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Assessing Officer jurisdiction after statutory transfer invalidates reassessment notices issued by transferor officers and nullifies resulting proceed...
Consequential appeal-effect orders must implement rectification deleting working-capital adjustments and reconsider the resulting arm's-length range c...
Discounted cash flow valuation protects share premium where projections are reasonable, while audited book expenses defeat unexplained-expenditure add...
Section 54 construction relief survives pre-transfer commencement when completion occurs within the statutory period, excluding ineligible spouse-owne...
Income deemed to accrue or arise in India - payment made for providing interconnect services - The Tribunal found that the IUC charges do not fall under the definition of 'royalty' as per the DTAA between India and Sri Lanka. It noted that the services provided by the assessee do not permit use or right to use any intellectual property or process owned by the assessee. Moreover, the Tribunal observed that amendments to the Income Tax Act expanding the definition of 'royalty' cannot be read into the DTAA unless specifically amended. - The Tribunal allowed the appeal in favor of the assessee, ruling that the IUC charges received by the assessee are not taxable in India either under the Act or the DTAA provisions.
Income deemed to accrue or arise in India - payment made for providing interconnect services - The Tribunal found that the IUC charges do not fall under the definition of 'royalty' as per the DTAA between India and Sri Lanka. It noted that the services provided by the assessee do not permit use or right to use any intellectual property or process owned by the assessee. Moreover, the Tribunal observed that amendments to the Income Tax Act expanding the definition of 'royalty' cannot be read into the DTAA unless specifically amended. - The Tribunal allowed the appeal in favor of the assessee, ruling that the IUC charges received by the assessee are not taxable in India either under the Act or the DTAA provisions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4884 
