Professional Documents
Culture Documents
KPMG IN INDIA
Sr.No. 1
Particulars (Hyperlinked) Limitation on deduction of expenses under Section 44D of the Act cannot be invoked if the consideration received by the foreign company is not Fees for Technical Services as defined in India-USA tax treaty Government of India issues revised guidelines on Conference Visa Payment of Roaming Charges by a telecom company is not rent for the use of telecom equipments Mumbai Tribunal KPMG Flash News Assemblage 2010 Mumbai Tribunal holds that the price of generic APIs can constitute a CUP for import of branded generic drug post the patent expiry period Software industry will the new notifications reignite the controversy?
www.mha.nic.in/
4 January 2011
Vodafone Essar Limited v. DCIT [2011] 45 SOT 82 (Mum) ---------Serdia Pharmaceuticals (India) (P.) Ltd. v. ACIT [2011] 44 SOT 391 (Mum) Notification Nos. 51/2010-ST, 52/2010-ST & 53/2010-ST, No. 126/2010-Customs & No. 35/2010-CE dt.21.12.2010 Notification No. DNBS (PD) 219/CGM(US)-2011 dated 5 January, 2011
4 January 2011
4 5
5 January 2011
RBI liberalizes regulatory framework for Core Investment Companies releases Core Investment Companies (Reserve Bank) Directions, 2011
6 January 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
7 January 2011
10
Indo Ram Synthetics (I) Ltd. v. CIT [2011] 196 TAXMAN 539 (SC)
10 January 2011
11
11 January 2011
12
12 January 2011
13
UE Trade Corporation (India) v. ACIT [2011] 44 SOT 457 (DELHI) CIT v. Hindustan Coca Cola Beverages Pvt. Ltd. [2011] 331 ITR 192 (DELHI)
18 January 2011
14
20 January 2011
15
Concept Pharmaceuticals Ltd. v. ACIT [2011] 43 SOT 423 (Mum ) DDIT v. MSM SATELLITE (SINGAPORE) PVT LTD [2011-TII-04-ITAT-Mum-INTL]
20 January 2011
16
27 January 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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28 January 2011
19
ADOBE SYSTEMS INDIA PRIVATE LIMITED v. ACIT NOIDA [2011] 44 SOT 49 (DEL) S.O. 30(E) notification dated 08 January 2011 G.S.R. 25(E) notification dated 15 January 2011 G.S.R. 9(E) notification dated 08 January 2011 ASIA SATELLITE TELECOMMUNICATIONS CO LTD v. DIT [2011] 197 TAXMAN 263 (DEL) Intel Asia Electronics Inc., India, v. ADIT [2011] 46 SOT 48 (BANG) (URO)
31 January 2011
20
1 February 2011
21
2 February 2011
22
The Tribunal has issued directions on the methodology to be adopted for valuing assets in the course of transfer of business as a going concern Tax Residence Certificate issued by the Netherlands tax authorities considering the taxpayer as a beneficial owner of the royalty income is a sufficient proof of beneficial ownership Capital gains arising from transfer of the Development right to attract the provisions Section 50C of the Act Tax Information Exchange Agreement (TIEA) between India and Bermuda In a case involving a taxpayers claim that consideration received upon the transfer of controlling interest was not taxable, the Kolkata
8 February 2011
23
8 February 2011
24
9 February 2011
25
Notification No. 5/2011, dated 24 January 2011. ACIT v. RKBK Fiscal Services Ltd. and others (ITA No.770 to 774/ KOL/ 2010)
11 February 2011
26
11 February 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
28
16 February 2011
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http://www.mha.nic.in/
16 February 2011
30
CBDT Press Release dated 10 February 2011 Verizon Communications Singapore Pte. Ltd v. ITO (IT) [2011] 45 SOT 263 (CHENNAI)
16 February 2011
31
17 February 2011
32
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18 February 2011
33
CIT v. Whirlpool of India Ltd. (ITA No. 1154 of 2009) Whirlpool India Holdings Ltd. v. DDIT, NEW DELHI [2011]140 TTJ 155 (Delhi)
