BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI ========== P R E S E N T
|
|
- Joshua Wade
- 5 years ago
- Views:
Transcription
1 BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI ========== P R E S E N T Hon ble Mr. Justice Syed Shah Mohammed Quadri (Chairman) Mr. K.D. Singh (Member) Mr. K.D. Gupta (Member) Monday, the Thirty First May Two Thousand Four A.A.R. NO. 600 OF 2002 Name & address of the applicant Commissioner concerned Present for the Department M/s. Rockwool (India) Ltd, Plot No.38, /2,Chikoti Garden, Begumpet, Hyderabad-16. Commissioner of Income Tax-II, Hyderabad. None Present for the Applicant None R U L I N G (By Mr. K.D. GUPTA) The applicant, M/s. Rockwool (India) Ltd. (RIL), a company resident in India and having its registered office at Hyderabad is engaged in the manufacturing of Resin Bonded Thermal Insulation Material since It suffered heavy losses and filed an application with Board for Industrial and 1
2 Financial Reconstruction (BIFR). BIFR declared RIL as sick unit on and appointed Industrial Finance Corporation of India as the Operating Agency. With the permission of BIFR and the Reserve Bank of India (RBI), Alghanim Industries (Mauritius) Ltd. (AIM) were inducted as co-promoters in May, As on , AIM held 77.7% equity in RIL. AIM is a company registered in Mauritius and as such is a nonresident for the purposes of the Income-tax Act, 1961 (the Act). The proposed loan from AIM will be in the form of External Commercial Borrowing (ECB) to be taken under the automatic route of approval currently in vogue as notified by Ministry of Finance, Government of India. The proposed loan will have the following terms and conditions in compliance with ECB guidelines :- a) Payment of interest half yearly on 30 th June and 31 st December of each year. b) The tenure of loan will be three years with a grace period of two years. c) Rate of interest will be linked to six monthly LIBOR with a spread of 1.75% above LIBOR. d) The loan will be unsecured. 2. Based on the above facts, the applicant has sought advance ruling on the following question :- Whether payment/credit of interest, upfront fees to be made to the account of Alghanim Industries (Mauritius) Ltd. Mauritius, for an external commercial borrowing to be contracted under the automatic route, which is covered under the Double Taxation Avoidance 2
3 Agreement signed between India and Mauritius, will be exempt from withholding tax? 3. The applicant has submitted in Annexure II of the application its interpretation of law on the basis of which ruling is sought. The submissions of the applicant are as under :- (i) (ii) (iii) (iv) (v) (vi) that under section 9(1)(v) of the Act, interest payable by a resident tax payer to any person is deemed to accrue in India and thus attracts withholding tax at the time of payment/credit of such interest to the account of the payee. However, while considering payments to non-residents relevant provisions of Double Tax Avoidance Agreement (DTAA) entered into by India with such countries have to be taken into account; That as per section 90(2) of the Act, an assessee has liberty to adopt either the provisions of the Act or the Articles of DTAA, whichever is beneficial to the assessee; That India has entered into one such agreement with Mauritius which would apply in the current context.; That Article 11(4) of the DTAA between India and Mauritius provides for exemption from withholding tax on interest payment in case the interest is for an approved loan; That the proposed loan taken under the automatic approval notified by Government of India would be on par with and to be treated as an approved loan for the purposes of Article 11(4) of the said agreement; That the Authority for Advance Rulings, in the case of DLJMB (AAR No.315 of 1997 decided on 16 th July, 1997) held that transaction entered into by the applicant is approved by the FIPB or RBI or any other government body entitled to grant such approval to the terms of the transaction, the interest receivable by the applicant there 3
4 under will be exempt within the meaning of Article 11(4) from Indian Income-tax. ; (vii) That vide press release dated GOI initiated further liberalized procedures for ECB Approvals under automatic route. The grant of approval under automatic route as provided for in the press release is reproduced hereunder for immediate reference. 1. ECB Approvals on automatic route : The Government has decided, in principle, to place fresh ECB approvals upto USD 50 Millions and all refinancing of existing ECBs under the automatic route. Necessary software and institutional arrangements are being developed to operationalise the automatic route. RBI is being requested to work out the modalities for its implementation. ; (viii) That is it evident from the above that availment of loan under the automatic route in due compliance with ECB Guidelines would tantamount to grant of approval by Government of India in respect of such loan availed and as such will fall within the exemption provided under Article 11(4) of Indo-Mauritius DTAA. The use of the word approval in the press release by the Government should be treated as grant of Government s approval in regard to every transaction covered under the automatic route and thus can be said to be approved in this regard by the Government as provided in Article 11(4) of DTAA. (ix) That in view of the aforesaid reasons, the interest payable to AIM on the proposed loan qualifies for withholding tax exemption in view of clear exemption provided in DTAA as quoted supra. 4. Commissioner of Income-tax-II, Hyderabad is the jurisdictional Commissioner in this case. In the comments received vide his letter dated , it is stated that under Article 11(4) of the DTAA read with section 10(15) of the Act, the exemption from taxing interest in a contracting state shall 4
