The order was given on an appeal filed by taxpayer firm, Sharp Business System, a jv between Sharp Corporation, Japan and L&T India.
The tribunal, a quasi-judicial body, has set up webcast facilities at Delhi, Mumbai, Nagpur and Ahmedabad, a first in the history of tax judiciary in India.
ITAT of Chennai had held that interest on home loans will continue to remain out of the tax net even if the house is sold later.
Tax rules clearly lay down that funds parked in undeclared bank accounts are considered as income on which full tax and penalty can be levied.
The income tax department has seized Rs 5 crore cash while unearthing a nationwide network of private entities providing safe-keeping services.
Provisions exempting shipping profits from tax liability in India would apply under the India -Switzerland Double Taxation Avoidance Agreement.
Industry veterans believe after the multinationals come in, the market will change from being volume-based to a profit-driven one.
As per the terms of the deal, Diageo will buy more than 25% of United Spirits in three stages and pay around $2 billion for buying a 51% stake.
The Bombay High Court dismissed an Income-Tax Department’s appeal on tax claim on Reliance Communication on nearly Rs 5,635 crore of revenues.
AAR has held that it is not bound by its earlier orders and can take a contrary view if there are sufficient reasons to believe that the earlier rulings were incorrect.
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