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 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 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
The assessee has stated that additions to the fixed assets include loss of foreign exchange rates at the year-end which is added to the written down value of the block of assets. This adjustment pertaining to fixed assets i.e. (premises) acquired in India out of foreign currency loans. The assessee was asked as to why such claim should not be disallowed. The assess
The assessee is mainly engaged in the business of rendering rating, advisory, and research and information services, and the assessee also has a unit registered under the software technology park scheme which is granted approval for “development and export of computer software, information technology and enabled services”. During the course of asse
The activity of frequent buying and selling of shares over a short span of period has to be treated as business being adventure in the nature of trade and the income has to be treated as business income and not as capital gain.
The DOT licence fee paid by assessee is not in the nature of capital expenditure falling under section 35ABB, but the same is revenue in nature, allowable under section 37(1)
Purchase price of generic unpatented APIs from associated enterprises can be benchmarked against the price of same APIs sold by other independent producers despite difference in quality The Mumbai bench of the Income Tax Appellate Tribunal (Tribuna
Provisions of section 56(2)(v) applied only to gift on or after 1-9-2004. Prior to introduction of section 56(2)(vii) by the Finance Act, 2009 w.e.f. 1.10.2009, gifts in kind were outside the purview of section 56(2)(v) or (vi).
Transfer of an asset is a primary condition which must be satisfied before a receipt can be treated as capital gain and/or capital loss u/s 45. The transaction regarding surrender of US-64 units for converting the same into Unit Trust of India 6.75% tax free bonds in terms of the scheme of the Unit Trust of India would not amount to transfer for purpose of section 45.
