S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Brokerage income from NRRs and did not work wholly and exclusively for co-broker, assessee was not dependent agent permanent establishment of said co-broker in India-Not dependent agent permanent establishment of said co-broker in India-DTAA-India-Singapore. [S. 195, Art. 5, 7]
S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Dubai branch-Referral fee-Swiss company received fee from an Indian company for referring an Indian resident client for bringing out issue of convertible bonds-Fee is in nature of commission to be taxed as business income and not as fees for technical services-Fee not attributable PE in India the same is not taxable in India-DTAA-India-Switzerland. [S. 9(1)(vii), Art. 7, 12]
S. 5 : Scope of total income-Resident in India-Long term capital gains-Shares held in UAE based company-Taxable as per the provisions of Indian Income-tax and not as per article 13 of DTAA-DTAA-India-UAE. [S. 6(1), 9(1), Art. 13]
S. 2(22)(e) : Deemed dividend-Fixed deposit-Fiduciary capacity-Protect the interest of company-Addition cannot be made as deemed dividend.
S. 2(22)(e) : Deemed dividend-Not a share holder of holding company-Not taxable as deemed dividend irrespective of their common shareholders.
Companies Act , 2013 .
S. 230 : Composite scheme of arrangement – Demerger – Revenue objected on the ground that the scheme was a tool to avoid and evade taxes – NCLT and NCLAT clarified that Revenue was entitled to take out appropriate proceedings for recovery of any tax statutorily due from the transferor or transferee company or any other liable person – Order of NCLT and NCALT could not interfered with [ S. 231 , 232 ]
Black Money ( Undisclosed Foreign Income & Assets) and Imposition of Tax Act , 2015.
S. 10:Assessment – Notice issued based on information received from IT authorities – Order passed under IT Act based on same information was earlier set-aside by the Tribunal on the ground of non-application of mind – Notice issued under BMA was quashed. [ S. 132 153A , Art , 226 ]
S. 279 : Offences and prosecutions – Sanction – Chief Commissioner – Commissioner – Application for compounding of offence – Rejected on the ground of limitation and the fact that assessee was already convicted by Magistrate – Conviction order set aside by CBI Judge and directed a fresh trial – High Court sets aside rejection of compounding application as (i) CBDT Circular had relaxed time limit to file a such application and (ii) second objection no longer survives as the conviction set aside – Revenue to consider the application seeking compounding on its own merit and in accordance with law [ S. 119 , 276CC, 278E, Art , 226 , CRPC , 391 ]
S. 271B :Penalty- Failure to get accounts audited – Stay – Technical glitches Natural justice- Advancement in technology cannot hamper the cause of justice -Directed not to take coercive action [ S. 246A Art , 226 ]
S.271(1)(c): Penalty – Concealment – Mere acceptance of sales figures by VAT Authority cannot be a sufficient ground to hold that the cash sales were in fact genuine so as to delete the levy of penalty . [ S.80IC ]