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  <title>Direct Tax Amicus - February 2025 Issue No. 125</title>
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<body>
  <div class="container">
    <header style="background:#ffffff;">
      <img src="https://knoblycream.com/Xpress/NLEditor/newsletter/24/img/banner.jpg?text=Bizprout+Image"
        alt="Person interacting with tablet showing Bizprout logo">
      <div style="background:#dae7ff;"><br>
        <h1 class="header-title" align="right">March, 2025 Issue No. 01</h1>
        <p class="issue-date">&nbsp;</p>
      </div>
    </header>

<div class="section" style="b">
      <h2><em>In This Issue</em></h2>
      <table width="100%" border="0" cellspacing="5" class="border">
        <tr>
          <td width="15%">&nbsp;<strong>Article</strong></td>
          <td width="50%" valign="bottom" class="table">&nbsp;<strong>Notifications & Circulars </strong></td>
          <td width="35%" valign="bottom" class="table">&nbsp;<strong>Ratio Decidendi </strong></td>
        </tr>

</table>
      <br>
      <br>
      <table width="100%" border="0">
        <tr>
          <td>
            <table border="0" cellspacing="3" cellpadding="0" width="100%">
              <tbody>
                <tr>
                  <td colspan="2">
                    <p><img src="https://knoblycream.com/Xpress/NLEditor/newsletter/24/img/dots.png" width="30"
                        height="9"><br>
                    </p>
                  </td>
                </tr>
              </tbody>
            </table>
          </td>
        </tr>
        <tr>
          <td>
            <table width="100%" border="0">
              <tr>
                <td width="90%" class="header_test" valign="middle"><img
                    src="https://knoblycream.com/Xpress/NLEditor/newsletter/24/img/edit.png" width="50" height="50"> <a
                    name="a"><em>Article</em></a></td>
                <td width="10%" class="top" align="center" valign="middle"><a href="#">Top</a></td>
              </tr>
            </table>
          </td>
        </tr>
        <tr>
          <td>
            <p><br>
              <br>
              <strong>Capital reduction: End of the road for taxpayer fate?</strong><u></u><u></u>
            </p>
            <p align="right"><em>By </em><strong>Varshini UJ</strong><u></u><u></u></p>
            <p><br>
              The Supreme Court recently upheld the Bombay High Court decision that the complete reduction of capital
              (resulting in cancellation of shares) amounts to ‘transfer’ in terms of Section 2(47) of the Income Tax
              Act, 1961 and the consequent payout would be exigible to tax under the head capital gains. As a corollary,
              the resultant loss incurred by the taxpayer was allowed to be claimed. The article in this issue of Direct
              Tax Amicus attempts to explore the possible fate of the taxpayers to claim capital loss in a scenario
              where no payout is received pursuant to a reduction in share capital. The article discusses a decision of
              the Special Bench of the Mumbai Tribunal and observes that the matter is yet to attain finality in cases
              where no payout is received, and the capital reduction is by way of reducing the face value of shares.<br>
              <br>
              <a href="#">Read full article</a>
            </p>
          </td>
        </tr>
        <tr>
          <td>
            <hr class="dotted">
          </td>
        </tr>
        <tr>
          <td>&nbsp;</td>
        </tr>
      </table>
      <br>
      <br>
      <table width="100%" border="0">
        <tr>
          <td>
            <table border="0" cellspacing="3" cellpadding="0" width="100%">
              <tbody>
                <tr>
                  <td colspan="2">
                    <p><img src="https://knoblycream.com/Xpress/NLEditor/newsletter/24/img/dots.png" width="30"
                        height="9"><br>
                    </p>
                  </td>
                </tr>
              </tbody>
            </table>
          </td>
        </tr>
        <tr>
          <td>
            <table width="100%" border="0">
              <tr>
                <td width="90%" class="header_test" valign="middle"><img
                    src="https://knoblycream.com/Xpress/NLEditor/newsletter/24/img/justics.png" width="50" height="50">
                  <a name="a"><em>Notifications and Circulars</em></a>
                </td>
                <td width="10%" class="top" align="center" valign="middle"><a href="#">Top</a></td>
              </tr>
            </table>
          </td>
        </tr>
        <tr>
          <td>
            <p><br>
              <br>
            <table width="100%" border="0" cellpadding="5" cellspacing="15">
              <tr>
                <td width="6%" align="center" valign="top">
                  <div align="center">*<u></u><u></u></div>
                </td>
                <td width="94%" align="left"> TDS exemption in respect of purchases made from IFSC units </td>
              </tr>
              <tr>
                <td align="center" valign="top">
                  <div align="center">*<u></u><u></u></div>
                </td>
                <td align="left">TCS on sale of goods – Exemption to IFSC units on purchases</td>
              </tr>
              <tr>
                <td align="center" valign="top">
                  <div align="center">*<u></u><u></u></div>
                </td>
                <td align="left">Vivad se Vishwas Scheme, 2024 – Removal of Difficulties in respect of ‘pending appeals’
                </td>
              </tr>
              <tr>
                <td align="center" valign="top">
                  <div align="center">*<u></u><u></u></div>
                </td>
                <td align="left">Special provisions regarding operation of cruise ships by non-residents – New rule
                  introduced</td>
              </tr>
              <tr>
                <td align="center" valign="top">
                  <div align="center">*<u></u><u></u></div>
                </td>
                <td align="left">Venture Capital Funds and Finance Companies in IFSCs – New conditions in Income Tax
                  Rules</td>
              </tr>
              <tr>
                <td align="center" valign="top">
                  <div align="center">*<u></u><u></u></div>
                </td>
                <td align="left">Principal Purpose Test in India’s DTAAs – Guidance</td>
              </tr>
            </table> <br>

