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NEWS FLASH

TP - Disallowances made by AO cannot be sustained where they are framed in excess of jurisdiction & in contravention of the directions issued by the DRP: ITAT (See Breaking News)

I-T - While passing order u/s 263, PCIT can't enlarge his scope of revisionary proceedings by asking AO to re-examine issue of inter-unit sale within same company and eligibility for deduction u/s 80IA(4)(iv): ITAT (See Breaking News)

TP - In absence of any arrangement between assessee and AE pertaining to AMP expenses, onus of proof lies on Revenue to prove that there was international transaction in existence: ITAT (See Breaking News)

TP - Notional cost cannot be treated as part of operating cost of ITES provider, to work out its PLI: ITAT (See Breaking News)

I-T - Nexus between borrowed loan and advance given by assessee to AEs, needs to be considered, for determining arm's length interest on advances made to AEs: ITAT (See Breaking News)

I-T - Secondment of employee to India which has no nexus with generation of income of foreign holding company, is not deemed PE, hence not taxable in India: HC (See Breaking News)

TP - Penalty imposed u/s 271G is unsustainable where omission to maintain records of specified domestic transactions or international transactions, is due to reasonable cause, namely practical difficulties entailing the diamond trade: ITAT (See Breaking News)

I-T - Revisionary power rightly exercised where AO reduces assessee's LTCG liability without verifying why assessee acquired the land & building without paying stamp duty: ITAT (See Breaking News)

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TII BREAKING NEWS

Bengaluru, Jan 20, 2025 By TII News Service

TP - Disallowances made by AO cannot be sustained where they are framed in excess of jurisdiction & in contravention of the directions issued by

Chandigarh, Jan 20, 2025 By TII News Service

I-T - While passing order u/s 263, PCIT can't enlarge his scope of revisionary proceedings by asking AO to re-examine issue of inter-unit sale within

Mumbai, Jan 17, 2025 By TII News Service

TP - In absence of any arrangement between assessee and AE pertaining to AMP expenses, onus of proof lies on Revenue to prove that there

Bengaluru, Jan 17, 2025 By TII News Service

TP - Notional cost cannot be treated as part of operating cost of ITES provider, to work out its PLI: ITAT

< More News >

TII SPECIAL

Jun 24, 2024

A peep into Global Tax Reforms Architecture

By Pratap Singh, Principal CIT

THIS article aims to present an overview of the global tax reforms underway, exploring its challenges, key initiatives, and potential outcomes. It explores the importance of international cooperation under UN/G20/OECD, in addressing tax avoidance and ensuring that businesses contribute their fair share to the societies in which they operate.

View Previous Column >>

TII EDIT

Dec 30, 2024

The Billionaire tax debate

By D P Sengupta

BUDGET 2025 is round the corner. As in recent years, newspapers are full of alarming articles, all predicting disastrous consequences for the economy if a much-dreaded wealth tax or an inheritance tax is reintroduced in India. The discussion relating to a wealth tax or an inheritance tax has gained

View Previous Column >>

BULLETIN BOARD

New Delhi, Nov 04, 2024
Order under section 119(1) of the Income-tax Act, 1961 fixing monetary limits of the incom...

New Delhi, Oct 30, 2024
Condonation of delay under clause (b) of sub-section (2) of section 119 of the Income-tax ...

New Delhi, Oct 26, 2024
Extension of due date for furnishing return of income for the Assessment Year 2024-25...

New Delhi, Oct 15, 2024
Guidance Note 1/2024 on provisions of the Direct Tax Vivad se Vishwas Scheme, 2024...

< More News >

TII BRIEF

Paris, Jan 17, 2025
OECD labour force participation rates stable in Q3 ...

Paris, Oct 29, 2024
Better design of tobacco taxation needed to reduce consumption in Latin America: OECD ...

Paris, Oct 01, 2024
Declining trend of taxation is now staging a reversal: OECD...

Paris, Sep 25, 2024
Global economy turning corner as growth remains resilient: OECD ...

Paris, Sep 20, 2024
9 tax jurisdictions ink new treaty to implement Pillar 2 ...

More News >>

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