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Rulings

Jun 01,2011

Hyundai Heavy's taxable income @ 10% of adjusted contract revenues as per Article 7(3) of Indo-Korea treaty; Method of taxation used consistently in earlier years to be followed

Jun 01,2011

Heart expense cannot be allowed as ‘business expense’ or expense on ‘current repairs’ treating heart as ‘plant’: Delhi High Court 

May 31,2011

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

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

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