India: Tax treatment of asset transfer | KPMG | GLOBAL

India: Tax treatment of asset transfer, from non-resident to resident

India: Tax treatment of asset transfer

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

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  • Interest accumulated in provident fund: The Bangalore Bench of the Income-tax Appellate Tribunal held that the taxpayer is responsible for tax on the interest accumulated in a provident fund account after employment ends. The case is: Dilip Ranjrekar. Read a November 2017 report [PDF 643 KB] 
  • Income earned abroad by non-resident: The Delhi Bench of the Income-tax Appellate Tribunal held that income earned by a non-resident for services rendered outside India cannot be taxed in India merely because the receipt of salary is in India. The case is: Pramod Kumar Sapra. Read a November 2017 report [PDF 616 KB]
  • Anti-avoidance provisions when assets are transferred from a non-resident to a resident: The Mumbai Bench of the Income-tax Appellate Tribunal held that there is no capital gains addition under section 93 of the Income-tax Act, 1961 on the sale of an Indian company’s shares by a Mauritian subsidiary to another Indian company. The case is: Tata Industries Ltd. Read a November 2017 report [PDF 579 KB]
  • No appeal by tax department allowed when it would be contrary to CBDT circulars setting monetary limits for appeals: The Larger Bench of the Rajasthan High Court held that the tax department cannot file an appeal or seek to argue the case on merits, when such would be contrary to the requirements of Central Board of Direct Taxes (CBDT) circulars prescribing monetary limits for the filing of departmental appeals. The case is: Gad Fashion. Read a November 2017 report [PDF 581 KB]

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