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- INNO ESTATES PVT. LTD. VS DISPUTE RESOLUTION PANEL & ANR.
HIGH COURT OF MADRAS, Jun 14, 2017 1. This writ petition is filed challenging the order of the 1st respondent dated 10.11.2016 and consequential order of the 2nd respondent dated 18.11.2016. 2. The case of the petitioner is as follows: (i) The petitioner is a Private Limited Company engaged in the business of Real Estate Development of Residential Plots... - BINOY VISWAM VS UNION OF INDIA & ORS.
SUPREME COURT OF INDIA, Jun 09, 2017 Section 139AA is also not violative of Article 19(1)(g) of the Constitution insofar as it mandates giving of Aadhaar enrollment number for applying PAN cards in the income tax returns or notified Aadhaar enrollment number to the designated authorities, further, proviso to sub-section (2) thereof has to be read down to mean that it would operate only prospective - DEPUTY COMMISSIONER OF INCOME TAX VS PEOPLES EDUCATION SOCIETY
BANGALORE TRIBUNAL, Jun 09, 2017 Where trust derived income from house property, interest on securities, capital gains, or other sources, word 'income' should be understood in its commercials sense thus amounts spent or applied for purposes of trust from out of income computed in aforesaid manner, should be not less than 75 per cent of latter, if trust was to get full benefit of exemption u/s - PATIL KADPAKAL GARJAN VS ADDITIONAL COMMISSIONER OF INCOME TAX
BANGALORE TRIBUNAL, Jun 09, 2017 1. This appeal by the assessee is directed against the order dt.31.01.2017 of Commissioner of Income Tax (Appeals) for the Assessment Year 2009-10. 2. The assessee has raised the following grounds : 1. The orders of the authorities below in so far as they are against the appellant are opposed to law, equity, weight of evidence, probabilities, facts 2... - HONDA SIEL CARS INDIA LTD. VS COMMISSIONER OF INCOME TAX
SUPREME COURT OF INDIA, Jun 09, 2017 Where Agreement in question was crucial for setting up of plant project in question for manufacturing of goods, expenditure in form of royalty paid would be in nature of capital expenditure and not revenue expenditure. - SAI BABU VS DEPUTY COMMISSIONER OF INCOME TAX
BANGALORE TRIBUNAL, Jun 09, 2017 1. This is an appeal filed by the assessee against the order of CIT (A)- II, Bengaluru, dt.13.11.2014, for the assessment year 2008-09. 2. The assessee has raised the following grounds of appeal : 1. The Appellate order dated 13-11-2014 served on 07-05-2015 is opposed to law, facts and evidence of the case... - MOONSTAR SECURITIES TRADING AND FINANCE CO. PVT. LTD. VS ASSISTANT COMMISSIONER OF INCOME TAX
DELHI TRIBUNAL, Jun 09, 2017 Completed assessment could be interfered only on basis of incriminating material unearth during the course of search or requisition of documents or undisclosed income, or property discovered in course of search which were not produced or not already disclosed or made known in course of original assessment and since no incriminating material was shown disallowance made by AO u/s - RANGJI REALTIES PVT. LTD. VS INCOME TAX OFFICER
BOMBAY TRIBUNAL, Jun 09, 2017 Where amount of TDS claimed, corresponding to claim of unrealized rent was duly offered to tax as income of assessee, in view of section 198 of the Act also assessed by AO it could be held that Assessee's action was in accordance with provisions of section 199 of the Act and assessee was eligible for seeking credit of TDS amount - Y. S. MYTHILY VS INCOME TAX OFFICER
BANGALORE TRIBUNAL, Jun 09, 2017 For purposes of determining cost of construction, date of entering into JDA would be “the date” for purposes of arriving at cost of transfer i.e. cost of structure as on date of agreement would be cost of transfer instead of cost of actual construction in term of JDA - VICEROY HOTELS LTD. VS DEPUTY COMMISSIONER OF INCOME TAX
HYDERABAD TRIBUNAL, Jun 09, 2017 If there was no claim of gratuity for relevant A.Y, then question of disallowance would also not arise. - CIRCULAR NO. 21/2017, DATED: 12-06-2017 Under the existing provisions contained in section 194-I of the Income Tax Act, 1961 ('the Act), tax is required to be deducted at source on payment of rent. The term "rent" is defined in the Explanation to the said section to mea...