18 February 2011
34
21 February 2011
35
36
Convergys Information Management (India) (P) Ltd. v. DCIT [2011-TII-23-ITAT-HYD-TP] Public Notice No.21 (RE-2011)/ 2009-2014 dated 10 January 2011; Public Notices No.29/ 2009-14 (RE 2010), 30/ 200914 (RE 2010) 31/2009-14 (RE 2010) dated 14 February 2011; Public Notice No. 33/ 2009-14 (RE 2010) dated 15 February 2011; Policy Circular No.10/ 2009-2014 (RE-2010) dated 31
23 February 2011
25 February 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
37
Indian Economic Survey 2010-11 Key Highlights Highlights of Comprehensive Economic Partnership Agreement between India and Japan Law empowers Transfer Pricing Officer to determine the arms length price of only referred international transactions. Nonreferred international transactions fall outside the TPOs jurisdiction KPMG Budget Booklet 2011 Tax authorities can determine true character of a transaction. Further, the tax authorities should evaluate a transaction from the point of view of prudent businessman The Delhi High Court holds that merely because a taxpayer is paying royalty for the use of branding & technology, the advertisement expenses cannot be said to be not incurred wholly & exclusively for the purpose of the business of the taxpayer Constitution Bench of the Supreme Court rules on the power of Parliament to enact laws having extra-territorial application Gain on sale of shares to be treated as capital gain and not business income, despite large volume of sales Union Budget 2011 Impact on Infrastructure Sector Merger Combination provisions under Competition Act notified
26 February 2011
38
www.pib.nic.in/
25 February 2011
39
2 March 2011
40 41
--------------CIT v. Rockman Cycle Industries Private Limited [2011] 15 taxmann.com 306 (Pun & Har) (FB) CIT v. Adidas India Marketing (P.) Ltd. [2010] 195 Taxman 256 (DELHI)
42
3 March 2011
43
GVK Inds. Ltd. & Anr. v. ITO [2011] 332 ITR 130 (SC)
7 March 2011
44
7 March 2011
45
7 March 2011
46
47
Notional brought forward losses and depreciation of eligible undertaking should be set off in the current year while calculating the quantum of benefit under Section 80-IA of the
The Competition Commission of India (Procedure in regard to the transaction of business relation to combination) Regulations Hyderabad Chemicals Supplies Limited v. ACIT (ITA No. 352/Hyd/2005)
8 March 2011
9 March 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
49
16 March 2011
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51
Press Note No. 402/92/2006-MC (07 of 2011) dated 14 March 2011 Intelsat Corporation (ITA No.5443/D/2010)
16 March 2011
17 March 2011
52
17 March 2011
53
MOL No. R-11018/1/2010-SS-II dated 17 March 2011 Guffic Chem Pvt. Ltd. v. CIT [2011] 198 Taxman 78 (SC)
18 March 2011
54
18 March 2011
55
21 March 2011
56
CIT v. Oberoi Hotels Pvt. Ltd. [2011] 198 taxman 310 (Cal)
22 March 2011
57
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22 March 2011
58
23 March 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
23 March 2011
61
28 March 2011
62
29 March 2011
63
DCIT v. Select Holiday Resorts Pvt. Ltd. (ITA Nos. 1184 & 2460/Del/2008)
30 March 2011
64
D.B.Zwirn Mauritius [2011] 333 ITR 32 (AAR) Notification No. 25/2011 - Service Tax dated 31 March 2011 effective from 1 April 2011 Circular 1 of 2011 dated 31 March 2011
31 March 2011
65
1 April 2011
66
