ITAT

ITAT: Disallowance u/s 14A on net interest expense and not gross interest  

Sec 14A disallowance to be calculated on net interest as per P&L account and to be calculated based on average value of funds: Mumbai ITAT  

Apr 14,2011

ITAT: TDS applicable on discount to mobile SIM cards distributors  

Discount provided by Vodafone to distributors of SIM cards amounts to “commission” and liable for TDS u/s 194H

Apr 13,2011

ITAT: VRS expense deductible even if scheme non-compliant with Rule 2BA  

Amortization of VRS payment allowable u/s 35DDA even if VRS is non-compliant with Rule 2BA

Apr 13,2011

ITAT: Indexed capital loss can be set-off against non-indexed gains 

Set off of indexed long term capital loss permissible against long term capital gain without indexation

Apr 08,2011

ITAT: No PE in India, income taxable on gross basis

Assessee did not create PE in India; ITAT decision in assessee’s own case for AY 2003-04 followed for AY 2006‑07

Apr 07,2011

ITAT: ITAT rejects use of ‘Provisional Census’ results

Provisional population figures available on first day of previous year cannot be referred; Earlier Census numbers to be considered

Apr 06,2011

ITAT: Compensation for termination of distribution agreement deductible expenditure

Compensation paid for termination of distribution agreement deductible as revenue expense

Mar 31,2011

ITAT: Pre-merger book losses can be reduced for MAT

Book losses of amalgamating companies can be reduced in ‘book profit’ computation of merged company under MAT provisions

Mar 29,2011

ITAT: Leased undertaking not eligible for Sec 10B deduction

Deduction u/s 10B not available to undertaking taken over on lease

Mar 29,2011

ITAT: Tribunal can directly stay tax demand

Application for stay of demand directly before ITAT permissible; Honeywell granted stay of tax demand by Pune ITAT

Mar 28,2011

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