ITAT

ITAT: Loss on MTM transactions: an allowable deduction.

The provision for loss on "Mark to Market" (MTM) basis for trading in derivatives is allowed as a deductible expenditure

Jan 13,2011

ITAT: Software licensing revenues treated as Royalty.

Microsoft and its Group Company, Gracemac are held to be liable to Indian tax on the licensing revenues earned from Indian distributors on Microsoft software products sold in India. The

Jan 13,2011

ITAT: "Foreign tax credit set-off"

Appeal to CIT(A) is possible on the issue of computation of " foreign tax credit set-off "

Jan 13,2011

ITAT: HUF and “deemed dividend” provisions

Daughters of coparceners of HUF are treated as coparcener of HUF and "deemed dividend" provisions are not applicable on loan to such HUF

Jan 13,2011

ITAT: No TDS on commission paid to foreign based agent.

Commission paid by Wizcraft (an entertainment event management firm in India) to a UK based agent for organising the performances of various international artists in India is not taxable in

Jan 13,2011

ITAT: No TDS on roaming charges paid by telecom company.

Payment of Roaming Charges is not 'Rent' and not liable for TDS u/s 194-I

Jan 13,2011

ITAT: Interest on refund of excess withholding tax

Tax department should pay interest on refund of excess withholding tax (TDS) paid pursuant to tax officer's order under section 195(2)

Jan 12,2011

ITAT: Treatment of Business Centre Income.

Income from business centre is taxable as "business income" and not as "other sources"

Jan 12,2011

ITAT: Premium on Held to Maturity securities- an revenue expenditure.

Amortisation of premium on securities held under "Held to Maturity" category by a Bank is deductible revenue expenditure.

Jan 12,2011

ITAT: Expenditure on outsourced Clinical trials not eligible u/s35(2AB)

Expenditure incurred on outsourcing of the clinical trials by "an approved R&D facility" is not eligible for the weighted deduction for R&D under section 35(2AB) of the Income-tax Act

Jan 12,2011

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