Release of revised third edition of Consolidated Foreign Direct Investment Policy effective 1 April 2011 Social Security Agreement between India and Switzerland comes into effect No income accrues or arises to a Liaison Office if it is engaged only in the purchase of goods for the purpose of exports Bangalore Tribunal confirms the availability of the benefit of 5 percent variation as a standard deduction to the taxpayer (AY 2002-03) Payment made for transfer of comprehensive technical information and know-how which
1 April 2011
67
EPFO Cicular No. IWU/7(5)2008/ Switzerland dated 4 April 2011 ADIT v. Fabrikant & Sons Ltd. [2011] 9 taxmann.com 286 (MUM) TNT India Private Limited v. ACIT [2011] 45 SOT 471 (BANG)
6 April 2011
68
5 April 2011
69
6 April 2011
70
7 April 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
72
19 April 2011
73
Notification No. 18/2011; S.O.693 (E) dated 5 April 2011 Richter Holding Ltd. v. ADIT [2011] 199 TAXMAN 70 (KAR)
20 April 2011
74
20 April 2011
75
21 April 2011
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DIT v. Maersk Co. Ltd. [2011] 198 TAXMAN 518 (UTTARAKHAND) (FB) Synergies Casting Ltd. v. DCIT [2011] 47 SOT 82 (HYD) DIT v. SNC Lavalin International Inc [2011] 332 ITR 314 (Del)
26 April 2011
25 April 2011
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25 April 2011
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Notification Nos. 29 to 37 dated 25 April 2011effective from 1 May 2011 Circular No.17/ 2011
26 April 2011
27 April 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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Circular No. 2/2011 [F.NO. 385/25/2010-IT(B)], dated 27 April 2011 CFD/DCR/SKM/TO/12446/2011 dated 13 April 2011
28 April 2011
29 April 2011
84
02 May 2011
85
03 May 2011
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Circular No. 943/04/2011-CX dated 29 April 2011 Goodyear Tire and Rubber Company [2011] 334 ITR 69 (AAR)
04 May 2011
87
04 May 2011
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S.E. Investment Limited (CO. APPL. (M) 38/2011 & CO. APPL. 293/2011)
04 May 2011
89
05 May 2011
90
09 May 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
92
Reserve Banks A. P. (DIR Series) Circular No. 58 dated 2 May 2011 www.rbi.org.in
06 May 2011
93
06 May 2011
94
09 May 2011
95
The Competition Commission of India Regulations, 2011 (No. 3 of 2011) Sapient Corporation Pvt. Ltd. v. DCIT [2011] 46 SOT 56 (DEL)
11 May 2011
96
11 May 2011
97
Press Release by Press Information Bureau dated 11 may 2011 www.pib.nic.in DCIT v. Maruti Countrywide Auto Financial Services Pvt Ltd. [2011-TIOL-283-ITAT-DEL]
12 May 2011
98
13 May 2011
99
13 May 2011
100
Circular No. 140/9/2011-TRU dated 12 May 2011 Circular No. 141/10/2011-TRU dated 13 May 2011
16 May 2011
101
16 May 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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Notification No. 24/2011 [F.No. 142/14/2010-SO (TPL)], dated 13 May 2011 Standard Chartered Bank v. DDIT [2011] 45 SOT 494 (Mum)
18 May 2011
18 May 2011
105
18 May 2011
106
19 May 2011
107
19 May 2011
108
R.R. Donnelley India Outsource Private Limited [2011] 199 TAXMAN 255 (AAR)
20 May 2011
109
24 May 2011
110
ACIT v. Clough Engineering Ltd [2011] 130 ITD 137 (DELHI) (SB)
25 May 2011
111
26 May 2011
112
31 May 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
114
30 May 2011
115
31 May 2011
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Unlisted Public Companies (Preferential Allotment) Rules, 2011 Lanka Hydraulic Institute Ltd. v. DIT [2011] 199 Taxman 232 (AAR) ITO v. Tianjin Tianshi India (P) Limited [2011] 133 ITD 123 (DEL)
31 May 2011
1 June 2011
118
1 June 2011
119
Notification No. 27/2011 [F. No. 149/122/2010-SO(TPL)], dated 26-5-2011 Coord/4(6)2003/Clarification/VolII/ Dated: 23-05-2011 DIT v. Prahlad Vijendra Rao [2011] 198 TAXMAN 551 (Kar.)
