BANGALORE TAX TRIBUNAL
Some tax clarity for non-profits
A tax officer has the power to call for any documents/information of the entity to conduct an inquiry 'as he thinks necessary to satisfy himself about the occurrence of a 'specified violation'', and pass an order to cancel the registration of such entity, even for previous years (and all subsequent years after that), in cases where the officer notices any 'specified violations', or if a case is selected by 'risk management strategy' formulated by CBDT.
Toyota Kirloskar gets ITAT relief over royalty payments
The appellate body approved the company's royalty payment of ₹646 crore at 6% of local value addition and rejected the transfer pricing officer's estimate of ₹437 crore at 2.62% of net sales.
SC slams IT department for filing cases after time limit
The Supreme Court criticized the income-tax department for filing petitions belatedly, highlighting a delay of over four years in an appeal against Bharti Airtel Ltd. The court urged the department to establish a proper litigation policy, noting its status as the "biggest litigant" in India. Rejecting the appeal, the court cited the department's tendency to reopen cases after sporadic successes, emphasizing the need for more judicious litigation practices.
Flipkart gets Rs 1,700 crore relief from the Bengaluru bench of tax tribunal
The ITAT followed a ruling by the Karnataka High Court with regard to a similar case involving pharmaceutical company Biocon as well as ruling in a case involving Novo Nordisk.
Taxman disallows Rs 4.5L TDS, irks ITAT
A majority of taxpayers invariably incur TDS against their income — be it against salary, professional income or interest income. To carry on with this illustration, it is the employer organisation, the client and the bank which are respectively responsible for deducting tax at source and depositing it with the government.
IPL promotions: Anil Kumble exempt from service tax
The Bangalore bench of CESTAT held that the promotional activities provided by Kumble during the IPL shall not be treated as "business auxiliary services" and therefore, no service tax can be imposed on the same. The CESTAT set aside the department's ₹50 lakh service tax claim.
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Accused arms dealer Sanjay Bhandari sues French firm for unpaid ‘fee’
Bhandari, 59, has filed a case against French defence major Thales Group demanding he be paid his full “consultancy fee” of EURO 20 million for his role as an intermediary in winning the company an estimated EURO 2.4 billion contract to modernise the Mirage 2000 fleet of fighter jets for the Indian Air Force (IAF), ‘The Daily Telegraph’ newspaper reported this week.
Embassy REIT receives regulatory approval for simplifying the holding structure of Embassy Manyata
Embassy REIT had initiated the scheme to simplify its holding structure by reducing the shareholding tiers and to increase the dividend component of its Unitholders.
ABB tax ruling: Fee for Technical Services taxable only in the year of receipt under India-Germany tax treaty
As per the detail of the case Germany headquartered arm of ABB, the Swedish-Swiss multinational, had received some money for testing and inspection charges. These were categorised as FTS, but the company did not include this in the tax filings in the country.
Wholesalers cannot claim tax benefit of expenses related to free samples: ITAT
ITAT said that the burden to incur expenditure of new product samples is that of a manufacturer of a product. And that the related party wholesaler cannot claim the tax benefit on such expenses. As per the details of the case a US based company, that has invested in India through a Netherlands based entity, is importing and selling footwear, apparel and sports equipment through an Indian company.
From Sept 1, individuals must deduct TDS on payments to contractors, professionals: Know all about it
The rate at which the tax has to be deducted is 5% unless the payee has obtained a lower withholding tax certificate from the department.
Auditors barred from putting a value on companies they are auditing
This is set to impact several tax disputes around valuations in companies including angel tax disputes.
ITAT says Google India should pay tax on advertisement revenue sent to parent
The Bangalore bench of ITAT, in a 331-page order, upheld the tax department's contention that such payments are royalty and therefore subject to withholding tax.
Buying property jointly? Get the paperwork right to avoid loss of tax breaks
The Bangalore bench of the Income-tax Appellate Tribunal has rejected the plea of a couple who were trying to separately claim exemption on LTCG.
MCD polls: Air quality doesn't figure prominently in the priority list of political parties
Delhi's denizens are not pushing air quality as a poll issue, and neither are political parties. When asked about air quality, political parties would rather focus on sanitation.
Supreme Court rejects Vijay Mallya's plea, directs disclosure of all his assets to banks
Mallya had submitted the information on overseas assets to the bench of Justices Kurian Joseph and RF Nariman in a sealed cover.
Angry Kingfisher Airlines employees say Vijay Mallya has blood on his hands
Mallya's KFA shut operations in 2012 due to problems of credit and cash, leaving over $2 billion in debt, more than 1000 employees jobless.
HP India tax case: Customs Tribunal to reconvene hearing in April
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) had earlier rejected HP subsidiary Hewlett-Packard India Sales' (HPI) request.
How Indian philanthropists are channeling their wealth to deepen democracy and governance
Why are Nilekani and Madhukar keen on the media space? It’s not a desire to be media moguls of sorts. It stems from an inclination to help alter the governance framework in India.
No immediate relief for Jayalalithaa, bail plea adjourned to October 6
Singh sought more time, at which point vacation bench judge Justice Rathnakala posted the matter for hearing on October 6.
Lenders, tax sleuths vie for first right of recovery from Vijay Mallya
The revenue department, a couple of months ago, claimed the first right to recover dues by attaching the Kingfisher House in Mumbai.
Filed your I-T return on time? Here's why you can still get a notice
If you forgot to include some income or haven’t declared certain assets, the tax authorities may send you a notice. What you can do to avoid getting one.
Service tax department claims the first right to recover dues from Kingfisher Airlines
Lenders to Kingfisher Airlines are likely to face a hurdle from an unexpected quarter in their bid to recover loans from the grounded carrier.
Customs, Excise and Service Tax Appellate Tribunal to have six new benches
With these additions, nine major cities in the country now have the benches of the appellate tribunal of the three revenue departments.
On the ground, Kingfisher staff counts losses every day, employees struggle to make ends meet
Mallya said on Tuesday he's not giving up on his dream, that he's presented three separate revival plans to the regulator, which hasn't responded to them.
ITAT Vice-President booked by CBI in disproportionate assets case
CBI has booked G E Veerabhadrappa, a Vice-President of Income Tax Appellate Tribunal(ITAT), for allegedly amassing disproportionate assets.
After Infosys & iGate, Wipro gets fresh tax demand of Rs 816 cr
The company said the "draft assessment order" has arised primarily due to denial of deduction under section 10A of the Income Tax Act, 1961.
Customs tribunal stays $386 million order against HP India
Customs, Excise and Service Tax Appellate Tribunal has stayed Commissioner of Customs Bangalore's order against HP India Sales Private Ltd, HP said.
I-T Officer must give taxpayer reasons for reopening case: Income-tax Appellate Tribunal
The taxpayer company was served a notice for reopening the assessment under section 147 of the I-T Act.
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