[aaykarbhavan] High Court Praises ITAT For S. 40(a)(ia) TDS Law + Transfer Orders Of ITAT Members + CBDT Circular On MAT On FIIs/ FPIs

Dear Subscriber,

CIT vs. Ansal Land Mark Township (P) Ltd (Delhi High Court)

No s. 40(a)(ia) disallowance for failure to deduct TDS on payment if payee has offered amount to tax. Second Proviso to s. 40(a)(ia) inserted by Finance Act 2013 w.e.f. 1.4.2013 should be treated as curative and to have retrospective effect from 1.4.2005. ITAT praised for "thorough analysis" of the provision

Turning to the decision of the Agra Bench of ITAT in Rajiv Kumar Agarwal v. ACIT (supra ) , the Court finds that it has undertaken a thorough analysis of the second proviso to Section 40 (a)(ia) of the Act and also sought to explain the rationale behind its insertion … The Court is of the view that the above reasoning of the Agra Bench of ITAT as regards the rationale behind the insertion of the second proviso to Section 40(a) (ia) of the Act and its conclusion that the said proviso is declaratory and curative and has retrospective effect from 1st April 2005, merits acceptance. In that view of the matter, the Court is unable to find any legal infirmity in the impugned order of the ITAT in adopting the ratio of the decision of the Agra Bench, ITAT in (Rajiv Kumar Agarwal v. ACIT).

Transfers Of Hon'ble Members Of The ITAT (Sept 2015 – II)

Vide order dated 01.09.2015 passed by the Hon'ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal consisting of the President and two senior most Vice Presidents, the following Members of the ITAT have been transferred in the same capacity to the respective Benches

CBDT Instruction On Non-Applicability Of Minimum Alternate Tax (MAT) On Flls/FPls For The Period Prior To 01.04.2015

A Committee on Direct Tax Matters chaired by Justice A.P. Shah, was constituted to examine the issue of applicability of Minimum Alternate Tax ('MAT') on Flis/FPls for the period prior to 01.04.2015. The Committee has submitted its final report to the Government on 25.08.2015. The Committee has recommended that section 115JB of the Income-tax Act, 1961 ('Act') may be amended to clarify the inapplicability of the provisions of section 115JB to FlIs/FPls having no permanent establishment (PE)/place of business in India. The Government has accepted the said recommendation and it has been decided to carry out appropriate amendment in the Act so as to prescribe that MAT provisions will not be applicable to Flls/FPls not having a place of business/permanent establishment In India, for the period prior to 01.04.2015.

Regards,

 

Editor,

 

itatonline.org

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Transfers Of Hon'ble Members Of The ITAT (Sept 2015)

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Posted by: "editor@itatonline.org" <itatonline.org@gmail.com>

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