5 be available to the extent approved by the Government of that state, if the transaction giving rise to the debt claim relationship has been approved in this regard by the Government of that contracting state. According to CIT there is no specific approval in the present case from the Government of India regarding the transaction as also regarding the extent of tax exemption. It is stated that a harmonious construction of these provisions clearly implies a specific approval of the transaction from Government of India. In the present case, this requirement has not been satisfied. The Commissioner has also mentioned that under Article 11(8) of the said DTAA read with section 10(15) of the Act, the arms length cost needs to be ascertained wherever any special relationship between the tax payer and the recipient exists. The proposed lender holds 77.7% equity in the capital of the applicant. 5. In his rejoinder, the applicant has stated that since RIL has not yet taken any action on the borrowing and the proposal is only at conceptual stage, question of any existing approval does not arise. It is reiterated that the ruling of this authority in the case of DLJMB (supra) is clearly applicable on the facts of the case. 6. None attended on the dates of hearing. The applicant and the Commissioner have requested that ruling may be pronounced on the basis of their submissions. 7. The applicant has placed reliance on the ruling given by this Authority in the case of DLJMB (supra). The relevant question and the ruling given by the Authority was as under :- Question Whether on the facts and circumstances of the case, interest received by the Applicant pursuant to a loan agreement in respect of debentures and or any other debt claims issued pursuant to the approval of the Reserve Bank of India (Hereinafter referred to as the RBI )/Government will be exempt from tax under Article 11 of the Treaty? 5
6 Answer Yes, but only to the extent the Indian tax laws confer exemption in respect of such interest or to the extent any such exemption is conferred by the Government. 8. Over the years, ECB guidelines have changed. Presently eligible borrowers are permitted to raise ECB under the Automatic Route equivalent to USD 50 Million per financial year. The borrowers are not required to seek any prior approval at all. Earlier, the approval of ECBs was granted by Department of Economic Affairs and RBI was required to grant approval under Foreign Exchange Regulation Act. However, the approval for tax exemption under section 10(15)(iv) of the Act was granted either by the Department of Economic Affairs, or the Department of Revenue of the Government of India. It has to be examined whether in view of the ruling in the case of DLJMB (supra), the payment of interest on ECB under Automatic Route, qualifies for tax exemption under Article 11(4) of the DTAA with Mauritius. The exemption under section 10(15)(iv) of the Act is not available now in respect of the loans raised after 1 st June, In DLJMB case, the Authority observed that the tax treaty does not define the expression Government, Both under the Constitution of India and on general principles, the Reserve Bank of India which is a government agency completely owned by the Government of India can appropriately be described as Government for the purposes of clause (4) of Article 11 of the DTAA. Though in common parlance, the Reserve Bank of India may be appropriately described as Government the said proposition may not hold good in all circumstances. There can be exceptions to this proposition by specific exclusions or by implication. It has to be examined whether RBI was ever authorized to grant exemption from tax. 10. As regards exemption under the Act, paragraph numbers 16 and 17 of Part I of the guidelines on Policy and Procedures for ECBs for (Press 6
7 note F.No.4(48)/96-ECB, dated ) issued by Department of Economic Affairs, Ministry of Finance are relevant and they are extracted below :- 16. Exemption from withholding tax All interest payments and fees etc. related to external commercial borrowings would be eligible for withholding tax exemptions under section 10(15)(iv)(b) to (g) of the Income-tax Act, Exemption under section 10(15)(iv)(b),(d) to (g) are granted by Department of Economic Affairs while exemption under section 10(15)(iv)(c) is granted by Department of Revenue, Ministry of Finance. 17. Approval under FERA After receiving the approval from ECB Division, Department of Economic Affairs, Ministry of Finance, the applicant is required to obtain approval from the Reserve Bank of India under the Foreign Exchange Regulation Act, 1973 and to submit an executed copy of the Loan Agreement to this Department for taking the same on record, before obtaining the clearance from RBI for drawing the loan. Monitoring of end-use of ECB will continue to be done by RBI. 11. It is thus clear that the work relating to exemption from withholding tax was never delegated by the Government to the RBI. Though exemption under section 10(15)(iv) is not available for the borrowings made after specified date, the tax exemption under Article 11(4) of the DTAA with Mauritius is still available. It has to be considered if the loan taken under Automatic Route implies tax exemption under Article 11(4) of the DTAA. 12. The guidelines under Automatic Route and Approval Route for ECBs were explained by the RBI in Circular No.60 of 31 st January, 2004 (RBI/2004/34- A.P.(DIR Series). Paragraph dealing with All-in-Cost Ceilings reads as under :- All-in-cost includes rate of interest, other fees and expenses in foreign currency except commitment fee, pre-payment fee, and fees payable in Indian Rupees. Moreover, the payment of withholding tax in Indian Rupees is excluded for calculating the all-in-cost, It is, therefore, evident that ECB under Automatic Route does not amount to automatic tax exemption. 7
