Articles by Rupesh Srivastava

Is Gross receipt professional income of CA

Posted by Rupesh Srivastava 01 August 2019 22700 Views

On 12th April 2013 ITAT bench held that CA professional income, the service tax realised should have been included in the gross receipts unless paid to Government exchequer within the due date of filing of return. Further ITAT rejects assessee clai

TDS controversies - Top 25 rulings pronounced in 2016

Posted by Rupesh Srivastava 28 December 2016 11190 Views

Dear All,We have another 6 days for the wonderful year 2016!! and as Sam Levenson say, "Don't watch the clock; do what it does and Keep going."Ove

Transfer Pricing adjustment on Corporate guarantee

Posted by Rupesh Srivastava 19 December 2014 19350 Views

TP adjustment on Corporate guarantee 1. [TS-208-ITAT-2014(CHNY)-TP] Transfer of shares in subsidiary, by way of 'gift', to an overseas step down subsidiary (in Cayman Island), not taxable as capital gains u/s 45; Such transfer 'without an

Development agreement is also an agreement for sale subject

Posted by Rupesh Srivastava 01 July 2014 15111 Views

Recently Hon`ble High court held, The development agreement is also an agreement for sale subject to certain conditions. In short, it is an agreement for conditional sale. (i) Whether the suit at the instance of a developer is not maintainable

S. 194A - Co-operative bank need not deduct tax at source on interest paid to its members

Posted by Rupesh Srivastava 09 June 2014 16363 Views

(2014) TaxCorp(LJ) 3362 (ITAT-BANGALORE) S. 194A - Co-operative bank need not deduct tax at source on interest paid to its members even if the amount exceeded Rs\- 10,000 p.a. It was held that 194A(3)(v) applies to a co-op bank and in view of the exe

Joint Development Agreement - Landmark Judgment

Posted by Rupesh Srivastava 21 March 2014 208360 Views

Landmark orders on Joint development agreement, updated as on 21st March 2014 1. (2002) 4 CHN 115 "Development agreement comes out of the scope of the ambit of section 53A of the Transfer of Property Act. Therefore, section 53A of the TP Act, ha

Whether or not the debentures are loans covered u/s 269SS

Posted by Rupesh Srivastava 28 August 2013 30181 Views

(2013) TaxCorp(LJ) 1637 (ITAT) Income Tax Section 271D, 269SS, 269T Whether or not the debentures are loans covered u/s 269SS F.Y 2004-05, the assessee company has shown 5171.40 crores under the head as Optionally Fully Convertible Debentures

Landmark ruling on Section 271(1)(c) by Karnataka High court

Posted by Rupesh Srivastava 10 July 2013 27832 Views

(2013) TaxCorp(LJ) 1412 (HC-KARNATKATA) S. 271(1)(c) - Merely because the assessee accepted addition or deletion and did not challenge the assessment order by way of appeal, it cannot be concluded that such addition or deletion amounts to concealmen

S.10(23c)(iii)(ad) - Limit of 1 crore exemption available

Posted by Rupesh Srivastava 25 June 2013 64773 Views

Recently Hon`ble high court held that u/s 10(23c)(iii)(ad) - Limit of 1 crore exemption available to the assessee as annual receipts of each of the institutions. Assessee is running as many as 23 educational institutions upto assessment years 1

Transfer pricing precautions; Taxpayers need to take despite recent ITAT ruling

Posted by Rupesh Srivastava 10 June 2013 9966 Views

In an recent ITAT ruling reported in (2013) TaxCorp (TP) 5176 (ITAT), the ITAT said Transfer pricing rules do not apply in these circumstances (i) to an investm...