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Taxmann
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The Tax and Corporate Laws of INDIA
The Tax and Corporate Laws of INDIA

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CBDT issues guidelines for waiver of interest of assesseein- default
CBDT via Circular No. 11/2017 dated 24-03-2017 has issued guidelines to reduce or waived off the interest charged under section 201(1A)(i) in case of assessee’s failure to deduct tax at source in some specified cases. The cases in which the reduction or wai...

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Payment for usage of ICC marks to promote Reebok brand can’t be held as royalty: ITAT
The issue before the Tribunal was as under: Whether payment made by Reebok to ICC as 'Rights fee' for use of Marks of ICC for purposes of promotion and advertisement was in nature of 'Royalty' or 'Fees for technical services'? Tribunal held in favour of Ree...

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Excise dept. can’t blame advocate for its own failure to remove office objections in appeal: HC
Excise department (Revenue) filed the appeal before the High Court with the plea to quash order passed by Registry dismissing its appeal seeking time to remove office objections. High Court held as under: - 1) All the appeals filed by the revenue were enter...

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SRK wins tax case; ITAT allows Rs 10 cr. deduction for securing IPL team sponsorship for Star India
Facts: a) Shah Rukh Khan (SRK) had entered into a service agreement with Star India Pvt. Ltd. (‘Star India’) for hosting of ‘KBC’.SRK had received advance of Rs.72 crores for two seasons of KBC and the same had also been offered to tax on receipt basis. b) ...

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Cabinet approves GST Bills to implement GST from July 1
On Monday, the Union Cabinet gave its nod for four crucial GST Bills to usher in the country's biggest-ever tax reform. The meeting was chaired by Prime Minister Narendra Modi. This meeting was conducted to understand and approve the four Bills - Central GS...

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Reimbursement of salary of seconded employees held as FTS; ITAT relies on HC’s ruling of Centrica
Facts: a) Assessee, a swiss company was engaged in providing operations and management services to airports. It had entered into an agreement with Bangalore International Airport Ltd. (BIAL) for secondment of its skilled personnel. b) Assessing Officer (AO)...

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Reshuffling of specified investment by a trust doesn't lead to denial of sec. 11 exemption
Facts: a) The assessee-trust was running an educational institution, registered under section 12AA. It was collecting moderate fees from the students and expenses of the Institution were always more than educational receipts, which were met out of dividend/...

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Date of allotment letter to be considered and not date of sale deed registration to compute holding period of asset
Facts: a) The assessee sold her office unit and claimed that she had earned long-term capital gain as the office unit was held for more than 36 months. b) The Assessing Officer noted that though allotment of the said office was done prior to 36 months from ...

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Existence of undisclosed bank deposits non-mandatory on date of PMGKY payment: CBDT
PMGKY scheme has commenced and it is open for declarations till March 31, 2017. Representations have been received from various stakeholders seeking clarification as to whether the deposits made in bank account or cash in hand which are eligible for declara...

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Works contractor not eligible for sec. 80-IB deduction
Facts: a) The land owner sold undivided co-ownership rights in the property to various individual purchasers. These purchasers further entered into construction agreement with assessee-firm for construction of flats. b) Assessee filed return of income and c...
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