- CIRCULAR NO. 19/2017, DATED: 12-06-2017 Section 2(22) clause (e) of the Income Tax Act, ] 961 (the Act) provides that "dividend" includes any payment by a company, not being a company in which the public are substantially interested, of any sum by way of advance or loan...
- CIRCULAR NO. 20/2017, DATED: 12-06-2017 Section 132B of the Income Tax Act 1961, provides for adjustment of seized assets/requisitioned assets against the amount of any existing liability under the Income Tax Act, 1961, (the Act), the Wealth-tax Act, 1957, the Expenditu...
- CIRCULAR NO. 18/2017, DATED: 29-05-2017 The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 4/2002 dated 16.07.2002 and Circular No. 7/2015 dated 23.04.2015 which laid down that in case of such entities, whose income is unconditionally exempt under Section 10 of the income-tax Act (the Act) and who are also statutorily not required to file return of income as per Section 139 of the Act, there would be no requirement for tax deduction at source (TDS) from the payments made to them since their income is anyway exempted from tax under the Act...
- CIRCULAR NO. 17/2017, CORRIGENDUM DATED: 26-04-2017 In Line 4 of Paragraph No. 2 of the captioned circular, the word "foreign ship" may be read as "foreign going ship (with Indian flag or foreign flag)". F. No: 500/07/2017-FT & TR-V (Subhash Jangala) Under Secretary (FT&...
- NOTIFICATION NO. 54/2017, DATED: 21-06-2017 In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961, the Central Government, hereby specifies Joint Secretary (Ops.), NATGRID, Ministry of Home Affairs, Government of India, for purposes of the said clause...
- NOTIFICATION NO. 53/2017, DATED: 16-06-2017 S.O. 1927(E).—In exercise of the powers conferred by section 295 read with sub-section (9) of section 92CC of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— 1...
- NOTIFICATION NO. 52/2017, DATED: 15-06-2017 G.S.R. 590(E).— In exercise of the powers conferred by sub-section (2) to section 92CE and section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1...
- NOTIFICATION NO. 49/2017, DATED: 09-06-2017 S.O. 1860(E).— In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act (43 of 1961), the Central Board of Direct Taxes hereby make the following amendments in the notification of the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, vide number S...
- NOTIFICATION NO. 50/2017, DATED: 09-06-2017 S.O. 1866(E).—In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (43 of 1961)(hereinafter referred to as the ‘Act’), read with proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962, the Central Government hereby notifies that where the variation between the arm’s length price determined under section 92C of the Act and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one per cent...
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UNION BUDGET : 2017 - 2018
 | AOP Not An ‘Eligible Assessee’ Under DRP Mechanism |
CA Gaurav Makhijani And Apoorva Priyadarshini,
Concept of DRP was introduced in Income Tax Act, 1961 for resolving disputes relating to transfer pricing in International transaction and minimize litigation. However, the concept of ‘eligible assessee’ create....
More  | Cross Border Restructuring - Indian Companies Act, 2013 |
Rekha Bagry, Partner and Manjit Bhimajiani, Associate Director, M&A Tax, PwC India
This article provides brief comparison of provisions relating to cross border restructuring between the Companies Act, 1956 vis-a-vis Companies Act, 2013. It also highlights some of the areas where clarificatio....
More  | Treatment of loss of ordinary business v/s Specified business |
Mayur Desai - Director, M&A Tax, PwC India
This article summarises that at the time of set off and carry forward of losses or depreciation, one needs to consider various aspects such as the nature of business (whether an industrial undertaking or a spec....
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