The Government of the Republic of India and the Government of the Islamic Republic of Iran entered into Agreement for Avoidance of Double Taxation and the Prevention of Fiscal Evasion
The existing taxes to which the Agreement shall apply are in particular:
(a) in the case of the Islamic Republic of Iran: the income tax;
(b) in the case of India: the income tax, including any surcharge thereon.
The Articles of the agreement deals with various definitions/ taxations on:
Resident
Permanent Establishment
Income From Immovable Property
Business Profits
International traffic
Associated enterprises
Dividends
Interest
Royalties
Fees for Technical Services
Capital Gains
Independent Personal Services
Dependent Personal Services
Directors’ Fees
Artistes and Sportspersons
Pensions
Government Service
Professors, Teachers and Research Scholars
Students
Other Income
Elimination of Double taxation
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- ITAT allows exemption of Rs. 25 lakhs u/s 10(10A) to non-government employees
- PCIT has revisionary jurisdiction u/s 263 over the cases passed by the NFAC or the JAO
- Appellate court interfering with MACT finding must undertake reappreciation of evidence
- When delay is not huge & involves huge monetary liability, lenient approach to be taken
- EoGM of company can not ratify diversion of fund raised by preferential issue – SC