8 13. The DTAAs themselves define Competent Authority for the purposes of the Agreement. Article 3(1)(h) of the DTAA with Mauritius defines the term Competent Authority as under :- Article 3(1)(h) The term Competent Authority means in case of India, the Central Government in the Ministry of Finance (Department of Revenue) or their authorized representative, and in the case of Mauritius, the Commissioner of Income Tax or his authorized representative. 14. Even otherwise, the nodal ministry for entering into tax avoidance agreements and their implementation is Department of Revenue in the Ministry of Finance and the tax exemption under Article 11(4) can be granted only by the said department of Ministry of Finance. The applicant, therefore, has to approach Department of Revenue to seek exemption from withholding tax on interest payable to Mauritius lender. 15. We accordingly rule in AAR No.600 of 2002 as under :- Payment/credit of interest, upfront fees to be made to the account of Alghanim Industries (Mauritius) Ltd., Mauritius, for an external commercial borrowing to be contracted by the applicant under the automatic route will not be exempt from withholding tax as the applicant has not obtained approval under Article 11(4) of the Double Tax Avoidance Agreement between India and Mauritius from Government of India-namely, Department of Revenue, Ministry of Finance. 8
9 Pronounced by the Authority on this 31sr.day of May, 2004 Sd/- (JUSTICE S.S.M. QUADRI) CHAIRMAN Sd/- K.D. SINGH) MEMBER Sd/- (K.D.GUPTA) MEMBER F..No. AAR/600/2002 Dated. (A) This copy is certified to be a true copy of the advance ruling and is sent to: 1. The applicant. 2. The Commissioner of Income-tax-II. Hyderabad. 3. The Joint Secretary (FT&TR.), M/Finance, CBDT, North Block, New Delhi. 4. Guard file. (B) In view of the provisions contained in Section 245S of the Act, this order should not be given for publication without obtaining prior permission of the Authority. ( Pramila Shrivasrav) Secretary 9
R U L I N G (By Mr. Justice Syed Shah Mohammed Quadri)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI ========== P R E S E N T Hon ble Mr. Justice Syed Shah Mohammed Quadri (Chairman) Mr. K.D. Singh (Member) Mr. K.D. Gupta (Member) Monday,
More informationR U L I N G (By Mr. Justice Syed Shah Mohammed Quadri)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI =========== P R E S E N T Hon ble Mr. Justice Syed Shah Mohammed Quadri (Chairman) Mr. A.S. Narang (Member) Friday, the Twenty-fifth February
More informationR U L I N G (By Mr. A.S.Narang)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI ========== P R E S E N T Hon ble Mr. Justice Syed Shah Mohammed Quadri (Chairman) Mr. A.S.Narang (Member) Mr. A.Sinha (Member) Monday, the
More informationR U L I N G (By Mr. A.S.Narang)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI ========== P R E S E N T Hon ble Mr. Justice Syed Shah Mohammed Quadri (Chairman) Mr. A.S.Narang (Member) Mr. A.Sinha (Member) Wednesday,
More informationO R D E R (By Mr. Justice Syed Shah Mohammed Quadri)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS(INCOME TAX) NEW DELHI ========== P R E S E N T Hon ble Mr. Justice Syed Shah Mohammed Quadri (Chairman) Mr. A.S. Narang (Member) Monday, the thirty-first July Two
More informationR U L I N G (By Mr. Justice Syed Shah Mohammed Quadri)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI ========== P R E S E N T Hon ble Mr. Justice Syed Shah Mohammed Quadri (Chairman) Monday, the seventeenth January two thousand five A.A.R.
More informationBefore the Authority for Advance Rulings (Income-tax) New Delhi
Before the Authority for Advance Rulings (Income-tax) New Delhi 28 th Day of March, 2011 Present Mr. Justice P.K.Balasubramanyan (Chairman) Mr. J. Khosla (Member) Mr. V.K. Shridhar (Member) AAR NO. 878
More informationR U L I N G (By Mr. Justice Syed Shah Mohammed Quadri)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI ========== P R E S E N T Hon ble Mr. Justice Syed Shah Mohammed Quadri (Chairman) Mr. K.D. Singh (Member) Monday, eighteenth October two
More informationR U L I N G (By Mr. A.S.Narang)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI ========== P R E S E N T Hon ble Mr. Justice Syed Shah Mohammed Quadri (Chairman) Mr. A.S.Narang (Member) Mr. A.Sinha (Member) Monday, the
More informationBefore the Authority for Advance Rulings (Income-tax) New Delhi
Before the Authority for Advance Rulings (Income-tax) New Delhi 28 th Day of March, 2011 Present Mr. Justice P.K.Balasubramanyan (Chairman) Mr. J. Khosla (Member) Mr. V.K. Shridhar (Member) AAR No. 871
More informationR U L I N G (By Mr. Justice Syed Shah Mohammed Quadri)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME-TAX) NEW DELHI ========== Hon ble Mr. Justice Syed Shah Mohammed Quadri (Chairman) Mr. A.S. Narang (Member) Wednesday, the Fourteenth December Two Thousand
More informationA.A.R. Nos of Mr Justice. P.K. Balasubramanyan (Chairman) Mr. V.K. Shridhar (Member)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI 26 th Day of July, 2011 A.A.R. Nos. 858-861 of 2009 PRESENT Mr Justice. P.K. Balasubramanyan (Chairman) Mr. V.K. Shridhar (Member) Name &
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI 5th Day of March, R U L I N G (By Hon ble Chairman)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI 5th Day of March, 2010 PRESENT Mr. Justice P.V. Reddi (Chairman) Mr. J. Khosla (Member) A.A.R. No.844 of 2009 Name & address of the applicant
More informationR U L I N G (By Mr. Justice Syed Shah Mohammed Quadri)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI ========== P R E S E N T Hon ble Mr. Justice Syed Shah Mohammed Quadri (Chairman) Mr. A.S. Narang (Member) Mr. A. Sinha (Member) Friday,
More informationNishith Desai Associates 1
Nishith Desai Associates 1 Paper 9 AAR Ruling: income derived by a Mauritius fund from units of a mutual fund will not be taxable in India DLJMBs case Nishith M. Desai and Lubna Kably* Synopsis: A. Introduction
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS NEW DELHI
BEFORE THE AUTHORITY FOR ADVANCE RULINGS NEW DELHI 29 th Day of January, 2018 A.A.R. No 1217 of 2011 PRESENT Mr. R.S. Shukla, In-charge Chairman Mr. Ashutosh Chandra, Member (Revenue) Name & address of
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI 10 th Day of August, 2016 A.A.R. No 1017 of 2010 PRESENT Justice Mr V.S. Sirpurkar (Chairman) Mr. A.K. Tewary, Member (Revenue) Mr. R.S.
