March 2010

Sec. 2(31)

AAR : These applications are filed by two members of a consortium which was formed to bid and execute a project for Delhi Metro Rail Corporation (for short ‘DMRC’). DMRC issued tender inviting bids under the International Competitive Bidding for Mass Rapid Transport System-Phase II Contract/ Tender RS3 for design, manufacture, supply, testing, commissioning, training and transfer of technology of 156 Standard Gauge Electrical Multiple Units (‘EMUs’)

Authority For Advance Rulings Hyundai Rotem Co., In Re Section 2(31) P.V. Reddi, J., Chairman; J. Khosla, Member AAR No.

Section 90

AAR : The applicant, a tax resident of Mauritius, is exempt from payment of capital gains tax in India under the Double Taxation Avoidance Agreement (or “DTAA”) between India and Mauritius (“India-Mauritius DTAA”) in respect of the transfer of 30,625,692 shares in IL&FS Investmart Ltd. an Indian company to HSBC Violet Investments (Mauritius) Ltd ?

Authority For Advance Rulings E*trade Mauritius Ltd., In Re Section 90, DTAA between India & Mauritius, Art. 13 P.V. Reddi,

Section 5, Sec. 37(1)

Bombay H.C : The Tribunal was right in law in upholding the order of the learned CIT(A) in directing the AO to allow the technical know-how fees amounting to Rs. 6,82,00,029 as revenue expenditure under s. 37 of the IT Act without appreciating the fact that the same was in the nature of capital expenditure being incurred on the acquisition of intangible asset of enduring nature

High Court Of Bombay CIT vs. ESSEL Propack Ltd. Section 5, 37(1) Asst. Year 1999-2000 Dr. D.Y. Chandrachud & J.P.

Sec. 2(22)(E), Sec. 260A, Section 43B

Bombay H.C : Whether, on the facts and in the circumstances of the case, the Tribunal, in law, was right in deleting the addition of Rs. 35 lacs treated as deemed dividend under s. 2(22)(e) of the IT Act, 1961, by stating that since the transactions are not reflected in the books of account, it cannot be treated as deemed dividend

High Court Of Bombay CIT vs. Universal Medicare (P) Ltd. Section 2(22)(e), 43B(f), 260A Asst. Year 2003-04 Dr. D.Y. Chandrachud

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