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Govt cuts down tariff value for gold and silver Continue reading | Govt levies provisional safeguard duty on imports of Saturated Fatty Alcohols Continue reading | Service Tax (Second Amendment) Rules, 2014- New rules 11 & 12 inserted to provide for determination of Rate of exchange & Power to issue supplementary instructions Continue reading | Service Tax on Radio Taxi services, Ads in internet websites & on film screen in theatres to be effective from Oct 1, 2014 Continue reading | CENVAT Credit (Seventh Amendment) Rules, 2014-Rule 12AAA of CCR, 2004 amended to include provider of Taxable service Continue reading | Exchange Rate for the purpose of import and export with effect from  22nd August, 2014 Continue reading | Govt hikes Import duty on Raw/Refined/White Sugar to 25% Continue reading | CBEC to use third-party information to nab tax evaders Continue reading | Export of all varieties of onions as described above will be subject to a Minimum Export Price (MEP) of US$ 300 per MT. Continue reading | Quantity of input to be allowed under Advance Authorisation/DFIA shall be in proportion to the quantity of input actually used/consumed in production. Continue reading |
PEO company
Category Archives: ITAT
   

ITAT

2014-ITS-1397-ITAT-Swiber Offshore Construction Pte. Ltd. -Vs- Additional Director of Income-tax (International Taxation), Range -2, Mumbai , On. AUGUST  6, 2014 

 Where DRP instead of clearly adjudicating issue relating to existence of assessee’s PE in India, remanded matter back to Assessing Officer to decide said issue after taking into consideration various evidences filed by assessee, order so passed being in violation of provisions of section 144C(8), was to be set aside Continue reading

2014-ITS-1398-ITAT-GECF Asia Ltd. -Vs- Deputy Director of Income-tax, International Taxation -3(1), Mumbai , On. AUGUST  6, 2014 

The royalty payment received as consideration for information concerning industrial, commercial, scientific experience alludes to the concept of knowhow. There is an element of imparting of knowhow to the other, so that the other person can use or has right to use such knowhow. In case of industrial, commercial and scientific experience, if services are being rendered simply as an advisory or consultancy, then it cannot be termed as “royalty”, because the advisor or consultant is not imparting his skill or experience to other, but rendering his services from his own knowhow and experience. Continue reading

2014-ITS-1216-ITAT-Reuters Transaction Services Ltd. -Vs- Deputy Director of Income-tax (International Taxation )-2(1) , On. JULY  18, 2014 

Where, assessee, a UK based company, entered into a contract with Indian clients for providing its foreign exchange deal matching system services, in view of fact that in terms of contract, assessee allowed its subscribers to use software and computer system to have access to its portal for finding relevant information and matching their request for purchase and sale of foreign exchange, it amounted to imparting of information concerning technical, industrial, commercial or scientific equipment work and payment made in respect of same would constitute royalty in terms of article 13(3) of India-UK DTAA Continue reading

2014-ITS-1215-ITAT-Boskalis International Dredging International CV -Vs- Deputy Director of Income-tax -3(2), International Taxation ,On. JULY  18, 2014 

When the transactions are influenced by each other, particularly in determining the price/profit involved in the transactions then those transactions would be regarded as ‘closely linked’ transactions Continue reading

2014-ITS-1214-ITAT-Raj Kumari Agarwal -Vs- Deputy Commissioner of Income-tax, Circle -2, Agra , On. JULY  18, 2014 

In order to protect interest earnings from fixed deposits and to meet her financial needs, when an assessee raises a loan against the fixed deposits, so as to keep the source of earning intact, the expenditure so incurred in wholly and exclusively to earn fixed deposit interest income has to be allowed as deduction Continue reading

2014-ITS-1213-ITAT-MISC Berhad -Vs- Assistant Director of Income-tax (International Taxation), Range -4(1) , On. JULY  16, 2014 

 Benefit of Article 8 of the Indo-Malaysia DTAA is also applicable to shipping of goods from Indian Port to Hub Port using feeder vessels under a space charter or slot charter as the entire voyage from the Indian Port to final destination port is inextricably linked and cannot be segregated. “Operation of ship” for Article 8 purposes can be done as charterer which does not mean to own or control the ship either as owner or as a lessee The word “charterer” should not be confused with the word “owner” or “lessee”. The word “charterer” cannot be interpreted as analogous to “owner” or “lessee” by applying noscitur a socii Continue reading

2014-ITS-1434-ITAT-M. Dinshaw & Co. (P.) Ltd. -Vs- Deputy Commissioner of Income-tax, Central Circle -7, Mumbai , On. JULY  14, 2014 

Para 20 of Accounting Standard (AS)10 Accounting for Fixed Assets requires that the cost of a fixed asset should comprise its purchase price and any attributable cost of bringing the asset to its working condition for its intended use. One-time tax for the life time of “all motor cars and omnibuses used or kept for use” in the State of Maharashtra under the Bombay Motor Vehicles Tax Act, 1958 is a tax for user, active or passive, of the motor vehicle in the territory of Maharashtra . Continue reading

2014-ITS-1212-ITAT-Baker Hughes Asia Pacific Ltd. -Vs- Additional Director of Income-tax, International Taxation , On. JULY  11, 2014 

 Insertion of the words “section 44DA” in the proviso to section 44BB(1) by the Finance Act,2010 w.e.f.1-4-2011 is prospective and not retrospective. Amendment cannot be held to be retrospective particularly because it brings substantial change in the taxability of the assessee Continue reading

2014-ITS-1436-ITAT-JC Bamford Investments Rocester -Vs- Deputy Director of Income-tax, Circle -3(1), International Taxation, New Delhi* , On. JULY  4, 2014 

Where in terms of licence agreement entered into between assessee, a UK based company, and its Indian group concern, certain employees were seconded to Indian company to render services relating to manufacturing of Excavator loader in India, in view of fact that seconded employees furnished services including managerial services for a period of more than 90 days during relevant assessment years, Assessing Officer rightly concluded that service PE of assessee was established in India in terms of article 5(2)(k) of India – UK DTAA Continue reading

2014-ITS-1435-ITAT-GE Energy Parts Inc. -Vs- Additional Director of Income-tax, Circle 1(2), International Taxation, New Delhi* , JULY  4, 2014 

Where in order to support its case that an Indian company constituted assessee’s PE in India, revenue sought to file additional evidence in form of Linkedin Profile containing details of employees of Indian company, mere fact that said Linkedin Profile was available in public domain and was not referred to by Assessing Officer earlier, department could not be prevented from bringing that information on record for first time before Tribunal Continue reading

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