Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
Underwriting commission paid to a non-resident for assuring subscription of an issue was held not to be fees for technical services under the India-UK DTAA or section 9(1)(vii). The Tribunal applied the treaty's make available requirement and found that no technical knowledge, experience or skill was passed on to the Indian clients. It further held that underwriting is only an undertaking to take up any unsubscribed portion of the shares, which does not amount to rendering technical or consultancy services. The commission was therefore not taxable in India, and the Revenue's appeal was dismissed.
Underwriting commission paid to a non-resident for assuring subscription of an issue was held not to be fees for technical services under the India-UK DTAA or section 9(1)(vii). The Tribunal applied the treaty's make available requirement and found that no technical knowledge, experience or skill was passed on to the Indian clients. It further held that underwriting is only an undertaking to take up any unsubscribed portion of the shares, which does not amount to rendering technical or consultancy services. The commission was therefore not taxable in India, and the Revenue's appeal was dismissed.
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