Tax Flash News

List of Tax Flash News

01 January 2024 to 14 May 2024




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 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