Tax Flash News

List of Tax Flash News

01 January 2024 to 23 June 2024

Date	Title	Citations
06/23/2024	Key recommendations of the 53rd GST Council meeting	To regularize the past practice on an 'as is where is' basis in view of genuine interpretational issues
06/19/2024	Important updates under Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 (EPF Act)	Notified in official gazette on 27 March 2020
06/14/2024	General anti-avoidance rule can be invoked for a transaction not covered within the scope of specific anti-avoidance rule	W. P. No. 46510 and 46467 of 2022
06/07/2024	Mere existence of a subsidiary does not result in a permanent establishment; the prescribed conditions need to be tested vis-à-vis actual facts	Progress Rail Locomotive Inc. v. DCIT [W.P. (C) 12405/2019]
06/05/2024	Guarantee charges received by a foreign company from its Indian subsidiary are not interest in nature; taxable as ‘other income’	Johnson Matthey Public Limited Company v. CIT (ITA No. 717/2018)
06/03/2024	India Tax Konnect - May 2024	-
05/29/2024	Taxation of a foreign company at a higher rate is not prevented by non-discrimination article of the tax treaty	The Royal Bank of Scotland N.V. v. CIT (ITA/155/2005) (Cal)
05/24/2024	Interest paid by a permanent establishment of a foreign bank in India to its overseas head office is not taxable under the tax treaty	Explanation to section 9(1)(v) with effect from 1 April 2016
05/14/2024	Interest free loans given by banks to their employees continue to qualify as fringe benefits and hence taxable	Section 17(2)(viii) of the Income Tax Act, 1961 (the Act)
05/10/2024	Cost of bonus shares allotted prior to 1 April 2001 is nil; option of taking FMV as on that date as cost is not available	Zash Traders v. ACIT (ITA No.747/Bang/2023) (Bang)
05/07/2024	Karnataka High Court ruling declares the provisions under EPF Act for International Workers as unconstitutional	The Gazette of India http://egazette.nic.in/WriteRead Data/2008/E_538_2010_002.pdf
05/07/2024	Premium received on redemption of debentures is interest income; not capital gains	Khushaal C Thackersey v. ACIT (ITA No. 3679/Mum/2015) (Mum)
04/26/2024	Safe harbour rule for the angel tax provisions is curative in nature; applies retrospectively	A closely held company is a company in which the public are not substantially interested as defined in section 2(18) of the Income-tax Act.
04/24/2024	Payment received for sharing a third-party shrink-wrapped software with a group company is not ‘royalty’ in the absence of transfer of copyright	Saxo Bank A/S v. ACIT (ITA No. 2010/Del/2023)
04/01/2024	India Tax Konnect - March 2024	-
03/15/2024	Duration of the provision of services from outside India is not relevant for the purposes of service permanent establishment	Clifford Chance PTE Ltd.v. ACIT(ITA Nos. 2681 & 3377/Del/2023) (Del)
03/14/2024	The provision of a cloud-based software-driven platform cannot constitute technical services if it is not cutomised or specifically designed for a particular customer	SFDC Ireland Limited v. CIT (W.P.(C) 14636/2023) (Delhi High Court)
03/13/2024	India-EFTA TEPA: New era for Indian consumers of Swiss chocolates and legendary Swiss watches!	-
03/05/2024	In the absence of a principal-agent relationship, the discount offered by the telecom company to its SIM card distributor is not 'commission' for the purposes of tax deduction at source	Bharti Cellular Limited v. ACIT (Civil Appeal No. 7257 of 2011)
03/05/2024	No disallowance of expenditure for non-deduction of tax at source from the payment to the non-resident for purchase of goods applying non-discrimination article under the tax treaty	CIT v. Mitsubishi Corporation India P. Ltd (ITA 180/2014)
02/29/2024	India Tax Konnect - February 2024	-
02/23/2024	CBDT announces waiver of pending tax demands up to INR100,000 per taxpayer	F/No 375/02/2023-IT-Budget dated 13 February 2024
02/20/2024	India’s Social Security Agreement with Brazil has come into effect from 1 January 2024	EPFO Circular No. IWE-1109/1/2020-IWU/Brazil/E-file (621352)/4763,dated 13 February 2024
02/16/2024	The US company does not have a permanent establishment in India for providing airline ticket booking services through its computer reservation system located outside India	ITA No. 216/Del/2016
02/16/2024	A part of sales consideration kept in the escrow account which is unlikely to be received by the seller is to be excluded from the full value of consideration while computing capital gains	Modi Rubber Ltd. v. DCIT(ITA No. 6866/Del/2018) (Del)
02/15/2024	Anti-profiteering provisions under GST are constitutionally valid	Pyramid Infratech Private Limited v. Union of India & Ors. [2024-VIL-84-DEL]
02/01/2024	India Interim Budget 2024	Extension was given in the press release dated 28 June 2023 / Circular no. 10 dated 30 June 2023 issued by the CBDT. It is now proposed to be codified in the law
01/29/2024	India Tax Konnect - January 2024	-
01/29/2024	Capital loss arising from the cancellation of shares of a company is allowable to the shareholders even if no consideration is paid by the company	Tata Sons Limited v. CIT(ITA No. 3468/Mum/2016) (Mum)
01/05/2024	No reassessment proceedings in the case of the foreign company's capital account transaction of investment in shares of an Indian subsidiary as it did not give rise to any income	Angelantoni Test Technologies SRL v. ACIT (W.P.(C) 15928/2023)
01/04/2024	CBDT issues another set of guidelines for the deduction of tax at source on e-commerce transactions under Section 194-O of the Income-tax Act	With effect from 1 October 2020

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