ITAT case on salary earned by the non resident outside India Devi Dayal vs DCIT, 2024, Delhi ITAT (ITA Nos. 835 & 836/Del/2023) Facts: 1. The Appellant was deputed to work in a project awarded…
Changes in ITR 6 applicable to companies - Notification No 16/2016 dated 24.01.2024 CBDT has notified Income-tax Return Form 6 for the Assessment Year 2024-25, vide Notification No. 16/2024, dated 24-01-2024 Changes made have been…
Tax Implications on Loan Waivers after amendment to Section 28(iv) Under resolution plan approved by NCLT, would generally involve waiver of loans and other liabilities of corporate debtor, which is subject to IBC Proceedings Tax implications on…
Tax Implication on Capital Reduction under IBC Capital reduction refers to the technique of reducing a company’s share capital in any form. It is a mechanism usually adopted by companies for re-modelling their capital structure,…
No Income Tax in India for salary earned by a Korean Resident outside India: ITAT Delhi Amit Laroya Vs ACIT (ITA No.1457/Del/2022) Facts: 1. Amit Laroya, the appellant, challenged the decision of the Commissioner of…
ITAT Mumbai judgement on whether employment includes self employment for the purpose of determining residential status ACIT Vs Nishant Kanodia (ITA No. 2155/Mum./2023) Facts: 1. The assessee, being an individual, was in India for a…
Stock difference should be taxed as business income and not unexplained investment: ITAT Chennai Ethiraj Hotel Mart (ITA No.: 1086/CHNY/2022) Facts: 1. The appellant/assessee operates in the wholesale trading sector, dealing with stainless steel items,…
Mere outsourcing of services to Indian subsidiary would not give rise to PE in India: ITAT Delhi M/s EXL Service. Com INC (ITA No. 4989/DEL/2014) Facts: 1. Exl India has entered into a service agreement…
Deduction u/s 43B of IT Act for payments made to MSME: 1. Finance Act 2023 inserted clause (h) in Sec 43B, which says that any amount payable to Micro or Small and Medium Enterprises (MSME)…
Taxation on income of foreign IPL players: The legal position and the mechanism is explained as below: 1. Section 115BBA of the Income Tax Act provides the answer: This section provides a special tax rate…
