Income from supply of information relating to various markets should be taxed as business profits under the India-Singapore tax treaty

Court: Mumbai bench of the Income Tax Appellate Tribunal Citation: JCIT Vs. Telerate [2010-TII-72-ITAT-MUM-INTL] Brief :Mumbai bench of the Income Tax Appellate Tribunal  held that the income from supply of information relating to various markets should be taxed as business profits under Article 7(3) of the India- Singapore tax treaty (tax treaty) and accordingly the expenses incurred for earning the income should be allowed as a deduction. Further, the Tribunal upheld the view that when the taxpayer chooses to be covered by provisions of an applicable tax treaty, the tax department cannot ...