2 June 2011
120
2 June 2011
121
6 June 2011
122
Verizon Data Services India Private Limited v. CIT [2011] 337 ITR 192 (AAR)
7 June 2011
123
CIT v. Oracle India Pvt. Ltd. [2011] 199 TAXMAN 181 (DELHI)(MAG)
8 June 2011
124
8 June 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
126
10 June 2011
127
10 June 2011
128
Reserve Banks A.P. (DIR Series) Circular No. 70 dated 9 June 2011
10 June 2011
129
ABC International Inc [2011] 199 TAXMAN 211 (AAR DEL) Notification dated 30 May 2011 of Govt. of India (Ministry of Corporate Affairs) ----------
13 June 2011
130
14 June 2011
131
17 June 2011
132
Informal Guidance Letter No. CFD/DCR/16403/11 dated 23 May 2011 LG Asian Plus Ltd v. ACIT [2011] 46 SOT 159 (MUM)
16 June 2011
133
16 June 2011
134
135
Draft Companies (Dematerialisation of Certificates) Rules, 2011 DCIT v. Ekla Appliances [2011] 45 SOT 7 (DEL) (URO)
17 June 2011
20 June 2011
136
21 June 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
137
The Pune Tribunal upholds that the rule of consistency is to be honoured by the revenue in case there is no change in the facts of two years. Further, there is need to make necessary adjustments under TNMM to remove and minimise the differences between Marketing and reservation fees received from franchisee hotels with a corresponding obligation to use it for an agreed purpose, are not regarded as income Commission received by a foreign company for assistance in arranging cargo transportation was taxable in India on account of 'business connection' Salaried tax payers are not required to file India tax return for the Financial Year (FY) 2010-11 on fulfillment of certain conditions and where the total income does not exceed prescribed limit The Delhi Tribunal holds that foreign exchange fluctuation gain arising on external commercial borrowings for meeting working capital requirements, is not entitled to deduction under Section 10A of the Income-tax Act Delhi Tribunal held that the amendment in the transfer pricing provision with respect to +/- 5 percent variation does not apply retrospectively Madhya Pradesh High Court held that conveyance allowance and special allowance have to be considered for determination of provident fund liability The Chennai Tribunal held that where the taxpayer had extended loan to its Associated Enterprise in foreign currency, LIBOR must be considered while determining arms length interest rate Mumbai Tribunal held that the taxpayer following the project completion method as per AS 7 may set-off receipts from sale of TDR against work-in-progress and such receipt is not taxable in the year of receipt
22 June 2011
138
23 June 2011
139
23 June 2011
140
27 June 2011
141
Convergys India Services Pvt. Ltd v. CIT (ITA No.5085 & 5087/MUM/2009)
24 June 2011
142
28 June 2011
143
29 June 2011
144
Siva Industries & Holdings Ltd v. ACIT, Chennai [2011] 46 SOT 112 (CHE)
30 June 2011
145
30 June 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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148
The Mumbai Tribunal held that the arms length price in case of interest on extended credit period granted to an Associated Enterprise shall be determined on the basis of USD LIBOR and not on any other currency denominated loan rate The Bangalore Tribunal held that lease rentals earned by a developer of Software Technology Park should be treated as business income Payment made for online banner advertisement on the portal of a foreign company is not taxable as royalty Delhi Tribunal held that loss making companies cannot be rejected as comparables simplicitor on ground of losses but can be excluded on other comparability aspects The Supreme Court cites the relevance of General Rule of Interpretation outlined in the Vienna Convention on the law of treaties Madras High Court ruling on the applicability of Provident Fund contributions on certain allowances The Pune Tribunal held that continuing debit balance in the account of the Associated Enterprises (AEs) is not an international transaction per se, but is a result of an international transaction The Hyderabad Tribunal held that sale contract falls within purview of right to manufacture, produce or process an article or thing RBI liberalises Disinvestment of Overseas Direct Investment with / without write off
No. IWU/7(5) 2006 / France / 14721 dated 4 July 2011 and IWU /7(8) 2008 / Luxembourg / 14741 dated 5 July 2011 Tech Mahindra Limited v. DCIT [2011] 46 SOT 141 (MUM) (URO)
06 July 2011
06 July 2011
149
DCIT v. Golflink Software Park P Ltd (ITA No. 40 & 41/Bang/10) Yahoo India P. Ltd v. DCIT [2011] 46 SOT 105 (MUM) (URO)
06 July 2011
150
07 July 2011
151
08 July 2011
152
