Relying on the principles of real income theory, Bombay High Court rules that the amount withdrawn from escrow account shall be reduced from sale consideration for computing capital gains and hence not taxable
Tribunal holds that proceedings under Black Money Act jurisdictionally defective where the assets under an offshore trust structure were held to be not subject to Wealth Tax in the hands of the assessee
Ahmedabad bench of Tribunal holds that the excess of net assets taken over by the amalgamated company against issue of its shares at face value towards consideration for amalgamation cannot be taxed under section 56(2)(viib) of the Act.
Payment to non-resident software manufacturers/suppliers for sale of software under end user license agreements/distribution agreements does not qualify as ‘royalties’ under DTAA and not liable for withholding taxes under section 195.
Mumbai bench of Tribunal holds that assets held under an offshore trust structure not subject to wealth tax in the hands of the beneficiaries in India.
High Court of Karnataka affirms the ruling of Special Bench of Tribunal, allows discount on issue of Employee Stock Options as revenue expenditure.
