IFSCA ISSUES NEW DIRECTIONS FOR OPERATION OF FOREIGN CURRENCY IN IFSC ACCOUNT OF RESIDENT INDIVIDUALS UNDER LRS
Maximum Surcharge Rate to be considered in the computation of MMR applicable to Private Discretionary Trust
The Ministry of Finance has recently notified amendments to the Foreign Exchange Management (Non- Debt Instruments) Rules, 2019 (‘NDI Rules’) vide the Foreign Exchange Management (Non-Debt Instruments) (Fourth Amendment) Rules, 2024 (‘Amendment’). The key amendments are summarized below:
During FY2013-14,Sonia Pathak Khanna (‘assessee’) sold an office premises, for Rs.57 lakhs, on which depreciation had been claimed since FY 2009-10 and treated the gains arising thereon as long term capital gain. Further, the written down value of such asset as on 01 April 2013 was Rs.16.70 lakhs
Benefit under Treaty cannot be withheld without invocation of GAAR or evidence of impermissible avoidance arrangement where TRC is available
Karnataka HC holds that waiver of loan shall not be taxable as benefit or perquisite under pre-amendment section 28(iv) irrespective of nature of loan
NEW PROTOCOL ENTERED BY INDIA AND MAURITIUS FOR INTRODUCTION OF PRINCIPAL PURPOSE TEST AND AMENDMENT OF PREAMBLE IN TAX TREATY
Mumbai ITAT holds that date of transfer shall be reckoned on the date when shares are delivered and not from SPA execution date for Capital gains purpose
Capital loss pursuant to capital reduction is allowable to shareholders even if no consideration is received by the shareholders
Waiver of loan not used for acquisition fixed assets to be subject to tax under section 28(iv) since the benefit was not in nature of cash or money
ITAT clarifies that provisions of section 56(2)(x) and Rule 11UA would be inapplicable if company buys back its own shares under the buy back scheme
Delhi HC uphelds overriding effect of IBC on claims raised by tax department for period prior to approval of resolution plan
Chennai ITAT rules Cognizant’s Rs. 19,000 Crore buyback through scheme of arrangement to attract DDT
Successor entitled to claim depreciation on actual cost of assets being consideration actually paid to predecessor after revaluation of assets