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI. A.A.R. No.866 of 2010 PRESENT
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI 14 th Day of November, 2011 A.A.R. No.866 of 2010 PRESENT Justice Mr. P.K.Balasubramanyan (Chairman) Mr. V.K. Shridhar (Member) Name & address
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS NEW DELHI RULING
BEFORE THE AUTHORITY FOR ADVANCE RULINGS NEW DELHI 28 th Day of November, 2017 A.A.R. No 1232 of 2012 PRESENT Mr. R.S. Shukla,In-chargeChairman Mr. Ashutosh Chandra, Member (Revenue) Name & address of
More informationCorporate Law Alert April 2, J. Sagar Associates advocates and solicitors. Liberalized Remittance Scheme for Resident Individuals
Liberalized Remittance Scheme for Resident The Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular No. 90 dated March 06, 2012 has clarified the following with respect to the Liberalized Remittance
More informationR U L I N G [By Hon ble Chairman]
BEFORE THE AUTHORITY FOR ADVANCE RULINGS(INCOME TAX), NEW DELHI 30 th Day of March, 2009 PRESENT Mr Justice. P.V. Reddi (Chairman) Mr. A. Sinha (Member) Mr. Rao Ranvijay Singh (Member) A.A.R. No. 749 of
More informationIN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI
IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI N.S. SAINI, HON BLE ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, HON BLE JUDICIAL MEMBER (Asst. Year : 2009-10) DCIT, Circle-1(1), Panaji.
More informationDCB BANK LIMITED Policy on Related Party Transactions Version 4.0
DCB BANK LIMITED Policy on Related Party Transactions Version 4.0 1 Glossary of Abbreviations used in this Document ACB AS ESOP ICAI KMP LODR NRCB RBI RPTs SEBI Audit Committee of the Board Accounting
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS NEW DELHI
BEFORE THE AUTHORITY FOR ADVANCE RULINGS NEW DELHI 29 th Day of January, 2018 A.A.R. No 1299 of 2012 PRESENT Mr. R.S. Shukla, Incharge-Chairman Mr. Ashutosh Chandra, Member (Revenue) Name & address of
More informationCorporate Law Alert February 1, J. Sagar Associates advocates and solicitors. External Commercial Borrowing
External Commercial Borrowing The Reserve Bank of India (RBI) had vide A.P. (DIR Series) Circular No. 27 dated September 23, 2011 enhanced the External Commercial Borrowing (ECB) limits for eligible borrowers
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS NEW DELHI
BEFORE THE AUTHORITY FOR ADVANCE RULINGS NEW DELHI 7 th Day of February, 2018 A.A.R. No 1200 of 2011 PRESENT Mr. R.S. Shukla,In-chargeChairman Mr. Ashutosh Chandra, Member (Revenue) Name & address of the
More informationIN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. M/s Lakhani Marketing Incl., Plot No.131, Sector 24, Faridabad
1 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Commissioner of Income Tax, Faridabad Vs. ITA No.970 of 2008 (O&M) Date of decision:02.04.2014 Appellant M/s Lakhani Marketing Incl., Plot No.131,
More informationCentral Depository Services (India) Limited
Central Depository Services (India) Limited Convenient Dependable Secure COMMUNIQUÉ TO DEPOSITORY PARTICIPANTS CDSL/OPS/DP/POLCY/3352 December 03, 2012 NOTIFICATION ON THE RAJIV GANDHI EQUITY SAVINGS SCHEME,
More informationDivakar Vijayasarathy
Divakar Vijayasarathy Esops vested to an employee from the US parent while serving at the US After serving for a considerable period of time, the employee moves to India for employment with the subsidiary
More informationIN THE ITAT BANGALORE BENCH C. Vinay Mishra. Assistant Commissioner of Income-tax. IT Appeal No. 895 (Bang.) of s.p. no. 124 (Bang.
IN THE ITAT BANGALORE BENCH C Vinay Mishra v. Assistant Commissioner of Income-tax IT Appeal No. 895 (Bang.) of 2012 s.p. no. 124 (Bang.) of 2012 [ASSESSMENT YEAR 2009-10] OCTOBER 12, 2012 ORDER Jason
More information(b) Preference shares and debentures must be fully paid up and must be mandatorily and fully convertible.
