Income Tax Appellate Tribunal

The Supreme Court will decide whether the interest paid on overdues to the Department of Telecom (DoT) can be treated as operating expenditure by operators. A three-judge bench has admitted a petition filed by Vodafone Essar Gujarat and decided to adjudicate whether such interest could be treated as operating expenditure. Full Article

The government is likely to challenge the Income Tax Appellate Tribunal ruling on Bofors case in the Delhi High Court for its remarks against the Income Tax department. Though government was not a direct party in the case, based on the opinion of Att Full Article

the following Members of the Tribunal are hereby transferred in public interest, in the same capacity, to the Bench/es of the Income Tax Appellate Tribunal as shown against their names with effect from the afternoon of 25th October, 2010. Shri. G. S. Pannu, AM Shri. A. L. Ghelot, AM. Shri. R. C. Sharma, AM. Shri. D. K. Srivastava, AM Full Article

Compensation including interest on cancellation of contract not taxable in the absence of Permanent Establishment of the non-resident in India under India-UK tax treaty Full Article

Concerned over Rs 38,000 crore in tax revenue being locked up in legal disputes, Finance Minister Pranab Mukherjee today asked the authorities to step up efforts to realise the taxes. "Rs 28,046 crore is blocked in appeal before CIT (Appeal) and Rs 10,010 crore before Income Tax Appellate Tribunal (ITAT)," Mukherjee said after meeting Revenue Department officials here. Full Article

Credit for brought forward MAT is to be given from gross demand before charging interest u/s 234B. 2. Interest u/s 244A was allowable on the refundable taxes arrived at after giving credit of brought forward MAT from the gross demand. Full Article

Over Rs 12,000 crore in tax demands was locked on account of disputes, pending resolution at various courts, as on June 30, 2010, Parliament was informed on Friday. While cases involving tax demand of about Rs 7,635 crore are pending in Income Tax Appellate Tribunal (ITAT), around Rs 3,849 crore is locked up in cases with High Courts, Finance Minister Pranab Mukherjee told the Lok Sabha in a written reply. Full Article

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently pronounced its ruling on an appeal originating from a transfer pricing adjustment imposed on 3 Global Services Private Limited (“assessee”). The assessee operates in the voice based customer care segment within the IT-enabled services (ITeS) industry. During financial year 2003-04, the assessee rendered services to its associated enterprises (“AEs”). Full Article