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Amounts falling under Section 44BB of I.T. Act have been excluded from the purview of the royalty d... - From AAR

Wed, 10 Mar 2010 12:40:23

Amounts falling under Section 44BB of I.T. Act have been excluded from the purview of the royalty definition
By Wavefield Inseis ASA, In re [A.A.R. No.844 of 2009] [2010] 3 taxmann.com 21 (AAR - NEW DELHI)

Indo-US Treaty: Orientation towards business and inculcation of entrepreneurial outlook does not rea... - From AAR

Wed, 10 Mar 2010 12:39:28

Indo-US Treaty: Orientation towards business and inculcation of entrepreneurial outlook does not really amount to “making available” technical knowledge, experience or skills of experts of an American IC2 Institute
By Federation of Indian Chambers of Commerce and Industry (FICCI), In re [A.A.R. No.812 of 2009] [2010] 3 taxmann.com 20 (AAR - NEW DELHI)

Indo-UK DTAA: Receipt in nature of referral fee for rendering referral services by applicant-British... - From AAR

Wed, 10 Mar 2010 12:37:43

Indo-UK DTAA: Receipt in nature of referral fee for rendering referral services by applicant-British Company from Indian based recruitment company cannot be subjected to tax as business profits in view of provisions of Treaty
By Real Resourcing Ltd., In re [A. A.R. No. 828/2009] [2010] 3 taxmann.com 19 (AAR - NEW DELHI)

Applicant-Russian company is not liable to pay tax under provisions of the Income-tax Act read with ... - From AAR

Thu, 04 Mar 2010 07:02:14

Applicant-Russian company is not liable to pay tax under provisions of the Income-tax Act read with India – Russia DTAA in respect of amount received from NTPC for execution of offshore supply contract as all transactions took place outside India; materials were shipped outside India, title and property passed outside India and payment was received outside India
By Joint Stock Company Foreign Economic Association “Technopromexport”, In re [AAR No. 827 of 2009] [2010] 3 taxmann.com 10 (AAR - NEW DELHI)

Demarcated space in warehouse of Independent Service Provider (ISP) constitutes fixed place of busin... - From AAR

Thu, 04 Mar 2010 07:01:22

Demarcated space in warehouse of Independent Service Provider (ISP) constitutes fixed place of business within meaning of Article 5.1 of Indo-Singapore DTAA
By Seagate Singapore International Headquarters Pvt. Ltd., In re [AAR No. 831/2009] [2010] 3 taxmann.com 9 (AAR - NEW DELHI)

No capital gains tax is leviable on transfer of shares held by the applicant in an Indian Group Comp... - From AAR

Thu, 25 Feb 2010 12:00:03

No capital gains tax is leviable on transfer of shares held by the applicant in an Indian Group Company in favour of its subsidiary in Cyprus without stipulating any consideration therefor, as a part of reorganization of business of the Group
By Amiantit International Holding Ltd., In re [A.A.R. No. 817/2009] [2010] 1 taxmann.com 105 (AAR - NEW DELHI)

Payment towards VSAT/Transaction charges made by a Stock Broker to Stock Exchange is not fee for tec... - From ITAT

Thu, 11 Mar 2010 02:57:08

Payment towards VSAT/Transaction charges made by a Stock Broker to Stock Exchange is not fee for technical services u/s 194J
By DCIT v. Sonal Shares & Stock Brokers Pvt. Ltd. [ITA No. 744/Mum/09] [2010] 3 taxmann.com 24 (MUM.)

It is wrong to disallow first year’s brought forward expenditure of a project in second year by bran... - From ITAT

Thu, 11 Mar 2010 02:53:05

It is wrong to disallow first year’s brought forward expenditure of a project in second year by branding it as ‘prior period expenditure’ because unless entire expenditure is considered at the end of project correct amount of profit cannot be finally determined
By DDIT (Int'l Taxation) v. Stock Engineer & Contractors B. V. [ITA No. 2169/Mum/2004] [2010] 3 taxmann.com 22 (MUM.)

