India: Tax treaty with Cyprus; depreciation of intangible asset

India: Tax treaty with Cyprus

The KPMG member firm in India has prepared reports about the following tax developments (read more at the hyperlinks provided below).

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  • Income tax treaty with Cyprus: The Central Board Direct Taxes issued a press release reporting the governments of India and Cyprus signed a new income tax treaty and Protocol. Read a December 2016 report [PDF 323 KB]
  • Valuation of residence, sold for less than stamp duty value: The Vishakapatnam Bench of the Income-tax Appellate Tribunal held that with respect to certain sales of a residence for a value less than the the property’s stamp duty and registration value, the deemed value of the house will be the value adopted for the purpose of stamp duty and registration of the property. The case is: Dr. Chalasani Mallikarjuna Rao. Read a December 2016 report [PDF 345 KB]
  • Depreciation when there is inflated valuation of an intangible asset: The Bangalore Bench of the Income-tax Appellate Tribunal held that the Assessing Officer was justified in denying a depreciation claim on the inflated value of an intangible asset (a distribution network) made upon transfer by way of slump sale. The case is: Sanyo BPL Pvt. Ltd. Read a December 2016 report [PDF 338 KB]

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