Direct Tax: Delhi ITAT rules that the wholly owned Indian subsidiary of Daikin Industries Ltd. (assessee, a Japanese company), constitutes assessee’s dependent agent PE for AY 2006-07; Holds that the entire activities… Read More
Direct Tax: Mumbai ITAT accepts assessee-company’s claim of treating the gains arising on sale of land along with staff quarters as long term capital gain (‘LTCG’), rejects Revenue’s stand that… Read More
CORPORATE AND PROFESSIONAL UPDATES 29TH MAY 2018 DIRECT TAX SC dismisses Revenue’s SLP against Rajasthan HC judgment in case of a transport contractor (‘assessee’); HC had held that assessee-contractor was… Read More
ICAI – CPE hours Requirements The ICAI (Institute of Chartered Accountants of India) requires its members to comply with Continuing Professional Education (CPE) hours to maintain their professional competence. The… Read More
Direct Tax: Mumbai ITAT rules that assessee (a stock broking company) cannot be held liable to deduct TDS u/s 194A on borrowing fees paid to National Securities Clearing Corporation Ltd.… Read More
CORPORATE AND PROFESSIONAL UPDATES 25TH MAY 2018 Direct Tax: Calcutta HC upholds ITAT order for AYs 2008-09 and 2009-10, rules that provision for bad and doubtful debt deduction u/s 36(1)(viia) incase of assessee-bank… Read More
GST Audit Under CGST Act – GSTR -9 & 9C Audit under GST is the process of examination of records, returns and other documents As per sub-section (13) of section… Read More
Direct Tax: Pune ITAT rejects Revenue’s plea for AY 2009-10 that deduction with respect to Research & Development (R&D) expenditure u/s 35(2AB) is restricted only to the extent of approval… Read More
Direct Tax: ITAT Delhi held that addition cannot be made for mere non- production of Directors and non- furnishing of their residential address. M/s Om Shubham Investment & Finance Pvt. Ltd.… Read More
Direct Tax: SC reverses HC's conclusion, allows assessee's claim for area-specific deduction u/s 80-IC in respect of its industrial undertaking located at Himachal Pradesh, rejects Revenue's claim that tax-holiday eligibility… Read More