Faceless assessment and registration procedures are updated through electronic communication, revised recovery rules, extended deadlines, and replacem...
Risk-based selective vessel boarding requires accurate declarations and preserves master and agent liability where physical inspections are not select...
Permanent-establishment reassessment cannot revisit scrutinised disclosures; extended reopening fails without undisclosed material facts and within st...
AO's addition of "washout charges" as income was rejected. ITAT held that washout charges are business income, not speculative income. Even if speculative, it would be covered under Article 7 read with Article 5 of India-Singapore tax treaty as business income. Since the assessee had no PE in India as per Article 5, such business income is not taxable in India. ITAT ruled in assessee's favor.
AO's addition of "washout charges" as income was rejected. ITAT held that washout charges are business income, not speculative income. Even if speculative, it would be covered under Article 7 read with Article 5 of India-Singapore tax treaty as business income. Since the assessee had no PE in India as per Article 5, such business income is not taxable in India. ITAT ruled in assessee's favor.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
