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Piramal Enterprises faced a setback by categorizing the compensation of Rs. 92.7 crores from termination as ‘business income’ instead of ‘capital gain’, The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) concluded. In the related year, the taxpayer company obtained Rs. 92,76,62,688 from Roche Diagnostics Gmbh ( RDG ) of Germany as per the […]
In a ruling in favour of Mitsubishi Corporation India P Ltd, the Delhi High Court ruled that disallowance under section 40(a)(i) of the Income Tax Act, 1961 does not apply concerning the provision of Double Taxation Avoidance Agreements (DTAAs) entered into by India with Japan and the USA. The order passed by the ITAT is […]
The Finance Act of 2023 inserted a new clause (h) in income tax section 43B that allows deductions made to MSMEs on an actual payment ground rather than the accrual basis if the payment is created within the threshold limit. Since from 1st April 2023, this section has been applicable. It is critical to scrutinize […]
The Patna High Court ruled that differentiation between government employees and other employees for leave encashment exemption is neither discriminatory nor violative of Article 14 of the Constitution of India. The bench of Chief Justice K. Vinod Chandran and Justice Rajiv Roy noted that the legislature must have the freedom to select and classify persons, […]
The respondent (assessee) is required to have deducted tax under Section 194I of the Income Tax Act, 1961, from the storage charges paid by the taxpayer, The Bombay High Court ruled. The bench of Justice K. R. Shriram and Justice Sharmila U. Deshmukh noted that the storage tanks in question are not eligible either as […]
The Jodhpur Bench of Income Tax Appellate Tribunal (ITAT) ruled that the taxpayer, the legal owner, is not liable for TDS under Section 194C, where a declaration under Section 194C(6) accompanying a PAN is received via the payees who have the vehicle, but they are not registered owners. The bench of S. Seethalakshmi (Judicial Member) […]
The finance ministry is thinking about changing a new tax rule. As per this rule, businesses must pay small and medium-sized companies within 45 days. Some businesses want this rule to start later, while others want more time to pay, they say it needs to be extended more than 45 days. Read Also: New Rule […]
The case of DCIT Vs Cicon Engineers Private Limited (ITAT Bangalore) shows the intricate interplay between Tax Deducted at Source (TDS) credit and income reporting under the Income Tax Act, of 1961. The same blog shows a detailed analysis of the legal arguments and outcomes of the case. Case Background: The revenues petition related to […]
The Delhi High Court kept that TDS on External Development Charges (EDC) in a real estate project. It directed that home buyers shall need to bear the load of TDS. A division Bench of the Delhi High Court Justices Yashwant Varma and Purushaindra Kumar Kaurav kept that Section 194C applies to EDC paid by real […]
