Aurtus Direct Tax Alert — Insights — Aurtus Consulting

No Disallowance u/s 40A(3) where cash payments are genuine and verifiable For Assessment Year 2014–15, the taxpayer, Sabha Chand, engaged in the retail sale of liquor, reported turnover of  INR 6.56 crores with a net profit of 0.85%

Aurtus Consulting 08/09/25 Aurtus Consulting 08/09/25

No Disallowance u/s 40A(3) where cash payments are genuine and verifiable

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Compensation paid on cancellation of ‘agreement to sale’, allowable as cost of improvement The Assessee1 filed his return of income (‘ROI’) for AY 2018-19 declaring total income of INR 17.59 crores. Thereafter, the Assessee filed the rev

Aurtus Consulting 14/08/25 Aurtus Consulting 14/08/25

Compensation paid on cancellation of ‘agreement to sale’, allowable as cost of improvement

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Share price derived as per Rule 11UA prevails over third party transaction price During AY 2021-22, the Assessee1 purchased 5.92 Cr. shares of IG3 Infra Limited (‘IG3’) at INR 12.43 per share and 18.43 Cr. shares of ETL Power Services Li

Aurtus Consulting 07/08/25 Aurtus Consulting 07/08/25

Share price derived as per Rule 11UA prevails over third party transaction price

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Tax certainty provided by Delhi High Court on taxability of Category III AIFs In a recent ruling pronounced by the Hon’ble Delhi High Court in the case of Equity Intelligence AIF Trust vs the CBDT and Anr, the Court has provided the

Aurtus Consulting 01/08/25 Aurtus Consulting 01/08/25

Tax certainty provided by Delhi High Court on taxability of Category III AIFs

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Reserve Bank of India (Investment in AIF) Directions, 2025 The Reserve Bank of India (‘RBI’) has issued the Reserve Bank of India (Investment in AIF) Directions, 2025 wherein it has revised the regulatory framework for investment in Al

Aurtus Consulting 31/07/25 Aurtus Consulting 31/07/25

Reserve Bank of India (Investment in AIF) Directions, 2025

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International Financial Services Centres Authority (Techfin and Ancillary Services) Regulations 2025 The International Financial Services Centres Authority (IFSCA) has recently issued the International Financial Services Centres Authorit

Aurtus Consulting 30/07/25 Aurtus Consulting 30/07/25

International Financial Services Centres Authority (Techfin and Ancillary Services) Regulations 2025

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Buyback of Shares not “Receipt of Property” under section 56(2)(viia) For Assessment Year 2016–17, the taxpayer undertook a buyback of 1,90,097 equity shares at a consideration of INR 10 per share, aggregating to INR 19,00,970 which were

Aurtus Consulting 21/07/25 Aurtus Consulting 21/07/25

Buyback of Shares not “Receipt of Property” under section 56(2)(viia)

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Sale of Equity Oriented Mutual Funds not akin to alienation of ‘shares’ - Treaty benefit available The Assessee1 is a foreign company and a tax resident of Mauritius, carrying on investment activity in India and registered as Foreign Ins

Aurtus Consulting 02/07/25 Aurtus Consulting 02/07/25

Sale of Equity Oriented Mutual Funds not akin to alienation of ‘shares’ - Treaty benefit available

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Recommendation for streamlining the incorporation process of IFSC Company The Ministry of Corporate Affairs (‘MCA’) has recently issued an Office Memorandum1 ,wherein certain recommendations have been made for streamlining the incorporat

Aurtus Consulting 02/07/25 Aurtus Consulting 02/07/25

Recommendation for streamlining the incorporation process of IFSC Company

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IFSCA Approves Third-Party Fund Management Services Framework The International Financial Services Centres Authority (‘IFSCA’), in its meeting held on June 24, 2025 has, inter alia, approved pivotal amendments to the IFSCA (Fund Manageme

