Tax Flash news - Archive 2019

Date Title Citations
12/24/2019 KPMG Tax Assemblage - 2019  
12/24/2019 Poland releases synthesised text for the application of the Poland-India tax treaty as modified by MLI Source - IBFD
12/20/2019 Revised tax return can be filed even after the relevant due date pursuant to an approved scheme of amalgamation – Supreme Court Dalmia Power Limited & Anr v. ACIT (Civil Appeal No. 9496-99 of 2019) –
12/16/2019 Perpetual lease is construed as purchase of property and eligible for exemption under Section 54F of the Income-tax Act Shri N. Ramaswamy, Kartha of N. Ramaswamy (HUF) v. ITO (ITA no. 925/Chny/2019)
12/19/2019 38th GST Council Meeting update Rule 36(4) of the Central Goods and Services Tax Rules, 2017
12/14/2019 Notification update – Electronic Invoices from 1 April 2020  
12/11/2019 Deduction under Section 10A of the Income-tax Act cannot be denied in respect of additional income offered in the modified return in pursuance of APA Dar Al Handasah Consultants v. DCIT (ITA No.  1413/PUN/2019) –
12/10/2019 Deemed Sales – Situs of sale, for transfer of the right to use goods, shall be the place where the contract has been entered – Supreme Court 2019-VIL-40-SC
12/06/2019 Payment over and above net assets acquired is towards goodwill under slump sale transaction and depreciation is allowed on the same ACIT v. Dorma India Pvt Ltd. (ITA No. 1664 to 1666/chny/2019) –
12/05/2019 Australia releases synthesised text for the application of the Australia-India tax treaty as modified by MLI  
12/03/2019 The Taxation Laws (Amendment) Bill, 2019 passed by Lok Sabha to replace the Ordinance with certain amendments  
11/25/2019 The Taxation Laws (Amendment) Bill, 2019 introduced in Lok Sabha Section 72A - Provisions relating to carry forward and set off of accumu-lated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc.
11/22/2019 Prior to amendments introduced in the Rules, the weighted deduction on R&D expenditure under Section 35(2AB) of the Income-tax Act cannot be curtailed based on DSIR certification ACIT v. Crompton Greaves- [2019] 111 338 (Mum)
11/22/2019 When the term ‘royalty’ is defined under the India-Singapore tax treaty, the meaning of word 'process' under such definition cannot be imported from the Income-tax Act ACIT v. Reliance Jio Infocomm Ltd. [ITA Nos. 6331 to 633/Mum/2018] –
11/21/2019 India files appeal against the WTO panel report  
11/15/2019 India releases synthesised text for the application of tax treaty with Slovak Republic as modified by the MLI Source -
11/15/2019 Notification update – Annual Returns and Reconciliation statement Notification no. 56/2019-Central Tax dated 14 November 2019
11/13/2019 GST Circular update on restriction in availing input tax credit (ITC) Circular no. 123/42/2019 – GST dated 11 November 2019
11/13/2019 India releases synthesised texts for the application of tax treaties with Singapore and Finland as modified by the MLI Source –
11/12/2019 OECD releases public consultation document on Global Anti-Base Erosion Proposal – Pillar two The public consultation meeting on the developments under Pillar Two will be held on 9 December 2019, at the OECD Boulogne in Boulogne-Billancourt
11/08/2019 Housing loan interest deductible while computing capital gains and income from house property Section 48 of the Income-tax Act, 1961 (‘the Act’)
11/08/2019 The Mumbai Tribunal decision on the allowability of foreign tax credit Tata Consultancy Service Ltd. v. ACIT (ITA no. 5713/Mum/2016) –
11/06/2019 Transition of Education cess, Secondary & Higher education cess and Krishi Kalyan Cess into GST is allowed – Madras High Court TS-938-HC-2019(MAD)-NT
11/05/2019 India-USA Trade Dispute on Export Subsidies  
11/05/2019 Pension Fund Regulatory and Development Authority (PFRDA) has decided to permit Overseas Citizen of India (OCI) to enroll in National Pension System at par with Non- Resident Indian (NRIs) Circular No – PFRDA/ 2015/ 14/ POP/ 03 dated 28 May 2015
