Roaming charges paid to telecom operator: Scope of ‘Fees for Technical Services’ and applicability of Tax deduction at source.

Case: DCIT 8 (3)(1) vs. Tata Teleservices (Mah.) Ltd, Mumbai ITAT Outcome: Assessee Facts The Assessee Company was engaged in the business of providing telecommunication services. It had paid roaming charges to various operators on which tax was not deducted at source.The Assessing Officer was of the opinion that the roaming services were in the … Continue reading Roaming charges paid to telecom operator: Scope of ‘Fees for Technical Services’ and applicability of Tax deduction at source.

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.

Transactions in Penny Stocks: Applicability of Section 68/ Section 69

Case: Shri Sanjay Jain vs. DCIT, Cc-1, Chandigarh ITAT Outcome: Assessee Facts The Assessee was an individual having salary income from M/s Royal Lifestyle Jewellers Pvt. Ltd. in the capacity of a director. The Assessee during the year earned long term capital gains from the sale of shares of M/s Presha Mettallurigical Ltd., company, amounting … Continue reading Transactions in Penny Stocks: Applicability of Section 68/ Section 69

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!