Professional Updates

🏦 DIT vs. ANZ Grindlays Bank – Delhi High Court on Taxability of Fees Charged by Foreign Branches for Credit Card Services under Section 9(1)(i) (2024) 📌 Background Under Section 9(1)(i) of the Income-tax Act, 1961, income is deemed to accrue or arise in India if it is directly or indirectly attributable to a business […]

🏦 Royal Bank of Scotland N.V. vs. CIT – Calcutta High Court on Tax Rates and Non-Discrimination under India–Netherlands DTAA (2024) 📌 Background The principle of non-discrimination under Article 24(2) of Double Taxation Avoidance Agreements (DTAAs) ensures that foreign enterprises operating in a Contracting State are not taxed less favorably than domestic enterprises under similar […]

🏦 CIT v. Standard Chartered Bank & Bank of Rajasthan Ltd – Supreme Court on Non-Taxability of Interest on Bad and Doubtful Debts (2024) 📌 Background The taxation of interest on bad and doubtful debts has long been a contentious issue in banking taxation. The question fundamentally revolves around whether such interest, which is not […]

⚖️ Serum Institute of India (P.) Ltd. vs. Union of India – Bombay High Court Upholds Constitutional Validity of Section 2(24)(xviii) on Taxation of Subsidies (2024) 📌 Background The Finance Act, 2015 introduced Section 2(24)(xviii) to the Income-tax Act, 1961, expanding the definition of “income” to include all subsidies, grants, cash incentives, duty drawbacks, concessions, […]

🏢 Apeejay Surrendra Management Services (P.) Ltd. vs. DCIT – ITAT Kolkata on Deemed Dividend and Beneficial Shareholder Liability (2024) 📌 Background The deeming provisions under Section 2(22)(e) of the Income-tax Act, 1961 are designed to tax loans or advances made by closely held companies to their significant shareholders or to concerns in which such […]

🏡 Hiten Tulshibhai Engineer vs. ITO – ITAT Ahmedabad on Sale of Agricultural Land Used for Industrial Purposes (2024) 📌 Background The classification of land for capital gains taxation has caused frequent litigation. However, the ruling in the case of Hiten Tulshibhai Engineer v. ITO clarifies that what matters is the nature of the land […]