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Rulings

Jan 05,2012

Rental income received from lease of IT Park along with provision of additional facilities without which building could not be leased, not taxable as income from house property; Lease agreement

Jan 05,2012

Post 2002, non-compete fee received in pursuance to transfer of business taxable as ‘capital gains’ and not as ‘business income’; Assessee transferred its right to manufacture or produce or process

Jan 05,2012

Income does not accrue upon release of retention money against furnishing of bank guarantee; Retention money would become taxable only when absolute right to receive vests on completion of contract

Jan 04,2012

No disallowance attracted for interest on borrowings made for acquiring shares in Malaysian company alongwith controlling interest; Under IT Act, interest on borrowings deductible from taxable dividend income; Assessee can

Jan 04,2012

Tax deductor not  absolved of  interest liability u/s 201(1A) even if there were good and sufficient reasons for non deduction of tax at source;  Levy of interest mandatory but penalty not

Jan 03,2012

Consideration received by non-resident assessee from Indian company, for granting exclusive rights of distribution of cinematographic films, not taxable as royalty u/s 9(1)(vi) or Article 12(2) of Indo-US DTAA; Consideration

Jan 03,2012

Tax Refund ajdustment against tax demand not allowed when issues decided in assessee’s favour earlier by ITAT & HC ; Tax adjustment contrary to CBDT Circular No. 1194 ; Sec

Jan 02,2012

HC has powers to adjudicate additional issues not forming part of substantial question of law initially framed; Non-formulation of questions of law for disputed issues without opportunity of being heard

Dec 30,2011

Sec. 10(10C) exemption for VRS payment cannot be denied merely because VRS compensation not calculated according to methods under Rule 2B; Rule 2B aimed at providing monetary limit on VRS payment

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