INCOME TAX ACT
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SECTION 9
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INCOME
- DEEMED TO ACCRUE OR ARISE IN INDIA
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Treaty Shopping
: SLP granted against
High Court's ruling that where shares of Indian company were listed, income
arising from any future transfer of those shares would itself be exempt by
virtue of section 10(38) and, hence, no treaty shopping to be alleged on
transfer of shareholding in it by company of one foreign country to its 100
per cent subsidiary company of another foreign country - [2015] 64
taxmann.com 337 (SC)
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Business income
: Where assessee
purchased goods from its AE which did not have any PE in India, payments made
for said off-shore sales was not liable to tax in India requiring deduction
of tax at source - [2015] 64 taxmann.com 338 (Delhi - Trib.)
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Purchase from AE
: Article 24 read with
Article 9 of Indo Japan DTAA prohibits deletion of enhancement of income due
to making of transactions at ALP, but permits deletion of enhancement of
income due to disallowance under section 40(a)(i) of Income-tax Act - [2015] 64
taxmann.com 338 (Delhi - Trib.)
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SECTION 12A
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CHARITABLE
OR RELIGIOUS TRUST - REGISTRATION OF
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Proviso : As long as objects a society were charitable
in nature in years earlier to year in which registration under section 12AA
was granted, and no adverse findings were given with regard to existence of
assessee-society for charitable purposes benefit of exemption under section
11 was to be given - [2015] 64 taxmann.com 330 (Kolkata - Trib.)
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SECTION 36(1)(iii)
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INTEREST
ON BORROWED CAPITAL
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Interest free loans
: Where capital of
assessee was more than interest free short-term advances given to
relatives/friends and Assessing Officer was not able to prove nexus between
interest bearing loans having been diverted to interest free loans, no part
of interest paid on loans could be disallowed - [2015] 64 taxmann.com 358 (Rajasthan)
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Thanks & Regards,
Meetesh Shiroya
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