8 February 2014
Search And Seizure - Application Of Assets Seized Or Requisitioned November 26, 2013 LD/62/49 Chironjilal Sharma HUF vs. UOI (SC) Section 132B read with Section 132 of the Income-tax Act, 1961 Where in search, cash seized was in excess of tax liability, appellant would be entitled to interest for the period from expiry of period of six months from the date of order under Section 132(5) to the date of regular assessment order. Search was conducted in the house of the appellant on 31.1.1990 and a...
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8 February 2014
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DTAA BETWEEN INDIA & BELIZE Agreement For Exchange Of Information With Respect To Taxes With Belize Notification No. 3/2014[F.NO.503/4/2012-FTD-I]/SO 48(E), Dated 7-1-2014. Whereas, an agreement (hereinafter referred to as the said agreement) was entered into between the Government of the Republic of India and the Government of Belize for the exchange of information with respect of taxes was signed at Belmopan, Belize on the 18th day of September, 2013; And whereas, the date of entry into force...
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8 February 2014
DTAA BETWEEN INDIA & ALBANIA Agreement For Avoidance Of Double Taxation And Prevention Of Fiscal Evasion With Albania December 4th, 2013. The Government of India signed an Agreement for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (DTAA) with Government of Albania. The Agreement was signed by Dr. Sudha Sharma, Chairperson, Central Board of Direct Taxes (CBDT), on behalf of the Government of India and Mr. Fatos Kerciku, Ambassado...
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3 February 2014
INDIA and FIJI SIGNED DOUBLE TAXATION AVOIDANCE AGREEMENT AGREEMENT FOR AVOIDANCE OF DOUBLE TAXATION AND PREVENTION OF FISCAL EVASION WITH FOREIGN COUNTRIES The Government of the Republic of India and the Government of the Republic of Fiji, desiring to conclude an Agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and with a view to promoting economic cooperation between the two countries, have agreed as follows: ARTICLE 1 PERSONS...
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3 February 2014
Cairn UK Did Not Pay Tax On Rs 24,503.50 Crores Of Capital Gains: Income Tax Department Jan 27, 2014, The Income Tax Department has assessed that Cairn Energy Plc of UK did not pay tax on Rs 24,503.50 crores of capital gains made on transferring India assets to a new company. The department, in a seven-page order dated January 22, said the gains came after the Edinburgh-based firm transferred its entire India business from subsidiaries incorporated in Jersey, a tax haven, to newly incorporated C...
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3 February 2014
India Detects ‘Visa Fraud And Tax Evasion’ In US Embassy School January 17, 2014, India has reportedly detected violation of visa and tax laws in the American Embassy School in New Delhi. A number of teachers are working there illegally, allege Indian government sources. This comes after the arrest of Indian diplomat Devyani Khobragade in New York for visa fraud relating to her claims about the wages she was paying her housekeeper Sangeeta Richard. Since then, New Delhi has carried out three wee...
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3 February 2014
Vodafone, Shell May Face New Tax Demands In India January 30th, 2014. Fresh orders against Indian units of Vodafone, Shell can potentially lead to tax demands for a combined Rs.24,960 crore. Mumbai: The transfer pricing wing of the income-tax (I-T) department has passed fresh orders against the Indian units of Europe’s largest oil producer Royal Dutch Shell Plc and largest phone firm Vodafone Group Plc that can potentially lead to tax demands for a combined Rs.24,960 crore, adding to the tax tro...
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3 February 2014
Foreign Investors Trading Indian Cos’ Shares Abroad Won't Be Liable To Capital Gains Tax January 29th, 2014, After allowing unlisted Indian companies to list overseas, the finance ministry has decided to sweeten the deal for such listings. Foreign investors buying or selling shares of Indian companies listed overseas will not be liable to capital gains tax. The finance ministry has decided to treat the shares issued by unlisted Indian companies on overseas bourses on par with American depository...
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3 February 2014
Google : Not Liable To Pay Taxes For Indian Operations January 31st, 2014, United States multinational Google has submitted to Delhi High Court that it is not liable to pay any taxes in India for its internet activities, as it is not providing any taxable services or earning income from here nor does it have a permanent establishment in the country. The submission has been made in an affidavit filed by the website in the High Court which is hearing a plea by a former BJP leader seeking protectio...
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