Ram Jethmalani & Ors v. Union of India & Ors. [2011] 200 Taxman 171 (SC) Reynolds Pens India Pvt Ltd & Ors. v. RPFC [Writ Petition No. 15823 of 2010] Patni Computer System v. DCIT (ITA No 426 & 1131/PN/06)
11 July 2011
153
11 July 2011
154
13 July 2011
155
Prajna Technologies & Services Pvt. Ltd v. DCIT [2011] 47 SOT 71 (HYD) RBIs Master Circular No. 11 dated 1 July 2011 (www.rbi.org.in)
15 July 2011
156
15 July 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
158
F.No.401/130/2011-Cus III dated 4 July 2011 Aditya Birla Nuvo Limited v. DDIT and Union of India [2011] 200 Taxman 437 (BOM)
19 July 2011
159
19 July 2011
160
19 July 2011
161
21 July 2011
162
22 July 2011
163
22 July 2011
164
25 July 2011
165
CFD/DCR/SKS/SG/OW/17827/11 dated 2 June 2011 CBDT Circular No. 01/2011 dated 6 April 2011
27 July 2011
166
27 July 2011
167
28 July 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
169
SEBI Press Release dated 28 July 2011 Transstory (India) Ltd v. ITO [2011] 16 taxmann.com 24 (VISAKHAPATNAM)
29 July 2011
170
29 July 2011
171
Kirloskar Ebara Pumps Ltd. v. DCIT [2011] 138 TTJ 211 (Pune)
01 August 2011
172
173
MCA issues guidelines to Regional Directors / Registrar of Companies in relation arrangement / amalgamations under the Companies Act, 1956 Commission paid to employees in lieu of dividend is neither allowed under Section 36(1)(ii) nor under Section 37(1) of the Incometax Act Bonus shares received on shares acquired out of foreign currency are foreign exchange asset and eligible for capital gains tax exemption Expenditure incurred on in-house scientific research and development activity are deductible under Section 35(1)(i) or under Section 37(1) of the Income-tax Act Amount received by foreign company from offshore supply of equipments and materials is not taxable in India A Committee of Secretaries (CoS) in its meeting held on 22 July 2011 has recommended 51 percent Foreign Direct Investment (FDI) in multibrand retail. The recommendation however is
Concept paper on proposed Alternative Investment Funds Regulation for public comments dated 1 August 2011 General Circular No. 53/2011 (F.No. 51/16/2011-CL.III)
03 August 2011
05 August 2011
174
Dalal Broacha Stock Broking (P.) Ltd. v. ACIT [2011] 131 ITD 36 (MUM) (SB)
06 August 2011
175
08 August 2011
176
10 August 2011
177
11 August 2011
178
11 August 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
180
17 August 2011
181
17 August 2011
182
19 August 2011
183
GE India Technology Centre Pvt. Ltd. v. DRP and ACIT [2011] 338 ITR 416 (KAR) Columbia Sportswear Company [2011] 337 ITR 407 (AAR)
18 August 2011
184
18 August 2011
185
19 August 2011
186
Circular No 37/ 2011 Customs dated 23 August 2011 Parle Biscuits Pvt. Ltd. v. ACIT (ITA Nos 5318 & 5319/ Mum//2006 & 447/Mum/2009) and (ITA Nos 5540 & 5541/Mum/2006 & 663/Mum/2009) ----------
24 August 2011
187
25 August 2011
188
26 August 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
190
29 August 2011
191
31 August 2011
192
02 September 2011
193
Emersons Process Management India Pvt Ltd v. ACIT (ITA No. 8118/Mum/2010)
194
195
196
08 September 2011
197
12 September 2011
198
ADIT v. Star Cruise India Travel Services (P.) Ltd [2011] 46 SOT 173 (MUM) (URO) Nippon Kaiji Kyokoi v. ITO [2011] 47 SOT 41 (MUM) (URO)
13 September 2011
199
13 September 2011
200
14 September 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
202
203
Four Soft Ltd v. DCIT (ITA No. 1495/HYD/2010) L&T Transportation Infrastructure Limited v. ITO [2011] 47 SOT 105 (CHE)
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Dresser-Rand India Private Limited v. ACIT [2011] 47 SOT 423 (MUM) ING Vysya Bank Ltd v. DDIT [2011-TII/136-ITAT-BANG-INTL] Samsung Heavy Industries Co. Ltd. v. ADIT [2011] 133 ITD 413 (DEL) CCI Order dated 15 September 2011
16 September 2011
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21 September 2011
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CIT v. Morgan Stanley Advantage Services Pvt. Ltd. [2011] 13 taxmann.com 166 (BOM) CIT v. Desiccant Rotors International (P.) Ltd. [2011] 201 TAXMAN 144 (DEL) DCIT v. Bank of America NT & SA [2011-TII-ITAT-MUM-INTL] SEBI Release dated 23 September 2011 Circular No. IWU/8(2) Bnkg Arrangement/2009/28871 dated
21 September 2011
21 September 2011
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23 September 2011
212 213
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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01 October 2011
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03 October 2011
