rs. 1500 crores in cash or gave a…
SECTION 54 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 – REFUND – TAX, REFUND OF
Where assessee preferred representation before revenue to consider refund claims problems because of faulty GSTN portal, considering submissions of assessee regarding denial of refund, revenue was directed to consider assessee's…
PRESS RELEASE: 2023-2024/1709, DATED 19-01-2024
Facility of exchange/deposit of Rs. 2000 banknotes will not be available on Monday, January 22, 2024: RBI
 DEEMED TO ACCRUE OR ARISE IN INDIA – DIVIDEND
Rate of tax : Where assessee filed revision application under section 264 seeking benefit of concessional rate of tax on dividend distributed to its foreign holding company , Pr CIT was…
 CHARITABLE OR RELIGIOUS TRUST – FRESH REGISTRATION PROCEDURE
Scope of provision : Where belated payment of TDS, short deduction of TDS PF/ESIC cannot be a ground for refusal of registration in terms of section 12AB(1)(b)(i) - Disha Education Society v.…
 SALARIES – PERQUISITE
Rent-free accommodation : Where Assessing Officer passed an order under section 201(1) holding that assessee was required to deduct TDS on perquisite value of accommodation provided to its employees at rate…
BUSINESS EXPENDITURE – ALLOWABILITY OF
Accommodation and travel : Where Assessing Officer disallowed 70 per cent of expenses incurred by assessee for arranging hotel accommodation and travel for its directors on ground that they were personal…
INCOME FROM OTHER SOURCES – CHARGEABLE AS
Valuation of shares : Where assessee-company issued shares to a party at certain premium and adopted discount cash flow (DCF) method for calculating Fair Market Value [FMV] of shares, since there…
DEEMED TO ACCRUE OR ARISE IN INDIA
Capital gain- Shares/units, transfer of : Where assessee, a tax-resident of Mauritius, invested in shares of an Indian company, thereafter made foreign remittance from sale of said investments and did not…
EDUCATIONAL INSTITUTIONS
Scope of provision : Where assessee-educational institution was approved under section 10(23C)(vi), no disallowance could have been made by applying provisions of sections 11 and 12 - Baba Hira Singh Bhattal Institute…
 CHARITABLE OR RELIGIOUS TRUSTS – APPLICATION OF INCOME
Depreciation : Where assessee-educational institute had not claimed cost incurred on acquisition of fixed assets as application of income, order disallowing depreciation as application of income was to be deleted - Baba…
 UNEXPLAINED MONEYS
Condonation of delay : Where assessee filed appeal with a delay of 5,318 days against Tribunal's order confirming addition of Rs. 50 lakhs as undisclosed income, since reasons set out in…
 MINIMUM ALTERNATE TAX
Computation of book profits : Where assessee incurred revenue expenditure during relevant year which was treated as deferred expenditure under intangible assets for write off over next few years and only…
ASSESSMENT – PRIMA FACIE ADJUSTMENT
Rectification of mistake : Where there was an error in intimation issued under section 143(1), assessee was to be directed to file application for rectification before Central Processing Centre, who shall…
SECTION 4 OF THE INCOME-TAX ACT, 1961 – INCOME – CHARGEABLE AS
Severance compensation : Severence compensation received by assessee on voluntary basis from his employer towards termination of his employment was a 'capital receipt' and, hence, not chargeable to tax - Shamik Pankajbhai…
 EXPENDITURE INCURRED IN RELATION TO INCOME NOT INCLUDIBLE IN TOTAL INCOME
General : Where assessee-film artist invested in shares and partnership firm, since expenses in nature of personal expenses were already disallowed, it would be fair to disallow an adhoc sum of…
EMPLOYEE’S CONTRIBUTION
PF/ESI : Employees' contribution to PF and ESI would not be allowable in case of assessee if it was remitted beyond due date prescribed under respective Acts - Himenviro Environmental Engineering Co.…
 BUSINESS EXPENDITURE – ALLOWABILITY OF
Foreign travel expenses : Where assessee-film artist claimed foreign travel expenses, however, he failed to produce any evidence to substantiate any nexus with foreign trip with professional activities carried out by…
CIRCULAR NO. 1/2024, DATED 23-01-2024
CBDT releases explanatory notes pertaining to provisions of the Finance Act, 2023
PRESS RELEASE, DATED 23-01-2024
Direct Tax to GDP ratio has increased from 5.62% in F.Y. 2013-14 to 6.11% in F.Y. 2022-23: CBDT
