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CBDT releases draft rules for determination of fair market value and reporting requirements under indirect transfer provisions
The Income-tax Act, 1961 ('ITA') was amended in 2012 to retrospectively tax gains arising from transfer of shares or interest in a foreign company or entity, if such shares or interest derived (directly or indirectly) value substantially from assets located in India – commonly referred to as the indirect transfer provision. Know more
Delhi High Court: Consideration received by shareholders on transfer of business undertaking by a Company is income of Transferor Company
The issue under consideration is whether upon transfer of business under a Scheme of Arrangement, the Transferor Company is liable to be taxed on part of the consideration that was discharged by the Transferee Company in form of allotment of shares to the shareholders of the Transferor Company. Know more
Section 40(a)(i) hit by non-discrimination clause in Article 26 of the India - US Double Taxation Avoidance Agreement
The Delhi High Court ("HC") has delivered a landmark judgment in the case of Herbalife International India Pvt. Ltd.1 ("taxpayer") relating to applicability of the non-discrimination clause in Article 26(3) of the India-US Double Tax Avoidance Agreement ("DTAA") It has held that the provisions of section 40(a)(i) of the Income-tax Act, 1961 ("Act"), before insertion of sub clause (ia) in section 40(a) by the Finance (No.2) Act, 2004, was discriminatory in nature, as it provided for disallowance of payments made to non-residents where tax was not deducted at source, whereas, similar payments to residents did not result in any such disallowance. Know more
Indirect Tax – April 2016
The taxpayer filed a writ petition before High Court ("HC") apprehending that the RA may initiate coercive action against the Company (ie arrest of its Directors, employees) for recovery of tax, without issuance of show cause notice to the Company. Know more