Issue examined under original assessment proceeding: Whether re-opening in such case is justified.

Case: Chordia Buildcon Pvt Ltd vs. DCIT, Circl-6, Jaipur ITAT Outcome: Assessee Facts The Assessee was engaged in the business of real estate and filed its return of income on 28.09.2011 declaring loss of Rs. 27.04 lakhs and the assessment was completed under section 143(3) on 14.03.2014 at NIL income. Subsequently, notice under section 148 … Continue reading Issue examined under original assessment proceeding: Whether re-opening in such case is justified.

The validity of additions made without issuing a show-cause notice

Case: Shri Shankar Gupta vs. Income Tax officer, Ward-6-4, Jaipur ITAT Outcome: Assessee Facts The Assessing Officer asked the Assessee to reconcile the difference inter alia the difference between the value of imported goods and payments made for purchases. He also found out that the Assessee has shown debit notes owing to receipt of defective … Continue reading The validity of additions made without issuing a show-cause notice

Secondment of employees: Formation of Permanent Establishment in India. 

Case: Teradata Operations Inc. United States vs. DCIT, ITAT Delhi Outcome: Remand Facts The employees were seconded to Teradata India under a secondment agreement under which those employees worked as employees of the Indian company.The seconded employees worked under the control and supervision of ‘Teradata India’.The salary of seconded employees was disbursed by the Assessee … Continue reading Secondment of employees: Formation of Permanent Establishment in India. 

Failure in the submission of PAN to the person making payment: Rate as Section 206AA vs tax treaty rate

Case: Shriram Capital Ltd vs. Director of Income Tax, Madras HC Outcome: Assessee Facts The Assessee had engaged the services of a foreign law firm for the purposes of acquiring insurance business in Indonesia. The Assessee had filed an application under section 195 for exemption from deduction of tax at source on the payment being … Continue reading Failure in the submission of PAN to the person making payment: Rate as Section 206AA vs tax treaty rate

What we added to the Telescope this week!

Taxability of an offshore discretionary trust having resident and non-resident beneficiaries: Implications at time of accrual of income vs distribution of income Know the tax implications on discretionary trusts that are set up outside India. Offshore discretionary trusts can be set up by a resident or a non-resident of India and have resident as well … Continue reading What we added to the Telescope this week!

Web session – Impact of prosecution proceeding related to income tax on Business

https://youtu.be/UqJPmEpEXxM The prosecution proceedings are held in criminal courts and the not just the revenue channels as the revenue starts criminal processes against the assessee for the tax due and normal recovery. Thus, the prosecution is a serious consequence of income tax evasion. If you have missed this session sponsored by Riverus Telescope, check this … Continue reading Web session – Impact of prosecution proceeding related to income tax on Business

Signing up and signing in – Riverus Research Map for income tax

Riverus offers 7 days of free trial for all its research products. At present, there are three products which you can use which are: Research Map for GSTResearch map for income taxTelescope for income tax Know how to sign up for a free trial and sign in to Riverus account with this video which shows … Continue reading Signing up and signing in – Riverus Research Map for income tax

Legislation Analytics an overview for Income tax

With Riverus Research Map for income tax Access text of the section, related sections, circulars notifications Check out the amendment history of a section Get access to Legislative Intent of a section with filters to help narrow down search results on the basis of forum, sections and assessment years. Section filter goes down 3 levels, … Continue reading Legislation Analytics an overview for Income tax