Delhi Mumbai Gurgaon Bengaluru Celebrating over 40 years of professional excellence Highlights i. Warrants and partly paid shares as eligible FDI instrument ii. Clarification on facility sharing agreements
More informationFunds Management. Tax and Regulatory Issues. March KPMG.com/in
Funds Management Tax and Regulatory Issues March 2017 KPMG.com/in 1 Contents 1 Investment routes An overview 2 Key Tax Developments and Issues 3 Key Policy Changes 2 Investment Routes An Overview 3 Type
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) PRESENT. Justice Dr.Arijit Pasayat (Chairman) Mr. T.B.C. Rozara (Member)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) 6 th Day of December, 2013 PRESENT Justice Dr.Arijit Pasayat (Chairman) Mr. T.B.C. Rozara (Member) A.A.R. Nos. 1075 of 2011 Name & address of the applicant
More informationAugust 17, 2018, New Delhi, INDIA
LexArticle August 17, 2018, New Delhi, INDIA WITHHOLDING TAX IMPLICATIONS ON PAYMENT OF TECHNICAL SERVICES FEE If you have questions or would like additional information on the material covered herein,
More informationOverview of Taxation of Non Residents
Overview of Taxation of Non Residents CTC Vispi T. Patel Vispi T. Patel & Associates 13 th December, 2013 Scheme of Taxation for Non Residents under Income-tax Act, 1961 Section 4 (Charge of Income-tax)
More informationR U L I N G (By Mr. A. Sinha )
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME-TAX) NEW DELHI Wednesday, the 30 th Day of April, 2008 P R E S E N T Mr. Justice P.V. Reddi (Chairman) Mr. A. Sinha (Member) Mr. Rao Ranvijay Singh (Member)
More informationTHE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI. A.A.R. No.1077 of 2011 PRESENT
THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI 10 th Day of January, 2014 A.A.R. No.1077 of 2011 PRESENT Justice Dr. Arijit Pasayat (Chairman) Mr. TBC Rozara (Member) Name & address of the applicant
More informationIN THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH. Under Section 14 (1) of the Companies Act, 2013
1 IN THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH Under Section 14 (1) of the Companies Act, 2013 In the matter of : Daffodil Software Limited having its registered office at 15 th Floor,
More informationNo. 1/8/2016-FC-1 Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion
No. 1/8/2016-FC-1 Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion 29 th of June, 2017 Standard Operating Procedure (SOP) for Processing FDI Proposals I.
More informationCIRCULAR No. 26/2017. (Sanyam Suresh Joshi) DCIT (OSD) (TPL)-I
CIRCULAR No. 26/2017 F. No. 370142/25/2017-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes TPL Division **** New Delhi, Dated 25 th October, 2017 Order under
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI ==========
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI ========== 28 th Day of October, 2009 P R E S E N T Mr. Justice P.V. Reddi (Chairman) A.A.R. NO. 824 OF 2009 Name & address of : Mrs. Delna
More informationS.R.Dinodia & Co.
Galileo International Vs. DCIT By Pradeep Dinodia LL.B., FCA S.R.Dinodia & Co. http://www.srdinodia.com FACTS OF THE CASE 1. Galileo International Inc. (the 'Appellant'), a resident of USA, is in the business
More informationThe resident investee company has to follow the relevant disclosure norms prescribed by the Securities Exchange Board of India (SEBI); and
Corporate Law Alert J. Sagar Associates advocates and solicitors Vol.17 May 31, 2011 RBI PLEDGE OF SHARES FOR BUSINESS PURPOSES The Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular No.57 dated
More informationH A R B I N G E R. B D Jokhakar & Co. Chartered Accountants October Updates on regulatory changes affecting your business
October 2014 B D Jokhakar & Co. Chartered Accountants www.bdjokhakar.com INDEX Sr. No Topics covered Page No. 1 Company Law 3 2 Reserve Bank of India 4 4 Income Tax 5 5 Service Tax 6 7 Summary of Judgments
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI. A.A.R. Nos & 1031 of Present
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI 2nd Day of May, 2011 A.A.R. Nos. 1006 & 1031 of 2010 Present Mr. Justice P.K.Balasubramanyan (Chairman) Mr. J. Khosla (Member) Mr. V.K. Shridhar
More informationCommissioner of Income Tax Appellant. Versus. M/s. Global Appliances Inc. USA Respondent
11 TH NANI PALKHIVALA MEMORIAL NATIONAL TAX MOOT COURT COMPETITION, 2015 IN THE HIGH COURT OF JUDICATURE AT MADRAS (Ordinary Original Civil Jurisdiction) IN APPEAL NO. OF 2014 IN THE MATTER OF: The Income-tax
More information[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] Notification
More informationTAX CONTROVERSIES AND LITIGATION IN INDIA - AVOIDANCE AND THE SOLUTIONS. S.R. Wadhwa, Advocate 1
TAX CONTROVERSIES AND LITIGATION IN INDIA - AVOIDANCE AND THE SOLUTIONS S.R. Wadhwa, Advocate 1 BY: S.R. Wadhwa Ph. No. 9810414433 Email: wadhwasr@hotmail.com Website: wadhwataxconsultant.com S.R. Wadhwa,
More informationBUDGET ANALYSIS IMPACT ON FOREIGN PORTFOLIO INVESTORS. February 2017
BUDGET ANALYSIS IMPACT ON FOREIGN PORTFOLIO INVESTORS February 2017 www.deloitte.com/in Foreword The Finance Minister presented Union Budget for fiscal year 2017-18 in the parliament today. The budget
More informationArticle. MCA relaxes controls on Managerial Remuneration: Professional Directors benefited. CS Aman Nijhawan
MCA relaxes controls on Managerial Remuneration: Professional Directors CS Aman Nijhawan aman@vinodkothari.com Vinod Kothari & Company Corporate Law Services Group corplaw@vinodkothari.com September 12,
More informationGovernment of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 6th October, 2017. Framing of rules in respect of Country-by-Country reporting and furnishing
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) PRESENT. Justice Dr.Arijit Pasayat (Chairman) Mr. T.B.C. Rozara (Member)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) Friday, 14 th February, 2014 PRESENT Justice Dr.Arijit Pasayat (Chairman) Mr. T.B.C. Rozara (Member) A.A.R. Nos. 1321 of 2011 Name & address of the
More informationTax Dispute Resolution in India - How to effectively handle? Sanjay Sanghvi 29 April 2017
Tax Dispute Resolution in India - How to effectively handle? Sanjay Sanghvi 29 April 2017 Income Tax in India An overview Residents taxed on worldwide income Non-residents taxed on Indian sourced income
More informationIndia journalwww.wts.in
October 2014 India journalwww.wts.in #10.2014 HIGHLIGHTS IN THIS EDITION TAX Direct Taxes Transfer of shares of a foreign company not liable to tax in India if shares derive less than 50% of value from
More informationICAI NIRC. ODI, LRS, ECB & FEMA Updates. CA. Amithraj AN. April 25,
ICAI NIRC ODI, LRS, ECB & FEMA Updates April 25, 2015 + 91 98861 20086 amithraj123@gmail.com Contents ODI Regulations LRS Updates ECB & NCD Round Tripping Issues Overview of Indian Tax Concepts Options
More informationBefore the Authority for Advance Rulings (Income-tax) New Delhi
Before the Authority for Advance Rulings (Income-tax) New Delhi 22 nd Day of February, 2011 Present Mr. Justice P.K.Balasubramanyan (Chairman) Mr. J. Khosla (Member) Mr. V.K. Shridhar (Member) AAR No.
