In the High Courts: Part A

• Advance tax – Interest for default in payment of advance tax – Sections 132, 132B, 234B and 234C – Computation of interest – Assessee paying four inst...
• Capital gains or business income – Sections 4 and 45 – Non-banking financial institution – Conversion of shares and securities held as stock-in-trade ...
• Cash credits – Section 68 – Assessee entry provider to customers making deposits in cash in lieu of cheques for lower amounts – Cash deposits accounte...
• Non-resident – Taxability in India – Article 5(1) of DTAA between Mauritius and India – Meaning of ‘permanent establishment’ – Company in Mauritius en...

President's Message

I could write this column in a slightly relaxed manner thanks to the income tax and GST audit compliance dates being extended to the 31st of December. The joint efforts by the BCAS Taxation and Indirect Tax Committees with other sister bodies,

Tribunal News : PART A

• Explanation 1 to section 37(1): Deduction made by the buyers from the price, on account of damage / variance in the product quality does not attract E...
• Section 54F: Where the genuineness of the transactions is established, to avail exemption u/s 54F it is not mandatory that the agreement must be regis...
• I. Section 194H r/w/s 201(1) – Discount on sale of set-top boxes and recharge coupons including festival discount and bonus points to customers cannot...
• Section 115JB – When income which is exempt u/s 10 is credited to Profit & Loss Account, the Book Profit u/s 115JB is to be computed by reducing the ...

Tribunal News : PART C

• Article 10 of India-Germany DTAA – Section 115-O of the Act – Dividend Distribution Tax (DDT) payable by Indian company on dividend distributed to non...
• Sections 195 and 201(1)/(1A) – Demurrage charges payable to non-resident shipping company were not liable to TDS u/s 195...

Tribunal News : PART B

• Section 144C inserted in the statute by the Finance (No. 2) Act, 2009 with retrospective effect from 1st April, 2009 is prospective in nature and woul...
• Sections 14A, 253 – In cross-objections, assessee can raise a ground for the first time, which was not taken up by him even in an appeal before the CI...
• Section 153C – The date of initiation of search u/s 132 or requisition u/s 132A in the case of other person shall be the date of receiving the books o...
• As per provisions of section 194C(6), the only requirement for non-deduction of tax at source is that the transport contractors have to furnish their ...