Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
On a plain reading of Section 115-O, the Court recorded a prima facie view that dividend distribution tax is an additional income-tax on the domestic company in respect of distributed profits, not a tax paid on behalf of shareholders. That understanding was treated as consistent with earlier Bombay High Court authority and the Supreme Court's decision in Godrej & Boyce, while the contrary view in Colorcon Asia that DDT is tax on the shareholder's dividend income, attracting DTAA benefit, created a direct conflict between coordinate Benches. Because the issue involved a clear cleavage of opinion on the nature of DDT and treaty entitlement, the appeals were not decided on merits and were referred to a Larger Bench.
On a plain reading of Section 115-O, the Court recorded a prima facie view that dividend distribution tax is an additional income-tax on the domestic company in respect of distributed profits, not a tax paid on behalf of shareholders. That understanding was treated as consistent with earlier Bombay High Court authority and the Supreme Court's decision in Godrej & Boyce, while the contrary view in Colorcon Asia that DDT is tax on the shareholder's dividend income, attracting DTAA benefit, created a direct conflict between coordinate Benches. Because the issue involved a clear cleavage of opinion on the nature of DDT and treaty entitlement, the appeals were not decided on merits and were referred to a Larger Bench.
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