10/31/2019 Circular update on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS) ARC-Asset Reconstruction Company
10/24/2019 Payment for offshore supply of equipment is not taxable in India under the Income-tax Act as well as under the India-Japan tax treaty Nippon Steel Engineering Co.Ltd v. CIT (AAR No. 1303 of 2012)
10/23/2019 Notice sent at the address mentioned in the PAN database is a sufficient compliance of issue of notice under Section 143(2) of the Income-tax Act – Supreme Court PCIT v. I-Ven Interactive Services [2019] 110 332 (SC)
10/17/2019 Capital Gain arising on sale of Indian real estate companies’ shares is not taxable in India under Article 14 of the India-Spain tax treaty JCIT v. Merrill Lynch Capital Market Espana SA SV (ITA No. 6108/Mum/2018 and 6109/Mum/2018)
10/16/2019 Recent AAR rulings dealing with the taxability of capital gains under the India-Mauritius tax treaty Becton Dickinson (Mauritius) Ltd. v. AAR [A.A.R. No. 1306, 2012] – Taxsutra
10/15/2019 OECD releases public consultation document on a ‘unified approach’ for taxing the digital economy Secretariat proposal for a Unified Approach under Pillar One (the Proposal)
10/14/2019 Recovery of mediclaim insurance premium from employee, not subject to levy of GST – AAR, Maharashtra Jotun India Pvt. Ltd., 2019 -VIL-296-AAR
10/14/2019 Government of India declares 8.65 per cent interest rate on Employees’ Provident Funds Scheme for Financial Year 2018-19 EPFO Circular – Declaration of Rate of Interest for the Employees’ Provident Fund Members Account for the year 2018-19. Circular dated 27 September 2019
10/12/2019 Offshore supply of equipment by an Italian company to Indian telecom operators is not taxable in the absence of a PE and business connection in India Siemens Mobile Communications SPA v. DCIT (ITA No. 2810/Del/2003) –
10/10/2019 GST Notification updates – Rules amended to restrict availment of input tax credit (ITC) Notification 49/2019-Central Tax dated 9 October 2019
10/10/2019 Business support service fees received by a foreign company from its Indian subsidiary are not taxable as royalty under the India-Netherlands tax treaty
Van Oord Dredging and Marine Contractors v. DCIT (ITA No. 4136/Mum/2016) –
10/01/2019 KPMG Tax Assemblage - July to September 2019  
10/01/2019 Notifications update -37th GST Council meeting Specified R&D services as listed in Table B of Notification 4/2019-Integrated Tax dated 30 September 2019
10/01/2019 Maharashtra VAT law alert - Inquiry against payment of royalty for use of trademarks and technical know-how by an Indian entity Lal Products v. Intelligence Officer [2018-VIL-565-KER]
9/28/2019 KPMG-Flash-News-CBDT-circular-for-the-conduct-of-assessment-proceedings-through-E-Proceeding-1 Circular No. 27/2019, dated 26 September 2019
9/27/2019 Circular update – Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS) Circular no. 1071/4/2019-CX.8 dated 27 August 2019
9/27/2019 CBDT issues further FAQs in respect of filling of ITR forms for the Assessment Year 2019-20 Notification No. 32/2019, dated 1 April 2019 
9/26/2019 TDS credit is allowed in the year in which the corresponding income is assessable and not in the year of TDS deposit Mahesh Systems Pvt Ltd v. ACIT-ITA No.1288/PUN/2017
9/25/2019 CENVAT Credit of services sold to employees can be availed by the employer – CESTAT, Hyderabad Ultra Tech Cement vs. Commissioner of Central Tax – Tirupati – GST [2019-VIL-603-CESTAT-HYD-ST]
9/23/2019 Liaison Office of a Singapore based company constitutes a PE in India under the India-Singapore tax treaty Hitachi High Technologies Singapore Pte Ltd v. DCIT (ITA Nos. 2683 to 2688/Del/2015) –
9/18/2019 German company does not have a PE or business connection in India for
sale of cars on a principal to principal basis to its associated enterprise