<a href="#">Read More </a> <br>
          </td>
        </tr>
        <tr>
          <td>&nbsp;</td>
        </tr>
        <tr>
          <td>
            <hr class="dotted">
          </td>
        </tr>
      </table>
      <br>
      <table width="100%" border="0">
        <tr>
          <td>
            <table border="0" cellspacing="3" cellpadding="0" width="100%">
              <tbody>
                <tr>
                  <td colspan="2">
                    <p><img src="https://knoblycream.com/Xpress/NLEditor/newsletter/24/img/dots.png" width="30"
                        height="9"><br>
                    </p>
                  </td>
                </tr>
              </tbody>
            </table>
          </td>
        </tr>
        <tr>
          <td>
            <table width="100%" border="0">
              <tr>
                <td width="90%" class="header_test" valign="middle"><img
                    src="https://knoblycream.com/Xpress/NLEditor/newsletter/24/img/justics.png" width="50" height="50">
                  <a name="a"><em>Ratio decidendi</em></a>
                </td>
                <td width="10%" class="top" align="center" valign="middle"><a href="#">Top</a></td>
              </tr>
            </table>
          </td>
        </tr>
        <tr>
          <td>
            <p><br>
              <br>
            <table width="100%" border="0" cellpadding="5" cellspacing="15">
              <tr>
                <td width="6%" align="center" valign="top">
                  <div align="center">*<u></u><u></u></div>
                </td>
                <td width="94%" align="left"> Exemption under Section 10A to new unit – New and identifiable undertaking
                  separate and distinct from existing business should come into existence – <em>Delhi High Court</em>
                </td>
              </tr>
              <tr>
                <td align="center" valign="top">
                  <div align="center">*<u></u><u></u></div>
                </td>
                <td align="left">Refund of excess TDS deduction – CBDT Circular No. 07/2007, prescribing limitation
                  period for refund, construed as ultra vires – <em>Delhi High Court</em></td>
              </tr>
              <tr>
                <td align="center" valign="top">
                  <div align="center">*<u></u><u></u></div>
                </td>
                <td align="left">Expenditure deduction allowed to a law firm making payment of licence fee for
                  utilization of goodwill – <em>Delhi High Court</em> </td>
              </tr>
              <tr>
                <td align="center" valign="top">
                  <div align="center">*<u></u><u></u></div>
                </td>
                <td align="left">Secondment of employees – Determining Permanent Establishment under India-South Korea
                  DTAA – <em>Delhi High Court</em> </td>
              </tr>
              <tr>
                <td align="center" valign="top">
                  <div align="center">*<u></u><u></u></div>
                </td>
                <td align="left">Applicability of Section 92BA for Transfer Pricing in regard to domestic transactions
                  with eligible units u/s 80-IA – <em>ITAT Hyderabad </em></td>
              </tr>
            </table>

</p>

<p>
            <table border="0" style="font-size:12px; width:100%">
              <tr>
                <td style="background-color:#0066FF; height:30px; color:#FFFFFF;" align="center"><strong>Reach
                    Us</strong></td>
                <td rowspan="2">&nbsp;</td>
                <td style="background-color:#0066FF; height:30px; color:#FFFFFF;" align="center"><strong>Stay
                    Connected</strong></td>
              </tr>
              <tr>
                <td>
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</table><br>
      <div style="font-size:12px;"><strong> Disclaimer: </strong>LKS Direct Tax Amicus is meant for informational
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