Income Tax: PE of Company fiscally domiciled in UK is not Taxable in India taxscan.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taxscan.in Daily Mail and Mail on Sunday newspapers.
The ITAT ruled in favour of Interworld Shipping Agency LLC that no income of the Taxpayer would be taxable in India in light of the India-UAE Treaty, corporate veil can be lifted only if entity was set up with intent to defraud or done in a manner to avoid taxes.
Individuals, companies drag taxman to court over faceless assessment lapses
SECTIONS
Share
Synopsis
Faceless assessment is a tax evaluation process in which there is no in-person interaction with the tax officers and was started to counter harassment complaints. However, individuals and companies started filing petitions in the courts after they received notices and summons, alleging that they were not given an opportunity to reply and submit their responses.
Agencies
Tax experts said that while faceless assessment is a great mechanism in simple and routine matters, it could create many challenges for taxpayers in more complicated matters.
Individuals and companies are dragging the tax department to court over alleged procedural lapses in faceless assessment even as the government’s pet project gathers momentum.