in India
Audi AG v. ADIT (ITA No. 7335/Mum/2012) –
9/18/2019 CBDT notifies rules and form with respect to functioning of the Approving Panel for the purpose of the GAAR provisions CBDT Notification No. 67/2019, 17 September 2019
9/13/2019 Cypriot company is treated as a ‘beneficial owner’ of interest received on CCDs from an Indian entity and hence it is eligible for India-Cyprus tax treaty benefits Golden Bella v. DCIT- [ITA No. 6958/MUM/2017] –
9/13/2019 CBDT notifies E-assessment Scheme, 2019 Notification No. 61/2019, 12 September 2019
9/13/2019 Carry forward and set-off of MAT credit is available to the demerged company and not to the resulting company DCIT v. TCS E-serve International Limited (ITA No. 2779/Mum/2018) –
9/10/2019 India releases synthesised text for the application of the India-UAE tax treaty  
9/10/2019 Long term capital loss arising on sale of listed shares (income from which is exempt from tax) can be carried forward and set-off against other long term capital gains 1 United Investments v. ACIT (ITA No. 511/Kol/2017) –
9/9/2019 Provisions of Section 56(2)(vii)(c) are not applicable to the issue of bonus shares 1 DCIT v. Smt. Mamta Bhandari [2019] 108 207 (Del)
9/7/2019 Supreme Court dismisses review petition against its decision on the applicability of Provident Fund contributions on allowances  
8/31/2019 Conversion of a company into LLP amounts to ‘transfer’ under the Income-tax Act and shareholder is liable to capital gains tax on receipt of partnership interest upon such conversion Domino Printing Services Plc (AAR No. 1290 of 2012) –
8/31/2019 Section 56(2)(ix) of the Income-tax Act is not applicable to the forfeiture of application money on the issue of debentures R. S. Triveni Foods P. Ltd v. ADIT (ITA No. 739/Del/2019) –
8/31/2019 Companies name once struck off from the ROC records cannot be restored since the tax department had not raised any tax demand nor passed any assessment order prior to the ROC order PCIT v. Registrar of Companies (Company Appeal (AT) No. 405 of 2018) –
8/31/2019 Japan releases synthesised text for the application of the Japan-India tax treaty as modified by the MLI  
8/30/2019 Payment to a foreign company for supply of designs and drawings is not taxable as royalty The Majestic Auto Ltd v. CIT [ITR-602-1995 (O&M)] (P & H) - taxsutra
8/26/2019 Disallowance under Section 14A of the Income-tax Act is not applicable to foreign exchange loss ACIT v. Theolia Wind Power Pvt Ltd [ITA No.503/Del/2012] -
8/24/2019 Finance Minister announces various measures to boost economy  
8/23/2019 CBDT issues press release clarifying eligibility of small start-ups to avail deduction under Section 80-IAC of the Income-tax Act CBDT press release, dated 22 August 2019
8/23/2019 Loans given to a shareholder from an open current account are taxable as ‘deemed dividend’ under Section 2(22)(e) of the Income-tax Act G.G. Oil & Fats Pvt Ltd v. DCIT (ITA No. 508/Asr/2017) –
8/20/2019 CBDT clarifies that farm-in expenditure incurred by the oil exploration and production companies are ‘intangible assets’ eligible for depreciation 1  Circular No. 20/2019, dated 19 August 2019 
8/13/2019 Enhanced profit due to disallowance under Section 40(a)(ia) is eligible for a deduction under Section 10A of the Income-tax Act 1 CIT v. BMC Software India Pvt. Ltd. (SLP No. 20159/2019) –
8/13/2019 CBDT issues FAQs for filling-up the updated ITR forms for the Assessment Year 2019-20  1 Notification No. 32/2019, dated 1 April 2019
8/10/2019 ITC will not be available for supplies made between distinct persons, when consideration as mentioned in the invoice has not been paid - AAR, Tamil Nadu 1 2019-VIL-234-AAR 
8/8/2019 CBDT clarification with respect to assessment of start-up companies involving application of Section 56(2)(viib) 1 Notification No. 364(E), dated 11 April 2018