Interest on loan taken for repayment of earlier loan taken for business purposes is not allowable u/... - From ITAT

Mon, 08 Mar 2010 07:06:16

Interest on loan taken for repayment of earlier loan taken for business purposes is not allowable u/s 24(1)(vi)
By K. S. Kamalakannan v. ACIT [ITA No. 588/Mds/2009] [2010] 3 taxmann.com 18 (CHENNAI - ITAT)

Depreciation : Requirement of second proviso to rule 5(1A) of IT Rules is satisfied if option is exe... - From ITAT

Mon, 08 Mar 2010 07:00:46

Depreciation : Requirement of second proviso to rule 5(1A) of IT Rules is satisfied if option is exercised before expiry of due date of filing of return of income u/s 139(1) of IT Act, 1961
By K. K. S. K. Leather Processors (P.) Ltd. v. ITO [ITA No. 826 & 827/Mds./2009] [2010] 3 taxmann.com 17 (CHENNAI - ITAT)

Indo-US Treaty : Profits attributable to transaction of cargo, mail, etc. by aircrafts owned, charte... - From ITAT

Mon, 08 Mar 2010 06:58:30

Indo-US Treaty : Profits attributable to transaction of cargo, mail, etc. by aircrafts owned, chartered or leased by assessee cannot be taxed in India
By ADIT (Int’l Taxation) v. Federal Express Corporation, USA [ITA Nos. 4452, 4453 & 9482/2004] [2010] 3 taxmann.com 16 (MUM. - ITAT)

Demand raised by AO in assessment does not get vacated only on filing of application before Settleme... - From ITAT

Sat, 06 Mar 2010 11:43:39

Demand raised by AO in assessment does not get vacated only on filing of application before Settlement Commission
By ACIT v. Leonie M. Almeida [IT (SS) No. 256/M/2006] [2010] 3 taxmann.com 15 (MUM. - ITAT)

Credit to expenditure on improvement, while determining capital gains u/s 50C, can be given when the... - From ITAT

Sat, 06 Mar 2010 11:24:54

Credit to expenditure on improvement, while determining capital gains u/s 50C, can be given when there is evidence
By Ramendra Vikram Singh v. ITO [ITA Nos. 76 to 79/Luc/08] [2010] 3 taxmann.com 13 (LUCKNOW - ITAT)

When notice is served through Courier extra caution is required; caution has to be necessarily in th... - From ITAT

Sat, 06 Mar 2010 11:23:46

When notice is served through Courier extra caution is required; caution has to be necessarily in the form of proper identification of the person upon whom the notice is service
By ACIT v. Ashiana Automobiles Pvt. Ltd. [ITA Nos. 176 & 177 (Pat.)/2008] [2010] 3 taxmann.com 12 (PAT. - ITAT)

Transfer Pricing: TNM method requires comparison of net profit margins and not operating margins of ... - From ITAT

Sat, 06 Mar 2010 11:22:40

Transfer Pricing: TNM method requires comparison of net profit margins and not operating margins of enterprises
By Addl. CIT v. Tej Diam [ITA No. 5034/Mum/2007] [2010] 3 taxmann.com 11 (MUM. - ITAT)

Right of carry forward u/s 74(1) in respect of long term capital loss is not hit by provisions of se... - From ITAT

Thu, 04 Mar 2010 06:55:56

Right of carry forward u/s 74(1) in respect of long term capital loss is not hit by provisions of section 70(3)
By G. K. Ramamurthy v. JCIT [ITA No. 1367/Mum/ 2009] [2010] 3 taxmann.com 8 (MUM. - ITAT)

Profit derived from contract works does not qualify for relief u/s 80-IB - From ITAT

Thu, 04 Mar 2010 06:54:53

Profit derived from contract works does not qualify for relief u/s 80-IB
By Maruti Tubes (P.) Ltd. v. DCIT [ITA No. 500/Hyd/2009] [2010] 3 taxmann.com 7 (HYD. - ITAT)

Section 50C has no application for arriving at value of benefit u/s 2(24)(iv) - From ITAT

Thu, 04 Mar 2010 06:53:48

Section 50C has no application for arriving at value of benefit u/s 2(24)(iv)
By Ashok W. Phansalkar v. ITO [ITA No. 6373/Mum/2007] [2010] 3 taxmann.com 6 (MUM. - ITAT)

Section 35 refers to ‘capital expenditure’ and does not require any further requirement - From ITAT