More informationSubject : Representation on the procedure followed in disposal of applications under section 197 of the Income tax Act, 1961
To, The Chairman Central Board of Direct Taxes, North Block, New Delhi August 3, 2009 Respected Sir, Subject : Representation on the procedure followed in disposal of applications under section 197 of
More informationRecommendations: Providing a Fillip to Private Equity and Venture Capital in India
Recommendations: Providing a Fillip to Private Equity and Venture Capital in India Draft as of 16 th March, 2014 For further clarification or discussion please contact Mr. Arvind Mathur, President Indian
More informationGlobal Investment Opportunities Fund Limited. Bigger. Bolder. Better.
Global Investment Opportunities Fund Limited Bigger. Bolder. Better. Directors Report Commentary of the Directors to the Shareholders of GLOBAL INVESTMENT OPPORTUNITIES FUND LIMITED The Directors present
More informationIncome Computation and Disclosure Standards I, IV, VII & VIII
Income Computation and Disclosure Standards I, IV, VII & VIII ICAI Nagpur Branch July 22, 2017 Presented by K Venkatachalam The story so far Jan 1996 Dec 2010 Oct 2012 Jul 2014 Central Government ( CG
More informationWHITE PAPER - WHETHER NON-RESIDENT FOREIGN COMPANIES ARE REQUIRED TO FILE RETURN OF INCOME IN INDIA.
WHITE PAPER - WHETHER NON-RESIDENT FOREIGN COMPANIES ARE REQUIRED TO FILE RETURN OF INCOME IN INDIA www.rsmindia.in 1.0 BACKGROUND 1.1 Taxation of non-residents has been a vexed issue for a long time.
More informationINTERNATIONAL TAX STRUCTURING FOR INVESTING ADROAD INTERNATIONAL TAX CONFERENCE
INTERNATIONAL TAX STRUCTURING FOR INVESTING ADROAD December 5, 2009 INTERNATIONAL TAX CONFERENCE - 2009 Shefali Goradia Partner, BMR Advisors OVERSEAS INVESTMENT KEY DRIVERS Access to Global Markets Inorganic
More informationACCRETIVE SDU MONTHLY COMMUNIQUÉ AUGUST Income Tax FEMA India Budget 2014 INCOME TAX
INCOME TAX Taxation of Alternate Investment Funds: The Securities and Exchange Board of India (Alternate Investment Funds) Regulation, 2012 (AIF Regulations) forms the regulatory framework for private
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) PRESENT. Justice Dr.Arijit Pasayat (Chairman) Mr. T.B.C. Rozara (Member)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) Wednesday, 19 th February, 2014 PRESENT Justice Dr.Arijit Pasayat (Chairman) Mr. T.B.C. Rozara (Member) A.A.R. Nos. 1081 &1082 of 2011 Name & address
More informationSUPPLEMENTARY STATUTORY UPDATES PAPER - 7 [DIRECT TAXATION] [INTERMEDIATE] AND PAPER - 16 [DIRECT TAX LAWS AND INTERNATIONAL TAXATION] [FINAL]
SUPPLEMENTARY STATUTORY UPDATES PAPER - 7 [DIRECT TAXATION] [INTERMEDIATE] AND PAPER - 16 [DIRECT TAX LAWS AND INTERNATIONAL TAXATION] [FINAL] Clarification related to guidelines for establishing 'Place
More informationForeign Exchange Management (Borrowing and Lending) Regulations, 2018
Regulatory Alert 26 December 2018 Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 The Reserve Bank of India ( RBI ) vide Notification No. FEMA 3(R)/2018-RB dated 17 December 2018,
More informationNorthern India Regional Council, ICAI Seminar on Income Computation and Disclosure Standards
Phoenix Legal Northern India Regional Council, ICAI Seminar on Income Computation and Disclosure Standards Aseem Chawla Pranshu Goel aseem.chawla@phoenixlegal.in April 15, 2017 New Delhi Evolvement: Notable
More informationIncome Tax Changes made in Income Tax Provisions in the Union Budget which would affect Salaried Class
Income Tax 2013-14 Changes made in Income Tax Provisions in the Union Budget 2013-14 which would affect Salaried Class A. RATES OF INCOME-TAX I. Rates of income-tax in respect of income liable to tax for
More informationREGULATORY AFFAIRS BULLETIN ECONOMIC GROWTH REGULATIONS. Issue-VII October Contents
REGULATORY AFFAIRS BULLETIN ECONOMIC GROWTH REGULATIONS Contents Introduction...2 1. RBI guidelines...2 1.1 Review of ECB Policy...2 1.2 Prepayment of ECB...2 1.3 Rupee Loans to NRI Employees...3 1.4 Overseas
More informationPROFESSIONAL PROGRAMME
1 PROFESSIONAL PROGRAMME UPDATES FOR STRATEGIC MANAGEMENT, ALLIANCES AND INTERNATIONAL TRADE MODULE 3 (Relevant for Students Appearing in June, 2016 Examination) Disclaimer- This document has been prepared