8/8/2019 Withholding tax certificate directing Indian entities to deduct tax at a higher rate without giving valid reasons is unsustainable in law 1 Bently Nevada LLC v. ITO (W.P.(C) 7744/2019, 29 July 2019) –
8/7/2019 Payments to foreign entities for training of pilots and crews are not taxable in India  1 Kingfisher Airlines Ltd v. DDIT (ITA No. 86 & 87/Bang/2011) –
8/3/2019 Key takeaways on the Code on Wages Bill, 2019  
7/31/2019 External Commercial Borrowings (ECB) Policy – Permitted End-use further liberalised  
7/31/2019 FAQs on levy of Kerala Flood Cess 1 Kerala Finance Act, 2019
7/29/2019 Non-speaking order passed by the adjudication authority set-aside – Bombay High Court 1 TS-558-HC-2019(BOM)-VAT 
7/27/2019 GST Council meeting update – GST rate cut on electric vehicle   
7/25/2019 Taxpayer is allowed to file a revision petition against an intimation to claim a tax benefit which was not claimed in the return of income 1 Epcos Electronic Components S.A v. UOI [W.P.(C) 10417/2018, 10 July 2019] -
7/25/2019 Circular update – Amendment to the provisions of Maharashtra Amnesty Scheme   1 Trade circular no. 40T of 2019 dated 20 July 2019 
7/24/2019 Government subsidies for capital investment in backward areas are capital receipts and thus to be excluded while computing book profits under the provisions of MAT 1Ankit Metal & Power Ltd v. Pr. CIT (ITA No 155 of 2018) – 
7/24/2019 Provisions mentioned in a Scheme of Amalgamation/Arrangement do not provide exemption from following the statutory procedure laid down for filing a revised return under the Income tax Act 1 ACIT v. Dalmia Power Limited and Dalmia Cement (Bharat) Limited
[W.A.(MD)Nos.566 to 569 of 2019] and [C.M.P(MD) Nos.4710 to 4713 of 2019] - 
7/23/2019 To determine a threshold for Service PE under the India-UK tax treaty ‘any 12 month period’ is to be construed as previous / financial year 1 Linklaters LLP v. DCIT [2019-TII-172-ITAT-Mum-INTL]
7/22/2019 Circular update – Treatment of goods taken out of India for ‘sale on approval basis’  1 Central Board of Indirect Taxes and Customs  - (PDF, 548 KB)
7/22/2019 The Protocol amending the India-China tax treaty notified   1 Notification No. 54/2019, dated 17 July 2019 – - (PDF, 645 KB)
7/19/2019 Short Term Capital Gains arising to a Non Resident on sale of units of equity oriented mutual funds are not taxable under India-UAE treaty  1 DCIT (International Taxation) Kochi v. Sri.K.E.Faizal (ITA No.423/Coch/2018) - (PDF, 753 KB)
7/19/2019 Circular update – Clarification of supply of ITeS vis-à-vis intermediary services  1 Central Board of Indirect Taxes and Customs - (PDF, 553 KB)
7/19/2019 Proposed amendments to the Finance (No. 2) Bill, 2019  (PDF, 483 KB)
7/17/2019 The Central Action Plan - 2019-20 (PDF, 777 KB)
7/15/2019 Period of 182 days to be considered for residential status of an Indian citizen, coming to India for visits  1 PCIT v. Binod Kumar Singh [2019] 107 27 (Bom) - (PDF, 849 KB)
7/11/2019 Tax authorities cannot avoid  processing of the tax return under Section 143(1) of the Income-tax Act and granting refund to the taxpayer 1 Tata Communications Limited v. DCIT (Writ Petition No. 894 of 2019, dated 8 July 2019) - (PDF, 623 KB)
7/9/2019 CBIC clarification, linking last date for claiming ITC with due date of filing GSTR-3B, ‘illegal’ – High Court, Gujarat   1 2019-VIL-314-GUJ (PDF, 544 KB)
7/9/2019 No distribution of assets on conversion of a firm into a company for taxability of capital gains  1 DCIT v. Vishal Engineering and Galvanizers (ITA No.2316/Ahd/2014) – (PDF, 623 KB)
7/4/2019 Annual Return on Foreign Liabilities and Assets – Revised reporting system (PDF, 565 KB)
7/4/2019 India Economic Survey 2018-19: Key highlights 1 Economic Survey 2018-19 Volume 2, Ministry of Finance, Accessed on 4 July 2019 (PDF, 761 KB)
7/2/2019 KPMG Tax Assemblage – April to June 2019 (PDF, 619 KB)
6/29/2019 GST Notifications and Circulars updates  (PDF, 471 KB)
