Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
Income-tax exemption for specified regulatory fees and government grants applies subject to non-commercial activity and continuing compliance conditio...
Digital accessibility audit and remediation deadlines extended, while all other disability-compliance obligations for regulated entities remain unchan...
The ITAT Chennai addressed several issues. Firstly, regarding TDS u/s 195/192, it held that payments made to overseas group entities for relocation expenses of secondment employees were not subject to TDS as they were reimbursement of internal business costs, not taxable income. The matter was remitted to the AO for verification. Secondly, non-credit of DDT paid u/s 115O was remitted for verification of the amount paid. Thirdly, DDT liability u/s 115-O for dividends paid to a UK entity was to be decided by lower authorities. Lastly, lease rental payments were allowed as deductible expenses, with depreciation on assets taken on finance lease being part of the disallowance under section 32. The confusion created by the AO was clarified, and the Revenue's appeal on this issue was dismissed.
The ITAT Chennai addressed several issues. Firstly, regarding TDS u/s 195/192, it held that payments made to overseas group entities for relocation expenses of secondment employees were not subject to TDS as they were reimbursement of internal business costs, not taxable income. The matter was remitted to the AO for verification. Secondly, non-credit of DDT paid u/s 115O was remitted for verification of the amount paid. Thirdly, DDT liability u/s 115-O for dividends paid to a UK entity was to be decided by lower authorities. Lastly, lease rental payments were allowed as deductible expenses, with depreciation on assets taken on finance lease being part of the disallowance under section 32. The confusion created by the AO was clarified, and the Revenue's appeal on this issue was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
