Articles by Rupesh Srivastava

Non-agricultural property even in a remote village

Posted by Rupesh Srivastava 24 May 2013 14405 Views

Recently on 20th Feb 2013 ITAT bench held that, Non-agricultural property, whether inside the municipality or outside the municipality or even in a remote village is a capital asset and transfer of the same may generate income liable f

S. 2(47)(v), 54EC- Transfer of Property - Date of agreement

Posted by Rupesh Srivastava 01 May 2013 27598 Views

Recently on 26th April 2013, ITAT bench held that under Transfer of Property Act twin conditions - It is not necessary that both conditions should be satisfied in one year but at the same time only upon satisfying the second condition also it would

One profit level indicator of a comparable

Posted by Rupesh Srivastava 25 April 2013 10475 Views

HC: Tribunal was wrong in holding that if one profit level indicator of a comparable Whether, in view of the first proviso to section 92C(2) of the Income-tax Act, 1961, the Tribunal was correct in holding that if one profit level indicator of a co

Capital gain exemption by virtue of article 13(4)

Posted by Rupesh Srivastava 09 April 2013 11575 Views

Recently ITAT bench held that, Article 13(1) cannot be made applicable to the transfer of shares as assessee has not sold the immovable property or any rights directly attached to the immovable property. Assessee is a company incorporated under th

Reimbursement of trainings, professional services etc

Posted by Rupesh Srivastava 16 March 2013 13588 Views

Traning were commercial in nature and not technical and, hence, not covered by the provisions of DTAA. These payments also cannot be taxed under Article-7, as none of these persons had any P.E. or fixed base in India. KPMG vs JCIT Dated: 22nd Fe

HC directed the revenue to grant interest

Posted by Rupesh Srivastava 16 March 2013 4971 Views

HC directed the revenue to grant interest @ 12% on delay in release of seized cash. On 12th March 2013, Hon`ble HC directed the revenue to grant interest @ 12% on delay in release of seized cash Assessee have file writ petition before hon`ble Hi

Burden of proof to claim interest expenditure is on the assessee

Posted by Rupesh Srivastava 11 March 2013 15278 Views

S. 14A , burden of proof to claim interest expenditure is on the assessee. Subscribe TaxCorp e-Practice for the full report and to receive daily updates on Tax Laws. As informed in 11th Sep. 2012 and reported in (2012) 6 TaxCorp (DT) 52547 (SC), Inv

Judgments Overruled by Finance Bill 2013

Posted by Rupesh Srivastava 05 March 2013 15912 Views

Finance Bill 2013 may overrule Following Court decision. 1. Proposed Amendment in Application of seized assets under section 132B The existing provisions contained in section 132B of the Income-tax Act, inter alia, provide that seized assets may be

Service Tax liability on Chitty business - HC

Posted by Rupesh Srivastava 11 December 2012 18436 Views

MAPRANAM FINANCE AND INVESTMENT COMPANY (P) LTD vs UOI and Others (High Court) Whether the activity of the Chitty establishments was constituting any 'cash management' to attract service tax. Held, yes Service Tax on Chitty business - C

Revenue should furnish AIR information received to Assessee

Posted by Rupesh Srivastava 29 November 2012 8197 Views

Recently on 24th Aug 2012, ITAT held that Revenue should furnish AIR information received to Assessee - Principles of natural justice Assessee invested in mutual funds along with his wife. The assessing authority, after receiving information from A