Whether a foreign shipping enterprise operating round-trip cruise services with hospitality and entertainment facilities is engaged in the business of carriage of passengers so as to be entitled to presumptive taxation under Section 44B of the Income-tax Act, 1961.

Direct Tax/ Income Tax 0
2
Supreme Court: Director of Income Tax (IT)-I v. Superstar Libra Ltd. BACKGROUND The assessee, acting as an agent of Superstar Libra Ltd. (SLL), a non-resident shipping company, sought a certificate under Section 195 by claiming that the income of SLL was taxable under Section 44B at the presumptive rate of 7.5% of the gross …
Continue  →

Section 115BB: ITAT Bangalore holds only net winnings from online gaming are taxable

Direct Tax/ Income Tax 0
16
ITAT Bangalore: Arakere Channappa Vishwanath v. ITO The Tribunal allowed the assessee’s appeal, holding that the Assessing Officer erred in taxing the entire gross gaming receipts of Rs 2.33 crore under Section 115BB. The assessment was initiated on the basis of information received from the Compliance Risk Information Unit and details furnished by Gameskraft …
Continue  →

Section 56(2)(ix): Karnataka High Court holds that business advances for procurement of stock-in-trade cannot be taxed as forfeited advances

Direct Tax/ Income Tax 0
21
Karnataka High Court: Pr. Commissioner of Income Tax, Koramangala, Bangalore & Anr. v. Shri Ravi Shankar Shetty The Court dismissed the Revenue’s appeal, holding that Section 56(2)(ix) was inapplicable where the advances were received for procuring land as stock-in-trade and there was no forfeiture of such advances. The assessee, engaged in the business of …
Continue  →