The Firm

Investor's Income From VCF Taxable

In an important decision in the case of Scope (P) Limited ("Scope" or "the taxpayer"), the Mumbai Bench of the Income Tax Appellate Tribunal ("Tribunal") has ruled that income received by an investor from a Venture Capital Fund ("VCF") is taxable in the hands of the investor.

Sequence of events at Infosys

1 June: Board invites N R Narayana Murthy to become executive chairman. N R Narayana Murthy accepts.

Karnataka HC Rules On Sourcing Activities Of Foreign Co.

This Tax Alert summarizes a recent ruling of the Karnataka High Court (HC) in the case of Nike Inc. (Taxpayer) on whether sourcing support activities carried out by a Liaison Office (LO) of the Taxpayer in India results in a taxable presence.

FDI In Retail: Government Treads With Caution

The Union Government issued its much awaited clarification with regard to FDI policy in multi brand retail trading (“MBRT”).

Telemarketing Regulations Tightened

The Telecom Commercial Communications Customer Preference Regulations, 2010 (Regulations) were revised with the introduction of the Telecom Commercial Communications Customer Preference (Twelfth Amendment) Regulations, 2013 (Amendment) dated 24 May 2013.

Delhi ITAT Rules On Attribution Of Profits To PE

In this Transfer Pricing alert, EY summarises a recent ruling of the Delhi Income Tax Appellate Tribunal (Tribunal) in the case of Convergys Customer Management Group Inc. (Taxpayer) on the issue of attribution of profits to a permanent establishment (PE) in India under the India–US Double Taxation Avoidance Agreement (DTAA).

AMP Spend: LG Ruling Prevails in Canon's Case

AMP Spend: LG Ruling Prevails in Canon‘s Case

New Service Tax Regime! First Judgment!

New Service Tax Regime! First Judgment!

Incentivizing Service Tax Compliance

Incentivizing Service Tax Compliance

Grant Thornton's TP Niche

This newsletter by Grant Thornton in India captures the latest trends and developments in the field of transfer pricing in India and globally.

Mr Director's Car! No Depreciation

It is a common practice followed by many companies, particularly private limited companies, to register motor car(s) purchased by them in the name(s) of their director(s) and treat the same as its own asset(s) in their books of account.

Onward, AE, Tested Party

It seems that the Transfer Pricing issue relating to the selection of Associated Enterprise (AE) as a tested party is far from settled in the Indian context. The latest ruling of the Mumbai Tribunal in the case of Onward Technologies Ltd.

SC To Examine MAT Applicability To Mauritian Cos

In a significant development, the Supreme Court of India (SC) by its order dated 7 May 2013 has admitted the ‘Special Leave Petition‘ (SLP) of Castleton Investments Limited (Castleton), a company based in Mauritius.

India Spectrum: April 2013

This PwC Newsletter provides important judicial and legislative developments under the laws relating to Corporate Tax, Personal Taxes, Mergers & Acquisitions, Transfer Pricing, Indirect Taxes and Regulatory Developments.

Executive Remuneration: Time To Rein In The Rewards

At a time when the global markets, plagued by a prolonged slowdown are stumbling towards recovery, public scrutiny and criticism of high executive remuneration is getting sharper.

Amendments to Finance Bill, 2013

The Finance Bill, 2013 (relating to the tax proposals of Budget 2013) has been passed by the lower house of the Indian Parliament on April 30, 2013.

Key Direct Tax Amendments To Finance Bill, 2013

This EY Tax Alert summarises certain significant direct tax amendments to Finance Bill, 2013 (FB 2013) which has now been passed by the Lok Sabha (the lower house of Parliament). As a process, FB 2013 would also need to be approved by the Rajya Sabha (upper house of Parliament) and assented by the President of India before it is enacted as law.

Amendment To Contract Act!

The (Indian) Parliament has recently caused an amendment to Section 28 of the Indian Contract Act, 1872 (Contract Act) which hitherto struck down provisions of a contract eliminating right to enforce after a stipulated period. Verus has analysed the amendment in this attached report.

ITAT, Glaxo, Marketing Intangibles

In an important ruling in the case of Glaxo SmithKline Consumer Healthcare (“GSK India”), the Chandigarh Bench of the Income Tax Appellate Tribunal (‘Tribunal‘) has laid out important principles in relation to transfer pricing adjustments on marketing intangibles following the guidelines laid down by the SB in the case of LG India.

ITAT: TP ON LOANS TO OFFSHORE SUBS

The Income Tax Appellate Tribunal, Mumbai bench has recently delivered an important ruling in the case of Aurionpro Solutions Limited on the issue of applicability of Transfer Pricing provisions to loans / business advances granted by Indian parent companies to offshore subsidiaries and related aspects.

RBI Guidelines Not Binding For I-T Act

Recently, in the case of Zeppelin Mobile Systems GmbH, Germany (the assessee) , the Delhi Tribunal rejected the enhancement of capital gains income on share transfer from non-resident to resident, by relying on valuation carried out under FEMA regulations.

Reimbursements & Withholding Tax

Often multinational companies enter into various cost sharing arrangements amongst their group companies so as to ease day to day business complexities.

SEBI Guidance On Promoter Transfers

In an informal guidance issued by SEBI in October 2012 (made public on January 23, 2013), SEBI has yet again looked into the exemption available under the Takeover Code for inter-se transfer of shares amongst the Promoters.

Comments On SEBI's Draft CG Norms

SEBI‘s consultative paper on review of corporate governance norms released in early January 2013 seeks to revisit the existing Clause 49 which was codified in 2004.