More informationCentral Depository Services (India) Limited
Central Depository Services (India) Limited Convenient Dependable Secure COMMUNIQUÉ TO DEPOSITORY PARTICIPANTS CDSL/OPS/DP/POLCY/3361 December 06, 2012 SEBI CIRCULAR RAJIV GANDHI EQUITY SAVINGS SCHEME,
More informationRBI liberalises ECB norms
RBI liberalises ECB norms Favorably revisits norms relating to end use, all-in-costs By Smriti Wadehra (corplaw@vinodkothari.com ) The basic objective of the extant External Commercial Borrowings (ECB)
More informationNOTICE IS HEREBY GIVEN THAT
NOTICE NOTICE IS HEREBY GIVEN THAT 01 st EXTRA ORDINARY GENERAL MEETING OF 2015-16 OF MEMBERS OF INTEX TECHNOLOGIES (INDIA) LIMITED WILL BE HELD ON TUESDAY, THE 18 TH DAY OF AUGUST, 2015 COMMENCED AT 11:30
More informationIN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX MATTER. Income Tax Appeal No. 1167/2011. Reserved on: 21st October, 2011
IN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX MATTER Income Tax Appeal No. 1167/2011 Reserved on: 21st October, 2011 Date of Decision: 8th November, 2011 The Commissioner of Income Tax Delhi-IV,
More informationRelaxation of RBI norms on External Commercial Borrowings
Relaxation of RBI norms on External Commercial Borrowings External Commercial Borrowings Reserve Bank of India ( RBI ) permits Indian companies to raise loans overseas through the External Commercial Borrowings
More informationJh jktsunz flag ys[kk lnl;,oa Jh foods oekz U;kf;d lnl; ds le{k BEFORE SHRI RAJENDRA SINGH, ACCOUNTANT MEMBER AND SHRI VIVEK VARMA JUDICIAL MEMBER
vk;dj vihyh; vf/kdj.k ^^,y^^ U;k;ihB eqacbz esaa IN THE INCOME TAX APPELLATE TRIBUNAL L BENCH, MUMBAI Jh jktsunz flag ys[kk lnl;,oa Jh foods oekz U;kf;d lnl; ds le{k BEFORE SHRI RAJENDRA SINGH, ACCOUNTANT
More informationMRR TRADING & INVESTMENT COMPANY LIMITED
REPORT OF THE BOARD OF DIRECTORS FOR THE FINANCIAL YEAR ENDED 31 MARCH, 2015 1. Your Board of Directors hereby submit their Report for the financial year ended 31st March, 2015. 2. COMPANY PERFORMANCE
More information[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] Notification
More informationR U L I N G [By Justice P.K. Balasubramanyan)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX), NEW DELHI 5 th December, 2011 PRESENT Mr Justice P.K. Balasubramanyan (Chairman) Mr. V.K. Shridhar (Member) A.A.R. No.953 of 2010 Name & address of
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI. A.A.R. No.977 of 2010 PRESENT RULING
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI 7 th Day of May, 2012 A.A.R. No.977 of 2010 PRESENT Justice Mr. P.K.Balasubramanyan (Chairman) Name & address of the applicant Present for
More informationKey Amendments to Form 3CD [Effective from August 20, 2018] Nihar Jambusaria
Key Amendments to Form 3CD [Effective from August 20, 2018] Nihar Jambusaria Key Amendments to Form 3CD. The Central Board of Direct Taxes (CBDT) via Notification No. 33/2018 dated 20th July, 2018 has
More informationYour Directors have pleasure in presenting the Seventieth Annual Report for the year ended on March 31, 2016.
19 Directors Report Your Directors have pleasure in presenting the Seventieth Annual Report for the year ended on March 31, 2016. Financial Results (` Cr) Particulars For the year ended on March 31, 2016
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) PRESENT. Mr Justice P.K. Balasubramanyan (Chairman) Mr. V.K.
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) 22 nd Day of March, 2012 PRESENT Mr Justice P.K. Balasubramanyan (Chairman) Mr. V.K.Shridhar (Member) A.A.R. No. P of 2010 Name & address of the applicant
More informationForeign Source Funding Options
Foreign Source Funding Options 28 October, 2017 Index Inbound Investments FDI Policy Legal Framework & Regulators Typical Foreign Investment Windows FDI Policy at a glance Eligible Investors Foreign Funding
More informationIN THE HIGH COURT OF KARNATAKA AT BENGALURU PRESENT THE HON' BLE MR. JUSTICE N. KUMAR AND THE HON' BLE MR. JUSTICE B. VEERAPPA
1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU BETWEEN: DATED THIS THE 5 TH DAY OF JANUARY, 2015 PRESENT THE HON' BLE MR. JUSTICE N. KUMAR AND THE HON' BLE MR. JUSTICE B. VEERAPPA INCOME TAX APPEAL No.
