Direct Tax: Delhi HC upholds ITAT order, denies deduction u/s 37 to assessee-individual (a lawyer) for litigation/settlement expenses incurred in respect of settlement of dues of the company for which… Read More
CORPORATE AND PROFESSIONAL UPDATES 11TH JUNE 2018 Direct Tax: Delhi ITAT allows carry forward of business loss claimed by assessee-company in the return of income filed u/s 153A (relating to… Read More
Why Pre-pack Insolvency Resolution Process is excellent for MSME borrowers. This Pre-packaged insolvency process, informal, hybrid, and debtor-driven pre-insolvency process, will be applied in jurisdictions such as the US &… Read More
DIRECT TAX This is to update about Deduction benefit under section 35AC, the Government today said the benefit of deduction under section 35AC of the IT Act will only be… Read More
Direct Tax: Mumbai ITAT rejects applicability of TDS u/s 195 on payment of advertisement expenses and professional and consultancy fees paid to foreign nationals by the UK branch of assessee… Read More
Direct Tax: AAR rules that the Liaison office (‘LO’) of the Applicant (International Zinc Association, a Belgium based International Non-Pro fit Association) established in India for conducting programmes / conferences / training on… Read More
Direct Tax: Cochin ITAT rejects assessee’s (a software company) stand that payment to its sister concern (‘USTIPL’) under the sub-contracting agreement amounts to reimbursement of expenses, upholds applicability of TDS u/s 194J;… Read More
Direct Tax: Jaipur ITAT deletes disallowance u/s 40A(3) with respect to cash payment made by assessee-firm (engaged in real estate business) against purchases of land during AY 2013-14, observes that… Read More
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