6/28/2019 Indian subsidiary of a U.S. company does not constitute a PE in India under the India-U.S. tax treaty  1 Gemological Institute of America v. ACIT (ITA No. 1138/MUM/2015) (PDF, 474 KB)
6/27/2019 India deposits instrument of ratification for MLI with OECD 1 Including article and paragraph number of each such provision (PDF, 738 KB)
6/27/2019 Transaction of sale of CCDs to a related concern which resulted in a loss cannot be construed as colourable device  1 Essar Teleholdings Ltd v. ACIT (ITA No. 1958/Mum/2018) – (PDF, 697 KB)
6/25/2019 Non-compete fees are eligible for depreciation under the Income-tax Act  1 PCIT v. Piramal Glass Limited (ITA No. 556 of 2017) – (PDF, 605 KB)
6/22/2019 GST Council Update – Annual Return filing date extended (PDF, 564 KB)
6/21/2019 CBDT issues revised guidelines for compounding of offences under the Income-tax Act 1 CBDT letter, (F.No.285/08/2014-IT(Inv.V)147, dated 14 June 2019). (PDF, 775 KB )
6/18/2019 Fees for executive search are not taxable as FTS or royalty under the India-Netherlands tax treaty   1 Spencer Stuart International BV v. DCIT (ITA No. 6666/Mum/2017) - (PDF, 736 KB)
6/13/2019 The Union Cabinet approves ratification of MLI  1 PIB release, dated 12 June 2019 (PDF, 630 KB)
6/12/2019 Section 56(2)(viib) of the Income-tax Act is not applicable to a step-down subsidiary of a listed company  1 Apollo Sugar Clinics Ltd. v. DCIT [2019] 105 254 (Hyd) (PDF, 815 KB)
6/12/2019 Press release – Transition plan to the new simplified GST returns 1 Press release dated 11 June 2019  (PDF, 740 KB)
6/8/2019 Income from testing and other services is taxable as FTS under the India-Finland tax treaty  (PDF, 685 KB)
6/6/2019 OECD – Programme of work to develop a consensus based solution to  the tax challenges arising from the digitalisation of the economy 1 Tax Challenges Arising from Digitalisation – Interim Report 2018. For the detailed Flash News click on the following link:  (PDF, 947 KB)
6/6/2019 Payments for availing bandwidth services are not taxable as royalty under the India-Singapore tax treaty  1 DCIT v. Reliance Jio Infocomm Ltd (ITA No.936/Mum/2017) – - (PDF, 686 KB)
6/5/2019 Prosecution proceedings can be initiated for failure to deposit the TDS amount with the Government within the stipulated time 1 ITO v. Firoz Abdul Gafar Nadiadwala (Court Case No. 95/SW/2014) –  (PDF, 814 KB)
5/28/2019 Proposed amendments in the Income-tax Rules and form with respect to the audit of the accounts of a trust or institution 1 Section 12A read with Sections 11 and 12 of the Act  (PDF, 815 KB)
5/27/2019 Kerala flood cess effective from 1 June 2019  (PDF, 752 KB)
5/22/2019 Speculative business loss from trading in shares cannot be set-off against profits from the business of futures and options prior to amendment in Section 73 of the Act – Supreme Court  1 Snowtex Investment Ltd v. PCIT [2019] 105 282 (SC)  (PDF, 811 KB)
5/21/2019 ITC on construction services available against tax payable on lease income from such constructed property – Orissa High Court  1 Safari Retreats Pvt. Ltd. [TS-350-HC-2019(ORI)-NT] (PDF, 675 KB)
5/17/2019 Scientific research expenditure for the period prior to the approval under Section 35(2AB) of the Income-tax Act is eligible for weighted deduction 1 CIT v. TVS Electronics Ltd [2019] 105 36 (Mad)  (PDF, 723 KB)
5/17/2019 FAQs part II on the real estate sector    1 F. No. 354/32/2019-TRU, dated 14 May 2019  (PDF, 614 KB)
5/16/2019 The Supreme Court decision on the allowability of interest on capital borrowed 1 CIT v. Reliance Industries Ltd (Civil Appeal No. 10 of 2019) (PDF, 735 KB)
5/15/2019 Expenditure on acquisition of set-top boxes are capital in nature and eligible for depreciation at 15 per cent 1 ACIT v. Kerala Communicators Cable Ltd (ITA No. 271/Coch/2018) – (PDF, 806 KB)
