Monthly Tax Bulletin - July 2024


Key highlights of the publication:

  • The Telangana High Court has upheld the application of GAAR over SAAR in the case of bonus-stripping transactions.
  • The Reserve Bank of India has issued clarifications regarding the liberalisation of rules for investment in overseas funds.
  • The Income Tax Appellate Tribunal has allowed the deduction of foreign travel expenses to be reimbursed to its associated enterprise. It held that the expenses were incurred for business purposes, and the reimbursement was benchmarked as per the Advance Pricing Agreement.
  • The 53rd GST Council meeting was held recently, wherein various much-awaited recommendations were announced, aimed at simplifying operational issues and reducing litigation.
  • The Central Board of Indirect Taxes and Customs has issued clarifications addressing various concerns and certain sector-specific clarifications.
  • The Bombay High Court ruled that splitting the consideration for a slump sale into intellectual property rights and other assets does not constitute an ‘itemised sale.’
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Monthly Tax Bulletin – June 2024
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