The Tribunal observed that a contribution to approved superannuation fund is deductible in principle as long as the quantum of the said contribution does not exceed the prescribed limits specified in Rule 87 and 88 of the Income-tax Rules. The limi
Frontier Offshore Exploration (India) Limited v. DCIT This decision strengthens the position that special provisions supersede the general provision of the Act for the purpose of withholding tax. It also acknowledges the view that the assessee may withhold tax by suo moto applying the special regime under the provisions of section 44BB.
It is pertinent to note that the Central Board of Direct Taxes had issued Circular No. 7/2007 dated 23 July 2007 which provides the procedure and circumstances for refund of tax deducted at source under section 195 of the Act to the tax deductor. How
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