5/14/2019 Updates for the real estate sector 1 Notification no. 10/2019 – Central Tax (Rate) dated 10 May 2019 (PDF, 845)
5/10/2019 Reduction in book debt is a valid consideration 1 Senco Gold Ltd [2019-VIL-133-AAR] - (PDF 795 KB)
5/10/2019 Part B of Form No.16 can now be generated and downloaded through TRACES portal 1 Notification No. 09/2019 dated 06 May, 2019 - (PDF 729 KB)
5/7/2019 The Bombay High Court quashes tax officer’s order denying nil withholding tax certificate in respect of capital gains under the India-Mauritius tax treaty 1 Indostar Capital v. ACIT (Writ Petition No. 3296 of 2018) – - (PDF 729 KB)
5/4/2019 Distribution charges received for telecasting of TV channels in India are not taxable as ‘royalty’ under the Income-tax Act as well as under the India-Singapore tax treaty 1 CIT v. MSM Satellite (Singapore) Pte Ltd (ITA No. 103 of 2017) – - (PDF 819 KB)
5/2/2019 Income earned by a foreign company as a member of consortium/projects for providing technical assistance is taxable as business income under the India-Russia tax treaty 1 PJSC Stroytransgaz v. DDIT (ITA No. 2942/Del/2010) – - (PDF 814 KB)
4/26/2019 GST notifications and circular updates (PDF 821 KB)
4/26/2019 Multiple counting and period of leave is to be excluded from the period of stay of an employee to determine Service PE threshold 1Linklaters v. DDIT (ITA no.3250/Mum./2006 Assessment Year - 2002–03) - - (PDF 809 KB)
4/25/2019 Report on proposed amendments of rules for profit attribution to permanent establishment in India open for public consultation 2DIT v. Morgan Stanley [2007] 292 ITR 416 (SC) - (PDF 826 KB)
4/25/2019 The CBDT policy providing incentive for disposal of an appeal by the CIT(A) in a particular manner is impermissible 1The Chamber of Tax Consultants v. CBDT (Writ Petition No. 3343 of 2018 – - (PDF 618 KB)
4/25/2019 Supreme Court ruling on higher pension benefit to employees under the Employees’ Pension Scheme, 1995 1Notification G.S.R. 609(E) dated 22 August 2014 - (PDF 865 KB)
4/25/2019 Maharashtra New Industrial Policy, 2019 1Maharashtra New Industrial Policy 2019 dated 7 March 2019 - (PDF 733 KB)
4/24/2019 Tax is not required to be deducted under Section 195 of the Income-tax Act on salary paid by an Indian entity to an overseas deputed employee 1CIT v. Supriya Suhas Joshi (ITA No. 382 of 2017) (Bom) – - (PDF 747 KB)
4/24/2019 CBDT notifies changes in Form 16 and Form 24Q 1Notification No. 36/2019 dated 12 April 2019 - (PDF 652 KB)
4/23/2019 Interest is payable on the gross GST liability – High Court, Telangana 1Megha Engineering & Infrastructures Ltd [Writ Petition number 44517 of 2018 - (PDF 691 KB)
4/18/2019 Provisions relating to unexplained cash credit do not apply to transactions where no cash is involved 1Abhijeet Enterprise Ltd v. ITO (ITA No. 308/Kol/2017) – - (PDF 821 KB)
4/12/2019 Service Tax – Payment towards the salary of employee deputed from parent company not liable to service tax – Supreme Court 1Nissin Brake India Pvt. Ltd [TS-230-SC-2019-ST] - (PDF 811 KB)
4/11/2019 Tax department issues income-tax notices to multinational companies - (PDF 562 KB)
4/10/2019 CBDT notifies Income-tax Return forms for the Assessment Year 2019-20 1Notification No. 32/2019, dated 1 April 2019 – - (PDF 640 KB)
4/5/2019 Notification update – Order of utilisation of input tax credit 1Notification 16/2019-Central Tax dated 29 March 2019 - (PDF 574 KB)
4/5/2019 Notification update – GST amendments to the real estate sector (PDF 606 KB)
4/5/2019 Kerala Amnesty scheme to settle pre-GST regime disputes 1 Circular no. 3/2019 dated 1 April 2019 - (PDF 633 KB)
4/2/2019 KPMG Tax Assemblage – January to March 2019 (PDF 630 KB)
3/27/2019 Compensation paid to the property buyers for surrender of their rights is allowed as business expenditure 1Gopal Das Estates & Housing Pvt Ltd v. CIT (ITA No. 210/2003) – - (PDF 736 KB)
