Profit-element taxation limits additions for unaccounted flat-sale receipts and grey-market purchases, while reliable search records support partial a...
Non-participating bidders cannot disturb concluded liquidation sales on speculative prejudice, while costs for such challenges must remain proportiona...
The appellant qualified as a non-resident in India during the previous year 2015-16. A non-resident is taxable in India only for income received/deemed to be received or accrued/deemed to accrue in India. The foreign allowances received by the appellant in the United Kingdom for services rendered there do not fall within the scope of total income u/s 5(2) of the Act. The value of stock option prerequisites accrued to the appellant for services rendered outside India from the date of grant to vesting does not form part of the total income of a non-resident and is not taxable in India. Section 90(2) of the Act applies, and the appellant is eligible for exemption under Article 16(1) of the India-UK DTAA, having filed a tax residency certificate qualifying as a UK tax resident. The disallowance of deductions under Chapter VI-A and long-term capital gain exemption u/s 10(38) were allowed by the CIT(A) subject to verification.
The appellant qualified as a non-resident in India during the previous year 2015-16. A non-resident is taxable in India only for income received/deemed to be received or accrued/deemed to accrue in India. The foreign allowances received by the appellant in the United Kingdom for services rendered there do not fall within the scope of total income u/s 5(2) of the Act. The value of stock option prerequisites accrued to the appellant for services rendered outside India from the date of grant to vesting does not form part of the total income of a non-resident and is not taxable in India. Section 90(2) of the Act applies, and the appellant is eligible for exemption under Article 16(1) of the India-UK DTAA, having filed a tax residency certificate qualifying as a UK tax resident. The disallowance of deductions under Chapter VI-A and long-term capital gain exemption u/s 10(38) were allowed by the CIT(A) subject to verification.
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TaxTMI 
TaxTMI 
of 4886 
