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Dissecting Section 80M of the Income Tax Act - The known and the unknown
By Bharathi Krishnaprasad and V. Baratwaj
Finance Bill, 2020 has proposed to relieve corporates from paying distribution tax on dividends (‘DDT’) and proposes to go back to the old school ways of taxing such dividends in the hands of the shareholders. The Bill has also proposed re-introduction of Section 80M of the Income Tax Act which was omitted vide Finance Act, 2003. The article in this issue of Direct Tax Amicus analyses the proposed Section 80M, providing for deduction in respect of inter-corporate dividends, and tries to understand certain important intricacies in the same. The authors also discuss difference of the said provision from Section 115-O(1A), and analyse the questions as to whether deduction is eligible for past distributions and whether deduction is to be claimed on gross or net dividend income. According to the authors, though the proposed beneficial provisions may seem simple and unambiguous, there are chances for disputes in future on certain aspects...
Circular
Vivad Se Vishwas Scheme – Modifications and clarifications
Ratio decidendi
Associated Enterprises - Loans from two group entities cannot be aggregated to determine 51% threshold for deeming them as AEs – ITAT Mumbai
Though situations for reduction/ waiver of interest are exhaustive, Courts under writ jurisdiction can go beyond it – Madras High Court
Subsequent change in legal position cannot be a ground to reopen assessment after four years – Calcutta High Court
Reduction of share capital amounts to transfer under Section 2(47), provided consideration has been paid thereof – ITAT Mumbai