Aurtus Consulting 27/06/25 Aurtus Consulting 27/06/25

IFSCA Approves Third-Party Fund Management Services Framework

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No withholding tax requirement on certain payments made to units set-up in IFSC Under the extant tax law, a unit in the International Financial Services Centre (‘IFSC’) is eligible for availing a 100% tax deduction on certain eligible in

Aurtus Consulting 27/06/25 Aurtus Consulting 27/06/25

No withholding tax requirement on certain payments made to units set-up in IFSC

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Reduction in a partner’s share on reconstitution not a capital asset transfer The Assessee1, is one of the partners in M/s. CRCL LLP (‘CRCL or Firm’) with a 12% profit-sharing ratio. READ FULL ARTICLE

Aurtus Consulting 25/06/25 Aurtus Consulting 25/06/25

Reduction in a partner’s share on reconstitution not a capital asset transfer

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IBBI Notifies Key Amendments to CIRP Regulations The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regul

Aurtus Consulting 31/05/25 Aurtus Consulting 31/05/25

IBBI Notifies Key Amendments to CIRP Regulations

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Transfer of Rights entitlement is not akin to transfer of shares The Asssessee1, was established in Saudi Arabia and is certified to be a tax resident in Saudi Arabia for the purposes of India-Saudi Arabia DTAA (‘the Treaty’). READ FUL

Aurtus Consulting 30/05/25 Aurtus Consulting 30/05/25

Transfer of Rights entitlement is not akin to transfer of shares

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Key reforms introduced under the International Financial Services Centre Authority (Fund Management) Regulations, 2025 The International Financial Services Centre Authority (‘IFSCA’), in its 42nd meeting held on 19 December 2024, had app

Aurtus Consulting 25/02/25 Aurtus Consulting 25/02/25

Key reforms introduced under the International Financial Services Centre Authority (Fund Management) Regulations, 2025

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Mauritius DTAA eligibility vis-à-vis Grandfathering The Asssessee1, is a Mauritius based entity, registered as a FPI with SEBI and possess a valid Tax Residency Certificate READ FULL ARTICLE

Aurtus Consulting 07/02/25 Aurtus Consulting 07/02/25

Mauritius DTAA eligibility vis-à-vis Grandfathering

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SC holds that loss on capital reduction is allowable -Capital reduction akin to extinguishment or relinquishment and thus results in transfer of shares Jupiter Capital Pvt Ltd (‘Assessee’) had acquired 15,33,40,900 shares having face val

Aurtus Consulting 27/01/25 Aurtus Consulting 27/01/25

CBDT Issues Guidance on the application of Principal Purpose Test (PPT) under Tax Treaties

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CBDT Issues Guidance on the application of Principal Purpose Test (PPT) under Tax Treaties Upon the Multilateral Instrument (MLI) entering in to force, PPT has been introduced as a minimum standard in India’s tax treaties covered by the

Aurtus Consulting 16/01/25 Aurtus Consulting 16/01/25

SC holds that loss on capital reduction is allowable -Capital reduction akin to extinguishment or relinquishment and thus results in transfer of shares

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IFSCA ISSUES NEW DIRECTIONS FOR OPERATION OF FOREIGN CURRENCY IN IFSC ACCOUNT OF RESIDENT INDIVIDUALS UNDER LRS The RBI had issued a Circular1 (‘RBI Circular’) permitting Indian Resident Individuals (‘RIs’) to open Foreign Currency Accou

Aurtus Consulting 27/12/24 Aurtus Consulting 27/12/24

IFSCA ISSUES NEW DIRECTIONS FOR OPERATION OF FOREIGN CURRENCY IN IFSC ACCOUNT OF RESIDENT INDIVIDUALS UNDER LRS

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KEY CHANGES TO IFSCA (FUND MANAGEMENT) REGULATIONS, 2022 The IFSCA Authority has interaliaapproved the proposal on review of IFSCA (Fund Management) Regulations, 2022 in its meeting held on 19thDecember 20241 READ FULL ARTICLE

Aurtus Consulting 26/12/24 Aurtus Consulting 26/12/24

KEY CHANGES TO IFSCA (FUND MANAGEMENT) REGULATIONS, 2022

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