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Jointly Prepared by Saurabh – ( ID- 495 ) & Praveen Tripathi ( ID- 488)
DTAT. Indo-Mauritius DTAA . To mitigate the hardship caused by dual taxation on the same income. To avoid double taxation countries enter into DTAA.A double Taxation is levy of tax by two or more jurisdiction on the same income. To encourage flow of foreign capital. Meaning.
Definition of Resident Section 90. Article 13. 1961 .Capital Gain Article 4. 90A. Income Tax Act.
Rewriting the law. to nullify the decision of court. involves two causalities. A person cannot be guided by a law which did not exist at the time when the action occurred. ◦ Respect for Judiciary ◦ Certainty of Law . It is fundamentally unfair to hold a person to be in contravention of the law when that law did not exist when the alleged contravention occurred.
Director of Income Tax. 1976) Ashapura Minichem Ltd. DCIT (2009) 318 ITR 237 (Bom) Finance Act 2010 (with effect from June 1. v. Ishikawajima Harima Heavy Industries Ltd. Mumbai (2007) 3 SCC 481 Finance Act 2007 (with effect from June 1. v. 1976) Clifford Chance v. ADIT (2010) 5 Taxman 57 (Bom) .
including rights of management or control or any other rights whatsoever. it is hereby clarified that the expression “through” shall mean and include and shall be deemed to have always meant and included “by means of”.‟ Section 9 : Income deemed to accrue or arise in India „Explanation 4.Section 2 (14) Definition of capital asset Explanation. “in consequence of” or “by reason of”.—For the removal of doubts. it is hereby clarified that “property” includes and shall be deemed to have always included any rights in or in relation to an Indian company. .—For the removal of doubts.
Explanation 5. have elapsed from the end of the relevant assessment year unless the income in relation to any asset (including financial interest in any entity) located outside India. it is hereby clarified that an asset or a capital asset being any share or interest in a company or entity registered or incorporated outside India shall be deemed to be and shall always be deemed to have been situated in India.—For the removal of doubts. Section 149 (1) Time limit for notice: (c) if four years.” . its value substantially from the assets located in India. chargeable to tax. directly or indirectly. but not more than sixteen years. has escaped assessment. if the share or interest derives.
Non resident who have liquidated their investment will under scrutiny Conflict with DTAA and IT Act. Reopening of cases. (with respect to amendment in Section 90) .
1961 . Considering DTC 2010 for interpreting the IT Act.