by Majmudar & Partners | Sep 7, 2016 | Corporate/M&A, Tax
Introduction In a recent ruling in the case of Banca Sella SpA (AAR No. 1130 of 2011 dated August 17, 2016), India’s Authority for Advance Rulings (“AAR”) has held that, although the Indian branch office (“IBO”) of a foreign company is a capital asset for tax...
by Majmudar & Partners | Jul 15, 2016 | Tax
Introduction Reducing tax litigation has been a key focus area for the Modi government. Several initiatives have been taken by the Central Board of Direct Taxes (the “CBDT”) in the recent past to significantly reduce disputes and provide relief to taxpayers involved...
by Majmudar & Partners | May 12, 2016 | Corporate/M&A, Tax
Introduction Under the bilateral double taxation avoidance agreement between India and Mauritius (the “Mauritius DTAA”), any capital gain arising from the sale of shares can be taxed only in Mauritius and not in India. India has been attempting to renegotiate the...
by Majmudar & Partners | Mar 5, 2016 | Tax
Introduction India’s Union Budget (the “Budget”) was announced on February 29, 2016, and the Finance Bill, 2016 (the “Finance Bill”) was tabled in Parliament. Most of the income tax proposals in the Finance Bill will be effective from the financial year commencing on...
by Majmudar & Partners | Oct 19, 2015 | Tax
Recently, in the case of Wipro Limited (the “Taxpayer”), the Karnataka High Court (the “KHC”) has held that a foreign tax credit can be claimed against Indian income under the provisions of section 90(1)(a)(i) of the Income-tax Act, 1961 (the “Act”), irrespective of...
