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Rulings

May 31,2011

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

May 30,2011

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

May 30,2011

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

May 27,2011

Fees for certification and testing of products to ‘enable export’ not taxable as FTS under sec 9 of the IT Act

May 27,2011

Builder eligible for deduction u/s 80-IB for ‘housing project’ even though land was owned by co‑operative society –;

May 27,2011

Data line costs incurred for IT development in India; Deduction u/s 10A available without reducing data line costs from export turnover

May 26,2011

Interest expense post set up of business but before commencement of actual production was allowable as revenue expenditure –

May 25,2011

Bill discounting income to US Company not taxable as ' interest ' under Act and India - US treaty, Bill discounting between group entities does not ‘prima facie’ involve tax

May 25,2011

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

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