3/20/2019 Agency commission earned outside India is not taxable in the absence of territorial nexus with India 1Fox International Channel Asia Pacific Ltd v. DCIT (ITA No. 1947/Mum/2015) – - (PDF 615 KB)
3/20/2019 GST Council meeting update – Transition plan approved for a residential segment of the real estate sector (PDF 584 KB)
3/19/2019 Input tax credit on post-supply discounts cannot be availed – AAR, Tamil Nadu 1 MRF Ltd. [2019-TIOL-AAR-GST] - (PDF 544 KB)
3/18/2019 KPMG Customs Update: US to end preferential treatment to Indian origin goods 1 Notification No. 48 and 49/ 2018 (Customs) dated 20 June 2018 and read with Notification No 50/2017 dated 30 June 2017 - (PDF 476 KB)
3/14/2019 Companies for which data is not available in the public domain can be selected by the Transfer Pricing Officer as comparables by using their power to call for information under Section 133(6) of the Income-tax Act 1 Philips Medical Systems (P.) Ltd. v. ITO [2019] 102 441 (Kol) - (PDF 562 KB)
3/12/2019 National Policy on Software Products, 2019 (PDF 484 KB)
3/8/2019 Amount raised by way of issue of shares at a premium is chargeable to tax as per the provisions of Section 68 of the Income-tax Act – Supreme Court 1Pr.CIT v. NRA Iron & Steel Pvt Ltd [Civil Appeal arising out of SLP (Civil) No. 29855 of 2018] – - (PDF 683 KB)
3/8/2019 GST circular update – clarification on treatment for various sales promotion schemes 1Circular No. 92/11/2019-GST dated 7 March 2019 - (PDF 692 KB)
3/7/2019 Ordinance for amnesty scheme to settle pre-GST regime disputes Maharashtra - 1 Maharashtra Ordinance No. V of 2019 dated 6 March 2019 - (PDF 722 KB)
3/5/2019 India’s e-Visa regime gets more liberalised (PDF 826 KB)
3/4/2019 ‘Pre-import condition’ to avail IGST exemption on imports under advance authorisation of FTP is ultra vires – Gujarat High Court 1 Maxim Tubes Company Pvt. Ltd. [TS-79-HC-2019(GUJ)-NT] - (PDF 832 KB)
3/1/2019 Supreme Court ruling on the applicability of Provident Fund contributions on allowances 4 Bridge and Roof Co. (India) Ltd. v. Union of India, (1963) 3 SCR 978 - (PDF 579 KB)
2/27/2019 Delhi Tribunal’s decision on taxability of composite scheme of arrangement which includes demerger and amalgamation 1 Aamby Valley Ltd v. ACIT (ITA No. 1148/Del/2017) – - (PDF 826 KB)
2/27/2019 Supply of certain engineering technical design/drawings/plans is not taxable as FTS because it does not satisfy ‘make available’ test under the India–UK tax treaty 1 Buro Happold Limited v. DCIT (ITA No. 1296/Mum/2017) – - (PDF 823 KB)
2/27/2019 Deduction of interest payable is not allowed on conversion of such interest into a loan in view of specific provision under Section 43B of the Income-tax Act 1 CIT v. Gujarat Cypromet Ltd. (Civil Appeal No. 5347/2010) (SC) – - (PDF 695 KB)
2/25/2019 100 per cent deduction under Section 80-IC of the Income-tax Act can be claimed on the substantial expansion for fresh five years subject to a total period of deduction not exceeding 10 years 1 Pr.CIT v. Aarham Softronics (Civil Appeal No. 1784 of 2019, dated 20 February 2019) including various other taxpayers - (PDF 706 KB)
2/25/2019 Pre-fabricated warehouse structure is immovable property – AAR, West Bengal 1 Tewari Warehousing Co. Pvt. Ltd [2019 – VIL-47-AAR-SGST] - (PDF 545 KB)
2/25/2019 Amnesty Scheme to settle pre-GST regime disputes – Maharashtra (PDF 699 KB)
2/22/2019 Prosecution proceedings under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, regarding undisclosed inherited foreign bank accounts upheld 1W.P. No. 568 of 2018 in the High Court at Calcutta Shrivardhan Mohta vs Union of India & Ors. Dated 14 February 2019 - (PDF 733 KB)
2/20/2019 Ministry of Commerce and Industry clears proposal to encourage investments into startups (Angel Tax Notification) 1Archaeological collections, drawings, paintings, sculptures, any work of art, bullion (whether or not capital asset) - (PDF 631 KB)
