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September 2014: Tax & Regulatory Wrap

Published on Mon, Sep 15,2014 | 21:36, Updated at Wed, Sep 17 at 14:05Source : 

In this alert, Nangia & Co. have summarized the following developments in the tax and regulatory space:    


1.       Sale of shares to a JV Partner at a loss is not a colourable device;

2.       Payment for use of license software and computer system to access a foreign company’s portal constitutes Royalty as per the India-UK DTAA;

3.       Profit on transfer of Equity Shares and Compulsory Convertible Debentures taxable as capital gains and not as interest income;

4.       Supreme Court accepts SLP against Delhi High Court’s order rejecting ALP determination based on FOB value of goods;

5.       Payment for use of intranet facility under guise of ‘cost sharing’ held to be ‘Royalty’;

6.       Sourcing support activities by a foreign company are entitled to the purchase exclusion provision;


7.       Social Security Agreement with Finland and Sweden comes into effect;

8.       The EPFO makes amendments to the Indian Social Security Schemes;


9.       No absolute bar in exercising writ jurisdiction merely because an alternate remedy is available;

10.    High Court quashes Rule 5A(2) of the Service Tax Rules and the CBEC instruction regarding maintenance and furnishing of records.

Attachments : Nangia & Co. - Tax & Regulatory Newsletter - September 2014.pdf

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