More informationTandus Flooring India Private Limited, In Re.
[2013] 64 VST 56 (AAR) [[AUTHORITY FOR ADVANCE RULINGS] (CENTRAL EXCISE, CUSTOMS AND SERVICE TAX, NEW DELHI)] Tandus Flooring India Private Limited, In Re. ARIJIT PASAYAT (DR), J. (CHAIRPERSON) AND PARANDE
More informationIndian Market Regulatory Update
Indian Market Regulatory Update The International Monetary Fund (IMF) pegs India s growth at 7.6% in the year ended March 31, 2016 and estimates a growth of 7.4% for 2016 and 2017. As per IMF s estimates
More informationDIVISION ONE GUIDE TO FDI POLICY
CONTENTS u Chapter-heads I-5 u FDI Policy at a Glance Issued on 17-4-2014 I-15 DIVISION ONE GUIDE TO FDI POLICY 1 BACKGROUND OF FOREIGN INVESTMENT IN INDIA 1.1 Introduction 1.3 1.1-1 Consolidated Circular
More informationReserve Bank of India Exchange Control Department Central Office Mumbai. Derecognition of Overseas Corporate Bodies (OCBs)
Reserve Bank of India Exchange Control Department Central Office Mumbai A.P (DIR Series) Circular No. 44 December 8, 2003 (Updated as on September 25, 2014) To All Authorised Dealers in Foreign Exchange
More informationResource support on NGO Governance, Accounting and Regulations BRANCH & LIAISON OFFICES OF FOREIGN DONORS
fmsf Resource support on NGO Governance, Accounting and Regulations Standards & NORMS An initiative of FMSF & VANI VANI Legal Series Vol. IV, Issue 3, July 2011 For private circulation only BRANCH & LIAISON
More informationNOTICE. Issue of Compulsorily Convertible Preference Shares ( CCPS ) of the Company to Dassault Systemes S.E. and Dassault Systemes Americas Corp.
NOTICE Notice is hereby given that an Extraordinary General Meeting of the members of the Company (Equity holders) will be held at Godrej Bhavan, 4A Home Street, Fort, Mumbai 400 001, on Wednesday, June
More informationRe.: - Your letter No. MUM/CCIT/Coord/U-I/FTC/ /326 dated 14 th January 2013
13 th February 2013 The Chief Commissioner of Income-Tax, Aayakar Bhavan, Maharshi Karve Road, Mumbai 400 020 Dear Sir, Re.: - Your letter No. MUM/CCIT/Coord/U-I/FTC/2012-13/326 dated 14 th January 2013
More informationKERALA STATE ELECTRICITY REGULATORY COMMISSION THIRUVANANTHAPURAM. PRESENT: Sri.T.M. Manoharan, Chairman
KERALA STATE ELECTRICITY REGULATORY COMMISSION THIRUVANANTHAPURAM PRESENT: Sri.T.M. Manoharan, Chairman Petition No. 1893/DD (T)/Jhabua/2016/KSERC in OP No. 13/2015 In the matter of Procurement of 865
More informationIN THE HIGH COURT OF DELHI AT NEW DELHI. Judgment Reserved On: Judgment Pronounced On: CO.PET. 991/2016 IN THE MATTER OF:-
IN THE HIGH COURT OF DELHI AT NEW DELHI CO.PET. 991/2016 IN THE MATTER OF:- Judgment Reserved On: 14.12.2016 Judgment Pronounced On: 18.01.2017 GEOMETRIC LIMITED Non-Petitioner/Demerged/Transferor Company
More informationCompounding of contraventions under FEMA,1999. Foreign Exchange Department Hyderabad Regional Office (Presented by Mrs Managala Shenoy, Manager
Compounding of contraventions under FEMA,1999 Foreign Exchange Department Hyderabad Regional Office (Presented by Mrs Managala Shenoy, Manager Framework Foreign Exchange Regulation Act, 1973 (FERA, 1973)
More informationBEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) PRESENT. Justice Dr.Arijit Pasayat (Chairman) Mr. T.B.C. Rozara (Member)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) 30 th Day of April, 2014 PRESENT Justice Dr.Arijit Pasayat (Chairman) Mr. T.B.C. Rozara (Member) A.A.R. Nos. 1110 of 2011 Name & address of the applicant
More informationCorporation Tax. Statement of Practice SP - CT 01/10. This content is more than 5 years old.
Corporation Tax Statement of Practice SP - CT 01/10 Treatment of Certain Patent Royalties Paid to Companies Resident Outside the State 1. Tax treatment of royalties paid in respect of the user of a patent
More informationPolicy and Procedures for the Related Party Transactions (RPT)
Policy and Procedures for the Related Party Transactions (RPT) I Overview : Noida Toll Bridge Company Limited (NTBCL) (the Company ) has established and adopted this Policy for Related Party Transactions
More informationIndia journalwww.wts.in
September 2014 India journalwww.wts.in #9.2014 HIGHLIGHTS IN THIS EDITION TAX Direct Taxes Conclusions on the first OECD deliverables regarding BEPS New form of Tax Audit Due date of filing Tax Audit Report
More informationWEB18 SOFTWARE SERVICES LIMITED 1. Web18 Software Services Limited
WEB18 SOFTWARE SERVICES LIMITED 1 Web18 Software Services Limited 2 WEB18 SOFTWARE SERVICES LIMITED Independent Auditor s Report To the Members of Web18 Software Services Limited Report on the Financial
More information