TAXATION (contd): Also, Realty News, et al

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Finance minister asks tax officials to collect more FM Arun Jaitley said officers should take serious efforts to unearth black money within the country & maintain high credibility Read More »

India may soon sign first bilateral advance-pricing pact with Japan Move to address MNCs' taxation woes; UK likely to be the next Read More »

itatonline
Oct 2
  Presentation By International Tax Judges On Controversial Tax Treaty Topics (4.6 MiB)



BL
Oct 2

Capital gains vs. interest

The characterisation of additional payments received as interest or capital gains has been a vexed issue. »

TAXATION & ACCOUNTANCY

‘Look at’ or ‘look through’?

Recent developments appear to suggest that tax authorities are going beyond conventional approaches in assessing taxpayers. »

editorial

A fine balance

The notified GAAR strikes a fine balance between the need for foreign investment flows and the legitimate demands of the Indian exchequer. »

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SG

Parliament Committee Report on Various Tax Issues & Important Recommendation

Despite Sanction Reopening Void If Satisfaction is Recorded in a casual or routine manner

Govt Releases Safe Harbour Rules for 5 Assessment Years Beginning from AY. 2013-14

<Add-on

Anchorage issue with safe-harbour rules Not enough advantages for large firms, with liability seemingly higher than under an advance pricing agreement

<> Innovative Housing Loan Products – Upfront Disbursal of Housing Loans – Primary (Urban) Co-operative Bank

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itatonline

VIN

Parliament Committee Hauls Up Dept For ‘Adventurous’ Assessment Orders

(Click Here To Read More)

Related >

• Tax Administration Reform Commission Set Up
• Revised system of Review of assessments
• Press Release On The Report Of The Expert Committee On GAAR
• Controversies In Assessment: Income-tax Dept Publication
• No confessional statement in the course of search, seizure and survey.

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UTI Bank Limited vs. ACIT (ITAT Ahmedabad)

September 16th, 2013

S. 32: Sale & lease transactions by banks are genuine and eligible for depreciation

<> The latest on the subject controversy , it is to be noted, once again bears on it sleeves that the distinction sought to be made between the two concepts of ‘finance lease’ and ‘operating lease’, drawing support /strength from the AS 19 holding a grip in the realm of book keeping i.e. ‘accounting’, cannot , according to a perceptive view, be sworn to be amenable to a profoundly objective view / conclusive opinion. To put it differently, it can only be expected to be a live controversy, or attempted to be kept so, so long/for the years for which the extant law holds good, hence requiring to be applied.
In the DTC pending enactment, going by one’s memory, in the name of simplification of the law, for respective applicability of the proposed provisions , the criterion is going to be whether the asset is classifiable as ‘investment asset’ or a ‘business trading asset’. On a tentative reading thereof -(not an in-depth study), there seems to be no reasonable ground, much less a certainty, for anyone to believe that such types of controversies as referred above, would remain eliminated if and when that comes to be enacted and takes effect. Also, it is anybody’s guess, perhaps a gamble to predict, what is really in store, from the viewpoint of taxpayers, in terms of disputes and litigation, – for the better or worse, in comparison to the present scenario.

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