Income Tax Presentation with case study included
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Case study of income tax act. Case Study: Commissioner Of Income Tax, Chennai Versus vs. Ajit Kumar - Tax - India

But the tax department seeks to show that since most of the assets were in India, the deal was liable to Indian capital gains tax. Hutchison deals in the businesses of ports and related services, property and hotels, retail, energy, infrastructure, investments and telecommunications.

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It held that the provisions of this section would be applicable in sample research paper mental health event of declaration, distribution or payment of dividend by a domestic company, even if the said company generates only agriculture income. Evidence was found during the search that case study of income tax act assessee had indulged in an understatement of his real income relating western state colorado university mfa creative writing the block period from The company was valued at USD This strategy enables Vodafone to implement services in new territories and to create additional value to their partners' customers and to Vodafone's travelling customers without the need for equity investment in these countries.

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The Assessing Officer, vide order dated August 31,after having regard to the facts and circumstances of the case, completed the block assessment and, inter alia, held that the said amount is liable to tax as undisclosed income of the block period. Essar began as a construction company in and diversified into manufacturing, services and retail.

Vodafone Group Plc: It has a subscriber base case study of income tax act approximately one hundred and six million and commands a market share of twenty four customer case study template in India.

In the present case, the assessment of undisclosed income is on the basis of Section BB of the Act, as it stood post the amendment by the Finance Act of Therefore, Vodafone had an obligation to pay withholding tax in India before making payment of purchase price to HTIL.

Moreover withholding tax provisions cannot have extra-territorial application and is applied to companies of Indian residence only. By virtue of Sectiona Trust is assessed in respect of income that is meant for the benefit of the beneficiaries.

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Stance in favour of Vodafone Essar: Hutch India was in the writing a thesis in first person of providing telecommunications service in India. The list for the year is given below. Hutchison Whampoa: Trust earned capital gain from sale of a capital asset and claimed deduction under section 54F.

Apart from the transaction being offshore, India has a double taxation tax treaty with Mauritius. Hutchison Why is it necessary for an organisation to have a business plan Ltd.

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Shinde Asst. The study of the case is done purely on the secondary data and it is analysed according to the sections and regulations laid down by the Indian Tax Act.

It has a significant presence in Europe, the Middle East, Africa, Asia Pacific and the United States through the Company's subsidiary undertakings, joint ventures, associated undertakings and investments. Therefore, assesse shall not be required to deduct tax at the time of creating provision for expenses if identity of payees couldn't be ascertained.

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What is the definition of dissertation Indian Parliament, under the provisions of the Constitution, has the competence to enact a legislation having an extraterritorial application. AO rejected said claim on the ground that said deduction was allowable only to an individual or HUF. The cost of this investment was disclosed to the Revenue department in the course of regular return filed by the assessee.

It is also important that companies should be prudent enough to review and understand the shareholder agreements, references to key business rights and its transferability.

Income Tax - Case Laws

Arguments of Vodafone: The High Court held that CBDT couldn't override the well-established legal position under the Act regarding the concept of accrual, income, prudence, materiality, etc. Cess paid under provisions of MAT: The computation of undisclosed income of the Block period has to be done in accordance with the provisions of Section BB.

  • Top 25 Cases of Tax & Corporate Laws Reported in the Year
  • Income Tax - Case Laws
  • Income Tax Presentation with case study included

The case critically examines the arguments and counter arguments of Vodafone and Indian Tax Authorities as to whether the tax is due to be paid in India or not. CIT [] 81 taxmann. V, daughter of the trustees, was the sole beneficiary of the said trust.

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It also argues that under Indian law, the buyer in a deal is required to withhold any capital gains tax liability and to pay it to the treasury. Therefore, deduction under section 54F couldn't be denied on ground that trust wasn't an individual or HUF.

Elegant Constructions was not related to any material found during the course of the search operation and hence, the same cannot be a basis for making any addition in the block assessment.

It was found that the assessee had paid a sum of Rs. In most jurisdictions withholding tax applies to employment income.

Case Study: Commissioner Of Income Tax, Chennai Versus vs. Ajit Kumar - Tax - India

It has around ten thousand employees across India. Hutch had sold Vodafone valuable rights western state colorado university mfa creative writing including tag along rights, management rights and the right to do business in India and that the offshore transaction had resulted in Vodafone having operational control over the Indian asset, which is the second largest telecom service provider in India.

DCIT [] 88 taxmann. Union of India [] 87 taxmann.

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However, the books of accounts of the assessee showed only cheque payment. Therefore, the provision of section 40 a ia shall be applicable even if the amount is not 'payable' at the year end.

The Income-tax returns and orders would not ipso facto either conclusively prove or in case of criminal misconduct under the Prevention of Corruption Act. Income Tax Laws > Case Laws. Filter. Case Laws. Reset . Section of the Income-tax Act, - Collection and recovery of [] pacificblueenergycorp.com .

The current tax regime sheds light on indirect tax that clarifies stance unlike the direct code. Since the deal was offshore, neither party thought it was taxable in India.

Elegant Constructions was not related to any material found during the course of the search operation and hence, the same cannot be a basis for making any addition in the block assessment. Assistant CIT [] 81 taxmann. The Event: During the yearCBDT issued come posso creare il mio curriculum vitae.

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DCIT [] 78 taxmann. Vodafone holds sixty seven percentage stake in Vodafone Essar Limited and Essar holds the rest thirty three percentage stake.

The study of the case is done purely on the secondary data and it is analysed according to the sections and regulations laid down by the Indian Tax Act. The. On the same day, a survey under section A of the Income Tax Act, , was also conducted on the premises of M/s. Elegant Constructions.

Essar has its foot print over Asia, Africa, Europe and the America, and employs more than 50, people across the globe. The choice of the assessee in selecting a particular mode of transfer of such assets will not alter or determine the nature or character of the asset.

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Govind P. Notice pay forfeited by employer is not taxable in hands of employee: The CIT A was of the view that no such deduction is available under Section 16 as the salary income is taxable on due basis or on paid basis. This applies to both residents as well as non-residents. Therefore, the tax returns or orders do not provide any shield to any public servant in case of criminal misconduct under the Prevention of Corruption Case study of income tax act.

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Arguments of Tax Authority: The Year has witnessed some landmark rulings which shall be referred to by the Courts to understand and to decipher some aspects of Income-tax or Corporate Laws. Section B defines "undisclosed income", and "block period" which are the two basic factors for framing the block assessments. An appeal was moved against the Tribunals order to the High Court, The High Court dismissed the appeal vide order dated November 22, and upheld the decision of the Tribunal.

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