Income Tax

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Articles Income Tax

Where High Court upheld Tribunal’s order allowing Assessee’s claim for expenditure incurred on allotment of shares under Employee Stock option Plan (ESOP), SLP filed by Revenue against order of High Court was to be granted.

Facts of the case: Assessee, a Private Limited Company deriving income from owning, operating and managing hotels, motels, resorts, restaurant etc. For the AY 2010-11, the Assessee filed return of income on 15...

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Articles Income Tax

No TP adjustments on share purchase at high premium as it doesn’t amount to revenue receipt

Bombay High Court in the case of Principal Commissioner of Income Tax-7 V. PMP Auto Components (P.) Ltd. Facts of the case: The assessee company had filled its return of income showing some international trans...

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Articles Income Tax

HC upholds constitutional validity of Section 234E of the Income Tax Act, 1961 (“the Act”) imposing fee for delayed filing of TDS statements

Facts of the case: Assessee, an Advocate challenged the constitutional validity of section 234E of the Act and also sought quashing of the fee imposed upon him as an assessee by the Department. Assessee’...

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Articles Income Tax

Additions under Section 68 cannot be deleted merely relying on Assessee’s evidence – SC

Facts of the case: Assessee had filed the original Return of Income for the AY 2009-10 reporting Rs. 17.6 crores as share application money having premium of Rs. 180 per share from several companies situated a...

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Articles Income Tax

Royalty payment to Italian Co. pursuant to agreement effective from 01-04-2008 would be taxable at 10%

Facts of the case: The Assessee being a company located in Italy and having several other group concerns around the globe had received royalty & technical fees for services of SAP implementation and fees f...