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SC delivers two landmark judgments on exemptions claimed by Charitable...
The Hon’ble Supreme Court of India (“SC”) delivered two landmark decisions dealing with the conditions and entitlement of charitable institutions to claim exemption under the Income Tax Act, 1961 (“IT...
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Refund of Unutilised ITC cannot be Denied to Supplier of Subcontracted Services
English language and technical proficiency, coupled with the highly skilled workforce that India has to offer, has made the country a darling of most multinational companies (MNCs). For a while now,...
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Beneficial ownership test is not required under Indo-Mauritius tax treaty
Corporate entities have been invoking the provisions of the India-Mauritius tax treaty and using the infamous “Mauritius route” to avoid paying capital gains tax in India for a while now. This has...
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A Court Approved Merger could still be Subject to Tax
In an upsetting ruling, the Hyderabad ITAT in Vertex Projects LLP[1] has held that even in a court approved merger, the resulting company will have to pay taxes if the assets of the merging companies...
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Madras High Court takes taxpayer to task for mischief with costs
In the case of Manas Vs. Income Tax Officer[1], the Hon’ble Madras High Court (“HC”) took serious objection to the taxpayer’s attempt at misleading the Court. The taxpayer had filed a writ petition...
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Salary reimbursement of seconded employees not taxable in the hands of...
The Hon’ble Income Tax Appellate Tribunal (“ITAT”), Delhi has recently held that salary reimbursement of seconded employees paid to the original employer without any profit element is not taxable as...
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Share subscription above fair market value would be subject to angel tax
The Bombay High Court has recently allowed a writ, challenging a reassessment notice served on the Assessee (by the income tax department) for FY11-12 on share premium issued by it. The assessing...
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GST Council’s half century meeting & the inning ahead!
The Goods and Services Tax (“GST”) legislation has recently completed its sixth anniversary. The 50th GST Council meeting conducted on July 11, 2023 was marked by tax rate changes, availability of...
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CBDT exempts GIFT City aircraft leasing cos from withholding on dividend...
Despite India being the third[1] largest domestic aviation market in the world, a majority of the aircrafts in the country (more than 70% approximately) are procured through lease arrangements, with...
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Cognizant’s High Court approved scheme of arrangement was held to be a...
The ITAT recently dismissed an appeal and slammed Cognizant India Private Limited (“Cognizant India”) for what it perceived as using a colorable device to evade taxes during its INR 190 billion share...
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Unfolding tax tools to invigorate resolution of companies under IBC
The Insolvency and Bankruptcy Code (IBC), introduced in 2016, was conceived as a game-changer, a potent tool to expedite debt recovery from insolvent companies within a stipulated timeframe. Eight...
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Are TDS provisions tedious? Opportune time for simplification
The Tax Deducted at Source (“TDS”) provisions under the Indian Income Tax Act of 1961 (“IT Act”) have been the cornerstone of the country’s tax architecture. A payer (or a deductor) is expected to be...
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GST on canteen facilities and it’s applicability on non-permanent employees
In the bustling landscape of Indian factories and corporate setup, providing canteen facilities and other perquisites to employees, deputed persons from sister concerns and third-party contractors...
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Google Adwords program is not taxable as either “royalty” or “Fee for...
The Income Tax Appellate Tribunal, Bangalore (“Tribunal”), recently in Google Ireland Ltd. v. DCIT[1] allowed an appeal by Google Ireland Ltd (“Google Ireland”) and held that the payments received...
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