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- COMMISSIONER OF INCOME TAX VS TARA SINHA
HIGH COURT OF DELHI, Aug 11, 2017 1. The Respondent Assessee - Mrs. Tara Sinha (hereafter ‘Assessee'), was working as the President of M/s Tara Sinha McCann Erickson Pvt. Ltd. (‘TSME’), an advertising agency. She also held 51% shares of the said company, and McCann Erickson Worldwide Inc... - ARYAN ARCADE LTD. VS COMMISSIONER OF INCOME TAX
HIGH COURT OF GUJARAT, Aug 10, 2017 Where AO after examining the issue accepted the assessee's claim for deduction u/s 24(b) of the Act even with respect to interest paid on debentures which were utilised for repayment of past loans used for the purpose of construction of the building, theview of AO was certainly plausible, particularly, in view of clarification issued by CBDT, it was, not open for Commissioner to take such order in revision - TRANSWORD GARNET INDIA PVT. LTD. VS ASSISTANT COMMISSIONER OF INCOME TAX
HIGH COURT OF MADRAS, Aug 10, 2017 Amount obtained by assessee or value of benefit accruing to him is deemed to be profits and gains of business or professions and it becomes chargeable to income-tax as income of that previous year. - ADANI WILMAR LIMITED VS DEPUTY COMMISSIONER OF INCOME TAX
HIGH COURT OF GUJARAT, Aug 09, 2017 When notice of reassessment was issued to non-existing entity, same would not be valid. - CITIZEN CO-OPERATIVE SOCIETY LIMITED VS ASSISTANT COMMISSIONER OF INCOME TAX
SUPREME COURT OF INDIA, Aug 08, 2017 Assessee could not be treated as co-operative society meant only for its members and providing credit facilities to its members and such society could not claim benefit of section 80P. - TRUSTEE OF SAURASHTRA TRUST VS DIRECTOR OF INCOME TAX
HIGH COURT OF BOMBAY, Aug 04, 2017 1. On allowing appeals by the Revenue and/or rejection of Cross Objections filed by the assessee, the assessee moved an application seeking reference of following two questions of law for decision of this court : Question in R.A.No... - BEST CITY REALTORS VS D. K. GARG
HIGH COURT OF DELHI, Aug 04, 2017 Peak credit is not applicable where deposits remain unexplained under Section 68 of the Act thus addition made by Authority shall be deleted. - MARUTI SUZUKI INDIA LTD. VS UNION OF INDIA & ANR.
HIGH COURT OF DELHI, Aug 04, 2017 1. The Petitioner-Maruti Suzuki India Ltd. is a leading automobile company in India. It has two Research & Development Centres (‘R&D Centres’), one at Gurgaon and one at Rohtak, Haryana. The question that arises in this writ petition is - Whether the Petitioner is entitled to deduction under Section 35 (2AB) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) in respect of the expenditure incurred by it for its R&D Centre at Rohtak for the Assessment Year (‘AY’) 2011-12, AY 2012-13 and AY 2013-14... - COMMISSIONER OF INCOME TAX VS VODAFONE ESSAR GUJARAT LTD.
HIGH COURT OF GUJARAT, Aug 04, 2017 1. This reference to the larger Bench was made by the Division Bench by an order dated 23.8.2016. 2. Brief facts leading to the reference are as under. The respondent assessee is a company registered under the Companies Act. For the assessment year 2003-2004, the assessee had filed return of income declaring nil income... - COMMISSIONER OF INCOME TAX VS HINDUSTAN PETROLEUM CORPORATION LTD.
SUPREME COURT OF INDIA, Aug 03, 2017 Activity of filling of cylinder with compressed gas amounted to ‘production’ or ‘manufacture’ for purposes of sections 80HH, 80-I and 80-IA. - CIRCULAR NO. 24/2017, DATED: 25-07-2017 Central Government notified the Indian Accounting Standards (Ind AS) which are converged with International Financial Reporting Standards (IFRS) vide Companies (Indian Accounting Standards) Rules, 2015. Consequently, the Finance Act, 2017, has amended the provisions of section 115JB of the Income-tax Act, 1961 (‘the Act’) for Ind AS compliant companies w...
- CIRCULAR NO. 23/2017, DATED: 19-07-2017 The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 1/2014 dated 13.01.2014 clarifying that wherever in terms of the agreement or contract between the payer and the payee, the Service Tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Income-tax Act, 1961 (the Act) on the amount paid or payable without including such Service Tax component...
- CIRCULAR NO. 22/2017, DATED: 3-07-2017 With a view to promote digital economy and create a disincentive against cash economy, a new section 269ST has been inserted in the Income-tax Act, 1961(the Act) vide Finance Act, 2017. The said section inter-alia prohibits receipt of an amount of two lakh rupees or more by a person, in the circumstances specified therein, through modes other than by way of an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account...
- 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...
- NOTIFICATION NO. 79-2017, DATED 08-08-2017 S.O. 2529(E).—In exercise of the powers conferred by clause (ba) of Explanation to section 54EC of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that any bond redeemable after three years and issued by the Indian Railway Finance Corporation Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956), on or after the date of publication of this notification in the Official Gazette, as ‘long-term specified asset’ for the purposes of the said section...
- NOTIFICATION NO. 76/2017, DATED: 28-07-2017 S.O. 2384(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Himachal Pradesh Electr...
- NOTIFICATION NO. 75/2017, DATED: 28-07-2017 S.O. 2382(E).—Whereas a Multilateral Competent Authority Agreement on the Exchange of Country-by- Country Reports was entered into by the Government of the Republic of India, being a party to the Convention on Mutual Adminis...
- NOTIFICATION NO. 78/2017, DATED: 03-08-2017 S.O. 2456(E).—In exercise of the powers conferred by clause (b) of sub-section (3) of section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following countries and specified territories, mentioned in column (2) of the Table given below, for the purposes of the said section, namely:--- TABLE Sl...
- NOTIFICATION NO. 77/2017, DATED: 03-08-2017 S.O. 2455(E).—In exercise of the powers conferred by the proviso to sub-section (3) of section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that the conditions specified in clauses (e), (f) and (g) of said sub-section shall not apply in case of an investment fund set up by a Category-I or Category-II foreign portfolio investor registered under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992)...
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 | Section 50CA: Impact on M&A transactions |
Ajay MR - Director, M&A Tax, PwC India
This article is about section 50CA which has been recently introduced by the government as part of various economic and policy reforms in order to promote transparency in conduct of business in India. The provi....
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Mayur Desai, 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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Bhavin Vora - Director, M&A TAX, PwC INDIA
The major corporate houses in India are family driven and needs smooth succession of wealth and management of the business to future generations. With enhanced size of business and involvement of multiple nucle....
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