BUSINESS INCOME COMPENSATION
Termination fee : Compensation received by the assessee from RDG , Germany in out of court settlement towards termination of agency, distribution and manufacturing rights granted to it by RDG vide…
CAPITAL GAINS – SLUMP SALE, COST OF ACQUISITION IN CASE OF
Scope of : Where assessee entered into a business agreement and transferred its business as a going concern basis, since assessee had transferred only 'right to use immovable properties' and not…
CASH CREDIT
Bank deposit : Where assessee had two bank accounts in her name and she had sufficient cash in hand from corresponding cash withdrawals made by her from her one account which…
 UNEXPLAINED INVESTMENTS
Stamp duty : Where assessee had source of income such as tuition income, interest income and rental income which was converting to in cash since 20 to 25 years and she…
TRANSFER PRICING – COMPUTATION OF ARM’S LENGTH PRICE
Adjustment : Where TPO determined ALP of payment made by assessee towards 'intra-group services' at Rs. Nil on ground that assessee failed to demonstrate that it had received services or that…
Royalties/fees for technical services – Others
Channel placement fees was not royalty in terms of Explanation 2 to section 9(1)(vi) - 9x Media (P.) Ltd. v. Assistant Commissioner of Income-tax, 16(1) - [2024] 158 taxmann.com 681 (Mumbai - Trib.)
CHARITABLE OR RELIGIOUS TRUST – EXEMPTION OF INCOME FROM PROPERTY HELD UNDER
Voluntary corpus donations collected by assessee-educational society from parents of students enrolled in its schools would qualify for exemption under Section 11 - Deputy Commissioner of Income-tax, v. Sindhi Educational Society…
REMISSION OR CESSATION OF TRADING LIABILITY
Subsidy : Sales tax incentive received by assessee under 1993 Package Scheme of Incentives of Maharashtra Government was a capital receipt - Commissioner of Income-tax v. Indo Rama Textiles Ltd. - [2024]…
PRESS RELEASE:2023-2024/1774
Rbi bars ‘Paytm Payment Bank’ from accepting deposits or top-ups in any customers’ accounts/wallets after Feb 29, 2024
CHARGEABLE AS
Revision : Where case of assessee was selected for limited scrutiny assessment on sole issue of business expenses, Principal Commissioner could examine only that issue by invoking revision under section 263…
 DEEMED TO ACCRUE OR ARISE IN INDIA
Interest- Others : Where during year assessee had made remitance to a foreign company of amounts invested in earlier years and hence, no taxability arose during year, notice issued under section…
BUSINESS LOSS/DEDUCTIONS – ALLOWABLE AS
Revision : Where AO after calling for details and evidences from assessee had taken a plausible view by accepting explanation of assessee that loss debited to profit and loss account was…
Interest Income 
Where assessee, a Mauritius based company, was carrying on bona fide banking business in Mauritius, interest earned by it in India on securities, being beneficially owned by it, was exempt…
CASH CREDIT
Share application money : SLP dismissed against order of High Court that where during assessment proceedings assessee had disclosed all relevant information regarding companies from which it had received share application…
 DEEMED TO ACCRUE OR ARISE IN INDIA
Non Discrimination - Scope of provision : Where period in issue was assessment year 2006-07, amendment brought about in section 40(a) by virtue of Financial Act, 2014 would have no relevance,…
CAPITAL GAINS – SPECIAL PROVISION FOR COMPUTATION OF FULL VALUE OF CONSIDERATION
Where in assessment year 2016-17, department issued a notice for an unregistered property purchase and assessee raised objections in a writ petition, citing section 50C proviso, as no regular return…
CIRCULAR NO. SEBI/HO/MIRSD/SECFATF/P/CIR/2024/12, DATED 20-02-2024
SEBI directs intermediaries to centralize FATCA and CRS certifications at KYC Registration Agencies
TRANSFER PRICING – REFERENCE TO TPO
General : Where TPO passed TP order without considering or appreciating relevant statutory provisions as well as judgment of various High Courts relied upon by assessee , since said judgments relied…
Permanent establishment DAPE
 Where DRP erred in not dealing with issue of assessee company having a DAPE in India on merits and erroneously directed Assessing Officer for verifying if issue of DAPE was…
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