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The Bombay High Court warned to impose cost on revenue authorities for raising repeated appeals on settled issues

The purpose of this flash news is to capture the ruling pronounced by the Bombay High Court in the case of Kotak Mahindra Old Mutual Life Insurance Limited where the High Court reiterated that while calculating total income of an insurance company
Modified date: 9/29/2014
Regulatory update
 

The taxpayer is entitled to receive interest on self assessment tax paid from the date of assessment order

The purpose of this flash news is to capture the ruling pronounced by the Bombay High Court in the case of Merck Limited wherein it was held that the taxpayer is entitled to receive interest on self assessment tax paid.
Modified date: 9/29/2014
Regulatory update
 

Tax audit report requirements amended

The purpose of this flash news is to capture the amended rules with respect to tax audit report wherein it has amended Form No. 3CA, Form No. 3CB and Form No. 3CD of the Income-tax Rules, 1962.
Modified date: 9/29/2014
Regulatory update
 

Share sale transaction between joint venture which results loss is not a ‘colourable device’

The purpose of this flash news is to capture the ruling pronounced by the Delhi High Court in the case of Siel Ltd where it was held that share sale transaction between Joint Venture partners resulting in loss is not a ‘colourable device’.
Modified date: 9/29/2014
Regulatory update
 

Services which do not impart technical know-how or transfer any knowledge, etc, cannot be taxed as royalty

The purpose of this flash news is to capture the ruling pronounced by the Mumbai Bench of the Income-tax Appellate Tribunal in the case of GECF Asia Limited
Modified date: 9/29/2014
Regulatory update
 

The Supreme Court admits Special Leave Petition against High Court's order which rejected Arm’s Length Price determination

The purpose of this flash news is to capture the ruling of the Supreme Court admitting the Special Leave Petition (SLP) filed by Revenue against the order of the High Court
Modified date: 9/29/2014
Regulatory update
 

Royalty/FTS income of a non-resident is taxable under Section 44BB of the Act prior to prospective amendment to the said sections

The purpose of this flash news is to capture the rulings pronounced by Delhi High Court in the case of PGS Geophysical AS and the Delhi Bench of the Income-tax Appellate Tribunal in the case of Baker Hughes Asia Pacific Ltd and CGG Marine SAS
Modified date: 9/29/2014
Regulatory update
 

Public provident fund limit enhanced by INR50000

The purpose of this Flash News is to capture the increase in the existing limit of maximum deposit into the PPF scheme from INR100,000 to INR150,000, with effect from 13 August 2014
Modified date: 9/29/2014
Regulatory update
 

Proposed amendments to the Finance No. 2 Bill, 2014

The Finance No. 2 Bill, 2014 (the Bill) was introduced by the Finance Minister in the Lok Sabha on 10 July 2014. The purpose of this flash news is to capture the proposed amendments to the Bill, 2014
Modified date: 9/29/2014
Regulatory update
 

Investment not resulting in income will not be disallowed under Section 14A of the Income-tax Act, 1961

The purpose of this Flash News is to capture the ruling pronounced by the Hyderabad Income-tax Appellate Tribunal in the case of Bellwether Microfinance Fund Pvt. Ltd.
Modified date: 9/29/2014
Regulatory update
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