Thu, 04 Mar 2010 06:52:48

Section 35 refers to ‘capital expenditure’ and does not require any further requirement
By Ayushakti Ayurved Pvt. Ltd. v. ACIT [ITA No. 6541/M/20008] [2010] 3 taxmann.com 5 (MUM. - ITAT)

Once assessee is carrying on a speculation business and profits and gains have arisen from that busi... - From SC/HC

Thu, 04 Mar 2010 06:51:35

Once assessee is carrying on a speculation business and profits and gains have arisen from that business during course of assessment year, the assessee is entitled to set off losses carried forward from a speculation business arising out of a previous assessment year
By CIT v. Lokmat Newspapers Pvt. Ltd. [ITA (L) No. 3005 of 2009] [2010] 3 taxmann.com 4 (BOM.)

Section 43A read with Explanation 3 thereto would apply to roll over premium charges paid by an asse... - From SC/HC

Wed, 03 Mar 2010 11:59:06

Section 43A read with Explanation 3 thereto would apply to roll over premium charges paid by an assessee in respect of foreign exchange forward contracts
By ACIT v. Elecon Engineering Co. Ltd. [CIVIL APPEAL NOS. 2057 TO 2065 OF 2010] [2010] 3 taxmann.com 2 (SC)

For purpose of section 36(1)(vii) post 1-4-1989, it is enough if bad debt is written off as irrecove... - From SC/HC

Fri, 26 Feb 2010 04:29:10

For purpose of section 36(1)(vii) post 1-4-1989, it is enough if bad debt is written off as irrecoverable in accounts of assessee
By T. R. F. Ltd. v. CIT [Civil Appeal Nos. 5292 & 5293 of 2003] [2010] 1 taxmann.com 106 (SC)

An assessee does not have to develop the entire port in order to qualify for a deduction u/s 80-IA - From SC/HC

Wed, 24 Feb 2010 06:57:29

An assessee does not have to develop the entire port in order to qualify for a deduction u/s 80-IA
By CIT v. ABG Heavy Industries Ltd. [ITA No. 1687,2121,2291,2663 of 2009 and 416 of 2010] [2010] 1 taxmann.com 104 (BOM.)

Reasons which are recorded by AO for reopening an assessment are the only reasons which can be consi... - From SC/HC

Wed, 24 Feb 2010 06:53:59

Reasons which are recorded by AO for reopening an assessment are the only reasons which can be considered when formation of belief is impugned
By Prashant S. Joshi v. Income-tax Officer [WP No. 2287 of 2009 With WP No. 59 of 2010] [2010] 1 taxmann.com 103 (BOM.)

Loss making industrial undertaking would not come into the picture at all for purpose of computing d... - From SC/HC

Wed, 24 Feb 2010 06:52:36

Loss making industrial undertaking would not come into the picture at all for purpose of computing deduction u/s 80-I
By CIT v. Sona Koyo Steering Systems Ltd. [ITA No. 1279/2008 and 194,416,761 and 788 of 2009] [2010] 1 taxmann.com 102 (DELHI)

Value of house under construction including investment on construction is not liable to wealth-tax - From SC/HC

Wed, 24 Feb 2010 06:50:37

Value of house under construction including investment on construction is not liable to wealth-tax
By CIT v. Smt. Neena Jain [WTA No. 17 to 20 of 2008] [2010] 1 taxmann.com 101 (PUNJ. & HAR.)

Reference in Article 13(3)(c) of Indo-Canada DTAA is to “any copyright” and it is not a reference to... - From SC/HC

Wed, 24 Feb 2010 12:35:00

Reference in Article 13(3)(c) of Indo-Canada DTAA is to “any copyright” and it is not a reference to “any right” for purpose of terming a payment as ‘royalty’
By Director of Income-tax v. Sahara India Financial Corpn. Ltd. [ITA No. 1064/2007] [2010] 1 taxmann.com 100 (NEW DELHI)

Commission paid for sale of SIM card, pre-paid or post-paid, is commission as envisaged under secti... - From SC/HC

Wed, 24 Feb 2010 12:32:11

Commission paid for sale of SIM card, pre-paid or post-paid, is commission as envisaged under section 194H
By CIT v. Idea Cellular Ltd. [ITA No. 146 of 2009 With ITA No. 784 of 2009] [2010] 1 taxmann.com 99 (DELHI)