ITAT

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

ITAT: Sachin Tendulkar eligible for deduction u/s 80RR as 'artist'

Sachin Tendulkar held as ‘an artist’; Eligible for deduction u/s 80RR on 'sponsorship and advertisement' income –

May 21,2011

ITAT: STT rebate u/s 88E available on income after reducing indirect expenses

STT rebate u/s 88E available upto net income from share transactions after reducing direct as well as indirect expenses

May 19,2011

ITAT: Payment for marketing know-how and non-compete fees allowed as revenue expenditure

Payment for transfer of generic business, marketing know-how and 5 years non-compete fees deductible as revenue expenditure

May 18,2011

ITAT: No TDS on freight forwarding expenses paid to non-resident.

Freight forwarding expenses paid to a non-resident not liable for TDS

May 17,2011

ITAT: ITAT holds Cargo Carrier as an “agent” of overseas entity doing transhipment

Overseas entity providing transhipment services has ‘business connection’ in India; Indian Cargo Carrier held as an “agent” under sec 163

May 17,2011

ITAT: Data center payments not taxable in India as “royalty”

Payment for processing at data center not taxable as “royalty” under India - Singapore treaty

May 16,2011

ITAT: Sec 50C not attracted on transfer of ‘lease right’ in land

Sec 50C not attracted on transfer of ‘lease right’ in land

May 13,2011

ITAT: 'Fair rent' not to be determined based on 'notional interest' on security deposit

Notional interest on security deposit not a concluding factor to decide 'fair rent'

May 13,2011

ITAT: Stamp duty rates as on April 1st 1981 cannot be considered as cost

Stamp Duty rates as on April 1st 1981 cannot be taken as fair value to compute cost of asset: Agra ITAT 

May 12,2011

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