Home Highlights April 2014 Year 2014 This

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1. Disallowance of claims of superannuation fund u/s. 40A(9) and gratuity fund u/s. 40A(7) - the company had applied for the approval of Superannuation Fund as well as...

2. Income accrued in India - nature of fees for technical services - the provisions of Section 9(1)(i) are not attracted in this case as no income has accrued or arised...

3. Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

4. Power of Court to entertain an application u/s 9(1) of the Arbitration and Conciliation Act, 1996 - On a combined reading of Section 9 with Section 17 of the Arbitration...

5. Income from equipment rental sourced in India u/s 5(2) read with Section 9 of the Income Tax Act and Article 12 of India-Malaysia DTAA. DRP erred in ignoring exceptions...

6. Accrual of income - non realization of ‘Provision for surcharge’ - even though the assessee has been following mercantile system of accounting, since it is not real...

7. Disallowance payment made to gratuity fund u/s.36(1)(v) - gratuity fund was unapproved by the Learned Pr. CIT after 9 years - by any stretch of reasoning, the time taken...

8. Penalty u/s 271F - failure to furnish return of income (ITR) - the assessee’s total income without giving effect to the provision of section 54 come to ₹...

9. Valuation - related party - Rule 9 of valuation rules clearly stipulates that if the goods are cleared to a person who is consuming the same, then the provisions of Rule...

10. Income accrued In India - 'Royalty' or 'Fees for Technical Services' under Section 9(l)(vi) and 9(l)(vii) - the payment made by SCB to assessee- company does not fall...

11. TDS u/s 195 not deducted on payment to Everest Global Inc. for software training services as source of income located outside India and payment made for services outside...

12. Payment of Gratuity to the employees - The question of distribution of the Gratuity Fund in order of priority, provided u/s 53(1) of the Code does not arise. - The...

13. Receipts from Indian customers for services provided outside India are not taxable u/s 9(1)(vi) of the Income Tax Act, 1961 read with Article 12 of the India-Singapore...

14. The assessee's contribution to the Employees Group Gratuity Scheme was disallowed solely due to it being paid to an unapproved Gratuity Fund. However, it was held that...

15. Approval of the Resolution Plan - whether ‘PF’, ‘Gratuity’ and ‘Workmen/Employees dues’ have to be paid in full. - Section 30(1) - ‘PF’ and ‘Gratuity’ is to be paid in...