16 December 2019
RBI Plans To Launch India’s Own Cryptocurrency - Mr. Shaktikanta Das – Governor, RBI - 05-12-2019 After having banned banks from extending any services to crypto entities, the Reserve Bank of India said that it is planning to develop India’s own digital currency in India. The question is about the digital currency. We do understand your stand on crypto currency which you made very clear in the Sandbox Policy but most of the regulators from all over the world are looking at digital currency very...
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Stay On Criminal Trial For Willful Evasion Of Tax U/s 276(c) Of The Income Tax Act, 1961 Till The Disposal Of The Appeal Filed Before Authorities In the case tilted as Beaver Estates Pvt. Ltd. and Ors. Vs. The Assistant Commissioner of Income Tax Corporate, Circle 1(1) and Ors., OP (Crl.) No. 400 of 2019, MANU/KE/4435/2019, the High Court of Kerala has directed the Trial Court to keep the criminal proceedings initiated against the Petitioner Company and its Managing Director on the complaint fil...
Read more →14 December 2019
International Taxation Directory Income Tax Laws · DTAA with India · Country-wise Reference 100+Countries covered 90+DTAA treaties 2Reference columns Country Income Tax Laws DTAA with India Additional International Tax Resources Global Corporate Tax Rates Tax Residency Certificate — How to obtain International Business Consultants
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Exemption under Section 11 only When Requirements under Sec. 11(4A) satisfied: Kerala High Court – 12th December, 2019 The Kerala High Court has held that, “in order to decide whether the assessee is entitled to the benefit of the exemption under Section 11, it is necessary for the Tribunal to determine whether it satisfies the requirement of Section 11 (4A) of the Income Tax Act”. The Kerala High Court bench consisting of Justice C.K.Abdul Rehim and Justice Amit Rawal made this observation in t...
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Cabinet approves India-Chile double taxation avoidance treaty – 27th , November, 2019 The Union Cabinet approved the signing of the Double Taxation Avoidance Agreement (DTAA) and protocol between India and Chile for elimination of double taxation. The Union Cabinet chaired by Prime Minister Narendra Modi also approved the prevention of fiscal evasion and avoidance with respect to taxes on income between the two countries. Government said the DTAA will facilitate elimination of double taxation."C...
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INCOME TAX IN CHILE Corporate Taxes Tax Base For Resident and Foreign CompaniesA corporation is considered resident or domiciled in Chile if it is incorporated in the country. To determine whether an entity is considered having a permanent establishment in Chile or not, the substance-over-form principle applies, meaning even though domestic requirements are not met, the taxpayer corporation may choose to be treated as a local PE in order to be allowed to deduct its business expenses. Tax Rate At...
Read more →7 December 2019
(ITAT AHMEDABAD) ITO VS. DEVENDRA J KOTHARI ITA No. 210/Ahd/15, DATED: 03.04.2019 Summarised Judgement (Scroll for Complete Judgement) Introduction: The assessee in this case is an individual. During the course of scrutiny assessment proceedings, and as a result of AIR inputs available with the income tax department, it was found that the assessee has deposited the sums of money aggregating to Rs 43,72,650 in his savings bank account with ICICI Bank Limited. Facts of the case: The assessee was t...
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SUPREME COURT OF INDIA C.I.T, DELHI VS ATUL MOHAN BINDAL ON 24 AUGUST, 2009 Summarised Judgement (Scroll for Complete Judgement) Introduction: The revenue has come up in appeal by special leave aggrieved by the judgement of the High Court of Delhi whereby the High Court dismissed their appeal under Section 260A of the Income Tax act, 1961 (for short, "the Act" ) on January 25, 2008 and upheld the order dated December 22, 2006 passed by the Income Tax Appellate Tribunal, Delhi Bench `H', New Delh...
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BOMBAY HIGH COURT MAHARAJ GARAGE & COMPANY VS. CIT I T REFERENCE NO.21 OF 2008, DATED : 22.08.2017 Summarised Judgement (Scroll for Complete Judgement) Introduction : The Assessment Year 198788, completed on 3031988, declaring the total income of Rs.1,12,380/ on 1101987, were reopened by the Department of Income Tax. In the order dated 3091988 passed in such proceedings, two crucial findings were recorded (i) that the assessee has concealed the particulars of his income for the Assess...
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DELHI HIGH COURT R.L.TRADERS VS INCOME TAX OFFICER WARD 47(1) ITA 384/2017, DATED : 07.12.2017 Summarised Judgement (Scroll for Complete Judgement) The assessee's appeal under Section 260A of the Income Tax Act, 1961 characterizes the order of the Income Tax Appellate Tribunal (ITAT), which upheld the order of the Appellate Commissioner, as perverse. The assessee - for A.Y. 2007-08, faced addition of `1,34,584/-, under Section 68 of the Act. This was based upon entries shown as cash credits. The...
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