The ITAT held that Compensation paid for contractual default and Rebate given for quality issues is business profits and same is not taxable in India if recipient does not have PE in India FACTS The assessee was an Indian company engaged in trading of certain products. The assessee procured the products from suppliers in India […]
TDS LIABILITY CANNOT BE FASTENED BY RETROSPECTIVE AMENDMENT OR SUBSEQUENT DECISION
The payer of income does tax deduction as per the law in force when she makes remittance. The Indian legislature has powers to make retrospective amendment to the statutes. Similarly, a judicial decision, which is always retrospective, may reverses a settled position on taxability of income in the hands of payee. A question arises as […]