Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
As decided in Total Oil India (P.) Ltd., where a domestic company declares, distributes or pays dividend to a non-resident shareholder(s), the Additional Income-tax (Tax on Distributed Profits) payable by the domestic company u/s 115-O shall be at the rate mentioned therein and not at the rate applicable to the non-resident shareholder(s) as per the relevant DTAA. The domestic company can claim DTAA benefit only if the Contracting States intend to extend treaty protection for dividend distribution tax. Regarding applicability of transfer pricing regulations to operations carried out through qualifying ships where income is taxed under TTS, following assessee's own case, provisions of Chapter-X cannot be invoked to alter expenditure having no bearing on income computed under Chapter XII-G. Thus, transfer pricing regulations do not apply to income taxed under TTS.
As decided in Total Oil India (P.) Ltd., where a domestic company declares, distributes or pays dividend to a non-resident shareholder(s), the Additional Income-tax (Tax on Distributed Profits) payable by the domestic company u/s 115-O shall be at the rate mentioned therein and not at the rate applicable to the non-resident shareholder(s) as per the relevant DTAA. The domestic company can claim DTAA benefit only if the Contracting States intend to extend treaty protection for dividend distribution tax. Regarding applicability of transfer pricing regulations to operations carried out through qualifying ships where income is taxed under TTS, following assessee's own case, provisions of Chapter-X cannot be invoked to alter expenditure having no bearing on income computed under Chapter XII-G. Thus, transfer pricing regulations do not apply to income taxed under TTS.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