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Consolidated Foreign Direct Investment (FDI) policy fourth edition Interest paid on delayed payment of income tax cannot be set off against the interest received on income tax refund Reduction of Equity share capital without variation of shareholders rights and without payment of any consideration to the shareholder is not subject to capital gain provisions There is no time limit for initiating withholding tax proceedings during the relevant period. Further the Limitation Act, 1963 does not apply to income tax Act Central Board of Excise and Customs (CBEC) formally notifies On-Site Post Clearance Audit at the Premises of Importers and Exporters Regulations, 2011 (the Regulations) AAR held that the payment received for right to use copyright in the software is taxable as royalty Right to exercise an option to sell stock allotted under the Employee Stock Option Plan (held through a Trust) to be considered as a capital asset
A.P. (DIR Series) Circular No.2529 dated 26 September 2011; and A.P. (DIR Series) Circular No.30 dated 27 September 2011 Circular 2 of 2011
03 October 2011
04 October 2011
219
04 October 2011
220
Bennett Coleman & Co. Ltd v. ACIT [2011] 133 ITD 1 (MUM)(SB)
05 October 2011
221
10 October 2011
222
10 October 2011
223
11 October 2011
224
14 October 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
226
14 October 2011
227
17 October 2011
228
CIT v. National Travel Services (ITA 219, 223, 1204 of 2010 & 309 of 2011)
17 October 2011
229
Tiong Woon Project & Contracting Pte Ltd [2011] 338 ITR 386 (AAR)
17 October 2011
230
Li & Fung (India) Pvt. Ltd. v. DCIT [2011] 16 taxmann.com 192 (Del)
19 October 2011
231
20 October 2011
232
21 October 2011
233
24 October 2011
234
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24 October 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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31 October 2011
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DCIT v. ABAQUS Engineering Pvt Ltd [2011-TII-143-ITAT-MAD-INTL] RBI/2011-12/226 A.P. (DIR Series) Circular No. 37, dated 19 October 2011
243
07 November 2011
244
07 November 2011
245
08 November 2011
246
08 November 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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15 November 2011
252
CIT v. Kotak Securities Ltd. [ITA No. 3111 of 2009 dated 21 October 2011]
15 November 2011
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254
Capital gains on transfer of shares in Indian company by Mauritian subsidiary of UK entity is not chargeable to tax in India Payment made by taxpayer towards noncompete fee to its employees in US, treated as salary income not taxable in India under IndiaUS Double Taxation Avoidance Agreement. Consequently, taxpayer was not liable to deduct tax at source while making the said Findings from subsequent year's assessment constitute sufficient tangible material to reopen assessment beyond four years Reserve Bank of India liberalises procedure for Set-off of export receivables against import
CBDT Press Release (Ministry of Finance) No.402/92/2006 MC (20 of 2011) , dated 24 August 2011 Ardex Investments Mauritius Ltd. [2011] 203 Taxman 402 (AAR)
255
Sasken Communication Technologies Ltd. v. Income- tax Officer [2011] 15 taxmann.com 36 (Ban)
16 November 2011
256
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Indo European Breweries Ltd. v. ITO (Writ Petition No. 2000 of 2011, Judgement dated 20 October 2011) RBI A. P. (DIR Series) Circular No. 47, dated 17 November 2011
18 November 2011
21 November 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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JDIT v. Harward Medical International USA [ITA No.1558/ 1559(Mum)/07, dated 15 November 2011] CIT & ACIT v. DSL Software Ltd [2011-TIOL-787-HC-KAR-IT]
28 November 2011
262
28 November 2011
263
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29 November 2011
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Payment for shrink wrapped software/ off-theshelf software amounts to royalty Concept of Self Assessment in Customs clearances was implemented with Finance Act, 2011. As a trade facilitation measure, Government has issued a Customs Manual on Self Assessment 2011 to serve as a guide/ advisory to the importer/ exporter Full exemption available under Section 54F of the Income-tax Act, 1961 even if the investment
266
Notification Nos 79/ 2011 Customs (NT), 80/ 2011Customs (NT) and 81/2011Customs (NT) dated 25 August 2011 CIT v. Samsung Electronics Co Ltd and others [2011-TII-43-HC-KAR-INTL] http://www.cbec.gov.in
30 November 2011
267
