India: Waiver of interest by amalgamating company | KPMG | GLOBAL

India: Waiver of interest by amalgamating company; place of effective management

India: Waiver of interest by amalgamating company

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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  • Waiver of interest in the hands of amalgamating company: The Supreme Court of India held that waiver of interest due by amalgamating company to financial institutions is taxable in the hands of the amalgamated company under section 41(1) of the Income-tax Act, 1961.The case is: Mcdowell & Company Ltd. Read an April 2017 report [PDF 309 KB]
  • Income of a foreign shipping company not taxable in India under "place of effective management" test: The Rajkot Bench of the Income-tax Appellate Tribunal held that under Article 9 of the India-Denmark income tax treaty, earned by a foreign company from operations of ships in international traffic is not taxable in India because the place of effective management of such foreign company is outside India. The case is: Pearl Logistics and EX-IM Corporation. Read an April 2017 report [PDF 410 KB]

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