ITAT clarifies on scope of the term ‘shares’ in the context of India-Mauritius DTAA, holds that having TRC is sufficient for claiming treaty benefits
Bombay HC allows benefit of Article 13(4) of India Singapore DTAA on capital gains and rejects Revenue’s contention on application of Article 24 (Limitation of Relief)
ITAT allows long term capital loss on intra group share transfer claimed through revised return
Section 56(2)(viia) would prevail over section 47(vi) for shares transferred on account of amalgamation
Mumbai ITAT holds that financial service business of the Assessee constitutes an undertaking and transaction qualifies as demerger as per section 2(19AA) of the Income-tax Act, 1961 (‘Act’) and therefore, not liable for dividend distribution tax (‘DDT’)1
Relying on the principles of real income theory, Bombay High Court rules that the amount withdrawn from escrow account shall be reduced from sale consideration for computing capital gains and hence not taxable
Tribunal holds that proceedings under Black Money Act jurisdictionally defective where the assets under an offshore trust structure were held to be not subject to Wealth Tax in the hands of the assessee
Ahmedabad bench of Tribunal holds that the excess of net assets taken over by the amalgamated company against issue of its shares at face value towards consideration for amalgamation cannot be taxed under section 56(2)(viib) of the Act.
Payment to non-resident software manufacturers/suppliers for sale of software under end user license agreements/distribution agreements does not qualify as ‘royalties’ under DTAA and not liable for withholding taxes under section 195.
