Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
On the law applicable in September 2005, the offshore transfer of shares of a Mauritius company by non-resident shareholders was not taxable in India under section 9(1)(i), because the Tribunal applied the look-at test and followed Vodafone International Holdings to hold that an indirect transfer through a foreign company could not be treated as a direct transfer of Indian assets. Since the underlying gain was not chargeable to tax in India at the time of payment, section 195 did not create any withholding obligation, and later retrospective insertions in section 9(1)(i) could not fasten liability on the payer. The deletion of liability under sections 201(1) and 201(1A) was upheld.
On the law applicable in September 2005, the offshore transfer of shares of a Mauritius company by non-resident shareholders was not taxable in India under section 9(1)(i), because the Tribunal applied the look-at test and followed Vodafone International Holdings to hold that an indirect transfer through a foreign company could not be treated as a direct transfer of Indian assets. Since the underlying gain was not chargeable to tax in India at the time of payment, section 195 did not create any withholding obligation, and later retrospective insertions in section 9(1)(i) could not fasten liability on the payer. The deletion of liability under sections 201(1) and 201(1A) was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
