The Tribunal has once again reiterated the principle that interest on fixed deposits kept as margin with banks is effectively connected with the business and would be taxable as business income. Furthermore, the Tribunal held that the direct expenses
Delhi bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Adobe Systems India Private Limited v. ACIT [201 1-TII-13-ITAT-DEL-TP] (Date of Judgement: 21 January 2011; Assessment Year: 2006-07)held that supernormal profit making co
The decision is relevant to authorised dealers making remittance to non-residents. Though the decision is rendered in the context of remittance to individual’s resident in the UAE, all non-resident Indians can benefit from the principle laid down in
This is a welcome decision by the Mumbai Tribunal where it is held that the taxpayer is entitled to interest on delayed refund as per section 244A of the Act when it is ordered to deduct tax but subsequently it was found in appeal that no such liabil
The Income Tax Appellate Tribunal (the “Tribunal”) of Hyderabad, on 31 January 2011, pronounced its ruling in the case of M/s Convergys Information Management (India) (P) Ltd. Vs DCIT, Hyderabad, ITA No. 229/H/2009, on whether the expenses incurred p
The Tribunal has interpreted the wordings of Section 35(2AB) and concluded that the Section only allows weighted deduction in respect of in-house Research and Development facility. Any expenditure incurred outside the Research and Development facilit
In a recent decision, in the case Menlo Worldwide Forwarding India Pvt. Ltd. v. DCIT [2010-T11-164-ITAT-DEL-INTL](the “assessee”), the Delhi Income-tax Appellate Tribunal (the “Tribunal”) held that the recording the setting-off of sundry debtors agai
In a recent ruling, in the case of Sulzer India Ltd. v. Jt. CIT [2010-TIOL-670-ITAT-MUM-SB] , the Special Bench of the Mumbai Income-tax Appellate Tribunal (the “Tribunal”) held that prepayment of deferred sales tax liability on the Net Present Value
Limitation on deduction of expenses under Section 44D of the Act cannot be invoked if the consideration received by the foreign company is not Fees for Technical Services as defined in India-USA tax treaty
By considering the potential loss on the long standing receivables as a genuine adjustment in the course of assessment, the Tribunal has reinforced the principles that the concept of TP cannot be that of an exact science and that constant application
