Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
Page of 4794
Press 'Enter' after typing page number.
121 to 140 of 95875 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The ITAT held that the reassessment initiated u/s 147 was without valid jurisdiction and therefore void. The assessee, a UAE tax resident foreign company, had only interest income from an Indian payer, on which tax had been duly withheld at 12.5% in accordance with Article 11 of the India-UAE DTAA and s.195. As the conditions of s.115A(5) were satisfied, the assessee was not obliged to file a return for AY 2012-13, rendering the AO's sole basis for reopening-non-filing of return-untenable. Further, the AO wrongly taxed double the actual interest income without supporting material. The reassessment order was quashed and the assessee's appeal allowed.
The ITAT held that the reassessment initiated u/s 147 was without valid jurisdiction and therefore void. The assessee, a UAE tax resident foreign company, had only interest income from an Indian payer, on which tax had been duly withheld at 12.5% in accordance with Article 11 of the India-UAE DTAA and s.195. As the conditions of s.115A(5) were satisfied, the assessee was not obliged to file a return for AY 2012-13, rendering the AO's sole basis for reopening-non-filing of return-untenable. Further, the AO wrongly taxed double the actual interest income without supporting material. The reassessment order was quashed and the assessee's appeal allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
