Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The ITAT held that the reassessment proceedings initiated u/s 147 were void ab initio for want of jurisdiction: the AO failed to record cogent reasons or identify tangible material establishing escapement of income before issuing notice, despite knowledge that the assessee was a non-resident foreign company, a TRC holder and SEBI-FPI investor in NCDs whose sole Indian receipts were interest subjected to TDS u/s 194LD. Absent findings of a PE in India or applicability of POEM/s 6(3), there was no obligation to file a return u/s 139(1), and DTAA protections applied. Consequently the ITAT allowed the assessee's grounds and set aside the reassessment initiation.
The ITAT held that the reassessment proceedings initiated u/s 147 were void ab initio for want of jurisdiction: the AO failed to record cogent reasons or identify tangible material establishing escapement of income before issuing notice, despite knowledge that the assessee was a non-resident foreign company, a TRC holder and SEBI-FPI investor in NCDs whose sole Indian receipts were interest subjected to TDS u/s 194LD. Absent findings of a PE in India or applicability of POEM/s 6(3), there was no obligation to file a return u/s 139(1), and DTAA protections applied. Consequently the ITAT allowed the assessee's grounds and set aside the reassessment initiation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
