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India: Claiming “most favored nation” benefits under tax treaty

India: Claiming “most favored nation” benefits

The KPMG member firm in India has prepared reports about the following tax developments (read more at the hyperlinks provided below).

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  • Kerala “flood cess” FAQs: The government of Kerala state released a set of “frequently asked questions” (FAQs) concerning a flood “cess” (a term for local taxation in India) regarding flooding that occurred in the state in August 2018. The cess would apply to all intra-state business-to-consumer supplies, effective for two years from 1 August 2019. Read a July 2019 report [PDF 466 KB]

  • Adjudicating authority must consider taxpayer’s claim of not being a dealer: The High Court of Bombay directed an adjudicating authority to re-consider an assessment order challenge, finding that the adjudicating order had not dealt with the submission made by the taxpayer. The taxpayer had asserted that it was not a dealer under the value added tax (VAT) laws. Read a July 2019 report [PDF 637 KB]

  • Tax amnesty in Maharashtra: The Finance Minister of Maharashtra announced certain amendments to the state’s tax amnesty plan. Read a July 2019 report [PDF 548 KB]

  • Claiming “most favored nation” benefit under India-Spain tax treaty: The Delhi High Court held that the taxpayer (non-resident company) was allowed to file a revision petition under section 264 of the Income-tax Act, 1961 to claim the “most favored nation” benefit under the India-Spain income tax treaty. The taxpayer had not claimed the benefit on the original tax return.  The case is: Epcos Electronic Components S.A. Read a July 2019 report [PDF 627 KB]

  • Interest and power subsidies, under minimum alternate tax: The Calcutta High Court held that interest and power subsidies are capital in nature and thus are to be excluded for purposes of computing book profits under the provisions of minimum alternate tax. The case is: Ankit Metal & Power Ltd. Read a July 2019 report [PDF 806 KB]

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