| 2016-TII-INSTANT-ALL-297 | 04 March 2016 |
CIRCULAR India-UK DTAA - CBDT clarifies DTAA benefits are available to even partnership firms CASE LAWS PRAMERICA ASPF II CYPRUS HOLDING LTD Vs DCIT : MUMBAI ITAT (Dated: February 29, 2016) Income tax - Sections 143(3) & 144C - India-Cyprus DTAA - Article 11. Keywords - concessional rate of tax - interest income - special income schedule & taxation on receipt basis. Whether where on facts and in law it is discernible that assessee is entitled to the benefits of the India-Cyprus DTAA and its income is liable to be taxed at a concessional rate of 10% as per the said DTAA, a mere technical/inadvertent error would defeat the claim of assessee - NO: ITAT Whether the interest income earned by the assessee on payment/receipt basis only and not on accrual basis, is liable to be taxed as per Article 11 of the India-Cyprus DTAA - YES: ITAT Assessee's appeal allowed STRUCTURAL WATERPROOFING COMPANY PVT LTD Vs DCIT : KOLKATA ITAT (Dated: March 04, 2016) Income Tax - segmental analysis - TP - management support services - AEs - adjustment of refund - outstanding demand - recovery of tax. Whether when the segmental analysis prepared by assessee has been ignored by the TPO as well as DRP during assessment, any TP adjustment can be made on such account without giving an opportunity of being heard to the assessee - NO: ITAT Assessee's appeal allowed |
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