Direct Tax

In a recent ruling in Doshi Accounting Services Pvt. Ltd v/s DCIT, (ITA No. 1352/Ahd/2011, 1285/Ahd/2012 and 1822/Ahd/2014), (Ruling), a special bench of the Income Tax Appellate Tribunal, Ahmedabad (Special Bench), has ruled that the transfer pricing provisions (TP provisions) would apply to an entity claiming tax exemption/holiday under Section 10A of the Income-tax Act, 1961 (IT Act).

In a recent decision in the case of ING Bewaar Maatschappij I BV (ING BV), as trustees of ING Emerging Market Equity Funds (INGEMEF) v Deputy Commissioner of Income Tax (International Taxation) (Income tax appeal number: 7119/MUM/2014), the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that in a situation where all investors / beneficiaries of a tax transparent entity are taxable in the Netherlands, the benefit of India-Netherlands Tax Treaty (Tax Treaty) shall be allowed to the income accrued to such tax transparent entity, assessed in the hands of ING BV, in its representa

In a recent decision in the case of M/s Direct Media Distribution Ventures Private Limited v Principal Commissioner of Income Tax (ITA No: 2211/Mum/2019), the Mumbai bench of the Income Tax Appellate Tribunal (Tribunal) while deciding on the issue of invocation of revisionary proceedings by the Commissioner of Income Tax (CIT) dealt with the taxability of a gift of shares between corporates.

The National Company Appellate Tribunal, New Delhi (NCLAT) in the recent case of Oswal Greentech v Mr Pankaj Oswal and Ors (Company Appeal (AT) No 410 of 2018) while deciding on the issue of maintainability of a petition alleging oppression and mismanagement of a company, held that upon the death of a shareholder, the shares vest with his/her legal heirs and not with the appointed nominee of such shares. The nominee of shares merely holds the shares till the matter of vesting is decided in favour of the legal heirs.

In a recent judgment Sowparnika Projects and Infrastructure Pvt. Ltd. and Ors. v/s ACIT TDS Circle-3(1), Criminal Review Petition No.

It is valuable to examine the many respects in which modern trust deeds can be tailored and adapte

The Authority for Advance Rulings (AAR) pronounced its ruling on the application of the India Mauritius Double Taxation Avoidance Agreement (DTAA), holding that the disposal by a Mauritian resident of its Indian investment would not be subject to tax in India. The AAR held that, in the absence of compelling evidence to the contrary, a valid Tax Residency Certificate (TRC) and Category 1 Global Business License (GBL-1) are sufficient for a Mauritian entity to avail benefits of the DTAA.

The Central Board of Direct Taxes (CBDT) – the apex body for administration of direct taxes in India – has issued a circular (Circular No. 29/2019 dated 2 October 2019) (Circular) clarifying that the companies which opt for the recently announced reduced corporate tax rate of 22% will not be eligible to claim set-off of brought forward (i) credit on account of Minimum Alternate Tax (MAT) paid in the past; and (ii) loss on account of additional depreciation.

With the introduction of Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations 2019 (FPI Regulations 2019), the regulator has renewed its commitment towards bolstering development of the International Financial Services Centre (IFSC) at the Gujarat International Finance Tec-City (GIFT City) as an attractive investment regime.

In furtherance of its widely promoted objective of ensuring efficiency and transparency in tax administration, the Government has notified the much-awaited E-assessment Scheme, 2019 vide Notification No. 61/2019 (Scheme) to provide a framework for conducting assessment proceedings by: