Editor's Pick

HC: Re-assessment u/s 147 on ‘new’ issues not allowed

Re-assessment u/s 147 not permissible on new issues if issues raised in re-assessment notice accepted by AO

Jun 04,2011

ITAT: Outsourced recruitment related services eligible for tax holiday u/s 10A

Outsourced recruitment related services carried from STP are 'customized electronic data', eligible for tax holiday u/s 10A

Jun 03,2011

ITAT: Set-off of pre AY 2006-07 derivative losses allowed against derivative income of later years

Set-off of pre AY 2006-07 speculative losses from derivatives allowed against derivative income earned in later years

May 31,2011

AAR: Employee deputation taxable as FTS under IT Act and Treaty

Salary reimbursement to parent company for employees deputed to Indian subsidiary taxable as ‘managerial services’ under India-US treaty: AAR 

May 31,2011

ITAT:  FII income taxable as Capital gain, not ‘speculative’ income

FII income taxable as ‘capital gain’ & not business income; Derivative income of FIIs cannot be treated as ‘speculative’ business

May 30,2011

ITAT: SEBI approved VC fund eligible for tax exemption

SEBI approved VC fund eligible for tax exemption u/s 10(23FB); AO not required to examine compliance with SEBI regulations during

May 30,2011

AAR: Bill discounting income not taxable as ' interest '

Bill discounting income to US Company not taxable as ' interest ' under Act and India - US treaty, Bill

May 25,2011

ITAT: Non compete fees held as 'capital expenditure'

Non-compete fees paid in the course of ‘business acquisition’ is ‘capital expenditure’- 

May 25,2011

ITAT: Loan restructuring fees paid to bank a deductible revenue expense

Loan restructuring fees paid to bank covered as “interest”; deductible as revenue expense

May 24,2011

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