2/19/2019 Maharashtra State Circular update – Inter-State purchases against C Form for period starting from 1 July 2017 1 Trade Circular No. 07T of 2019 dated 14 February 2019 - (PDF 827 KB)
2/18/2019 Property held by a Not Ordinarily Resident outside India not to be included for determining the eligibility for deduction under Section 54F of the Income-tax Act 1 Dev Kumar Roy vs ITO (ITA No.2350/Bang/2018 dated 08 February 2019) - - (PDF 858 KB)
2/14/2019 Sales Tax – Bond to bond sale does not qualify as High seas sale, hence liable to tax – Bombay High Court 1 Radhasons International [2019-VIL-62-BOM] - (PDF 833 KB)
2/12/2019 Transfer of shares in a company having an undertaking does not result into slump-sale of an undertaking 1 Pr.CIT v. UTV Software Communication Ltd (ITA No. 1475 of 2016) – - (PDF 745 KB)
2/11/2019 No reversal of CENVAT credit required for statutory investments mandated under IRDA – CESTAT, Hyderabad 1 Shriram Life Insurance Company Limited order number A/30168 – 30169/2019 DATED 7 February 2019 - (PDF 691 KB)
2/8/2019 Multilateral Instrument Implementing the Treaty Related BEPS Provisions (Updates) (PDF 511 KB)
2/6/2019 OECD Policy Note on addressing the tax challenges of the digitalisation of the economy 1 Tax Challenges Arising from Digitalisation – Interim Report 2018. For the detailed Flash News click on the following link: - (PDF 829 KB)
2/6/2019 Domino’s pizza case – Increase made over and above the denial of ITC amounts to profiteering - National Anti-Profiteering Authority 1 Jubilant Food Work Ltd. [2019-VIL-04-NAA] - (PDF 818 KB)
2/4/2019 Recovery of parent’s health insurance expenses from employee is not supply of services – AAR, Maharashtra 1 Advance Ruling No. GST-ARA-36/2018-19/B-110 dated 7 September 2018 - (PDF 831 KB)
2/1/2019 India Interim Budget 2019 (PDF 748 KB)
1/31/2019 Kerala budget – Calamity cess 1 Kerala Finance Budget speech 19-20 - (PDF 831 KB)
1/31/2019 GST notification updates 1 Notification no. 2/2019 – Central Tax dated 29 January 2019 and Notification no. 1/2019 – Integrated Tax dated 29 January 2019 - (PDF 749 KB)
1/30/2019 Tax sparing credit is allowed under the India-Thailand tax treaty with respect to ‘dividend’ income 1 Polyplex Corporation Ltd v. DCIT (ITA Nos. 4347 to 4350/Del/2016) – - (PDF 892 KB)
1/23/2019 Service tax audit under GST is permissible – High Court, Calcutta 1 Gitanjali Vacationville Pvt. Ltd [2019-VIL-17-CAL dated 15 January 2019] - (PDF 714 KB)
1/22/2019 CBDT issues Circular clarifying its position on the applicability of Section 56(2)(viia) of the Income-tax Act to fresh issuance of shares by a company 1 Company in which public are not substantially interested - (PDF 777 KB)
1/22/2019 Survey on Indian market trends are not intermediary services – AAR, Maharashtra 1 Asahi Kasei India Pvt. Ltd [2019-VIL-10-AAR] - (PDF 873 KB)
1/21/2019 External Commercial Borrowings (ECB) – Revised Regulations and Framework (PDF 664 KB)
1/18/2019 KPMG Tax Highlights - 2018 (PDF 953 KB)
1/11/2019 GST Council recommendation – 32nd Meeting (PDF 580 KB)
1/7/2019 Withdrawal of circular relating to applicability of Section 56(2)(viia) to fresh issuance of shares by a private company 1Company in which public are not substantially interested - (PDF 468 KB)
1/4/2019 Delhi NCLT approves Scheme involving merger of Promoter Holding Companies into Listed Company rejecting the tax evasion allegations raised by Income-tax Authorities 1Order of NCLT New Delhi Bench-III in the matter of Company Petition CAA-284/ND/2017 and Company Petition CAA-385/ND/2017 - (PDF 888 KB)
1/3/2019 KPMG Tax Assemblage - 2018 (PDF 1 MB)
1/2/2019 CBDT clarification regarding applicability of Section 56(2)(viia) of the Income-tax Act 1Company in which public are not substantially interested - (PDF 626 KB)
1/2/2019 Foreign Direct Investment in e-commerce activities – recent amendment 1 Consolidated FDI Policy Circular of 2017 - (PDF 726 KB)