30 November 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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Payment for right to access database of a foreign publisher amounts to royalty Benefit under Section 47(xiv) of the Income-tax Act cannot be denied in case there is a delay in allotment of shares to the proprietor on conversion of a proprietary concern into a company Since transmission and wheeling charges paid by power trading companies are not rent, the taxpayer was not required to deduct tax at source Social Security Agreement between India and Republic of Korea comes into effect Payments received by a non-resident for Value Added Services (VAS) is partly treated as Royalty and partly as Fees for Technical Services under India-UK tax treaty The role of Transfer Pricing Officer (TPO) is limited to determination of the Arms Length Price (ALP) in relation to the international transactions referred to him by the Assessing Officer (AO) Sale of Software without granting right to duplicate, amounts to sale of copyrighted article and not the transfer of copyright and therefore not taxable as Royalty Expenditure can be disallowed only in the event of non-deduction of tax at source, and not in the cases involving short deduction Interest payable to French resident on loan insured by specified French corporation is not taxable in India in view of Most Favoured Nation clause under India-France tax treaty
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05 December 2011
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http://epfindia.com
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Amadeus India Pvt. Ltd. v. CIT [ITA No. 938/2011, dated 28 November 2011]
08 December 2011
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08 December 2011
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Sandvik Asia Ltd. v. JCIT (ITA No. 758/PN/99 & CO No. 58/PN/05) Poonawalla Aviation Private Limited (AAR No. 953 of 2010)
08 December 2011
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09 December 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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13 December 2011
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13 December 2011
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http://epfindia.com
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Perfetti Van Melle Holding B.V. [AAR No 869 of 2010, dated 9 December 2011] ------------
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19 December 2011
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http://www.mha.nic.in/
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DCIT v. Bharat Aluminium Company Ltd [ITA No.2825/Del/ 2010 (AY 2007-08), dated 9 December 2011] CIT v. EHPT India P. Ltd. (ITA 1172/2008)
22 December 2011
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CIT v. Lucent Technologies (ITA No. 168 of 2004 and ITA No. 170 of 2004) Notification No. No. F. 2/21/2011CL V dated 14 December 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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AAR held that payments for Business Support Services are not Fees for Technical Services under the India-Netherlands tax treaty The tax department cannot rely on the negative order passed by the Dispute Resolution Panel for not staying the demand where issues are covered by the order of the Commissioner (Appeals) or the Tribunal. Hyderabad Tribunal rules on the timing of taxability of development agreements
SEPCOIII Electric Power Construction Corporation, In re [2011] 16 taxmann.com 195 (AAR) De Beers India Prospecting Pvt. Ltd v. ITO (ITA No. 40/Mum/2006 and ITA Nos.6193 & 86/Mum/2007) DIT v. Ericsson A.B., Ericsson Radio Systems A.B. and M/s Metapath Software International Ltd ( ITA 504,507, 508, 511 & 397 of 2007) Shell Technology India Private Limited [AAR No 850 of 2009, dated 21 December 2011] Maruti Suzuki India Limited v. DCIT [Writ Petition (Civil) No. 2252/2011, dated 25 November 2011]
26 December 2011
28 December 2011
28 December 2011
28 December 2011
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28 December 2011
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In the absence of principal-agent relationship, discount offered by laboratory to the collection centre is not in the nature of commission Taxability of import of International Private Leased Circuit services The Government of India signed a Protocol with the Government of Australia amending the India-Australia tax treaty KPMG Tax Highlights for 2011
Shri Suresh Kumar D. Shah v. DCIT (ITA no. 420, 421, 422, 423, 425 & 426 / Hyd / 2011) SRL Ranbaxy Ltd. v. ACIT (ITA No. 434/Del/2011)
29 December 2011
29 December 2011
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30 December 2011
2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
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