Mumbai ITAT rules overseas taxes not deductible against taxable profits

Court :Mumbai Income Tax Appellate Tribunal

Citation [ITA No. 4776/Mum/04]  in the case of Tata Sons Ltd.

Brief :The ITAT held that the taxes paid on profits, whether on presumptive basis or on the basis of actual profits earned, represent application of income and are not allowed as deduction in computation of taxable profits. In terms of applicable provisions of the Indian Tax Laws (ITL), read with the applicable tax treaty, such

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