ITAT: Deduction u/s 80IA -computation - Notionally brought forward losses and depreciation should be set off from profits

The Hyderabad Bench of the Tribunal held that deduction u/s 80IA of the Income-tax Act (the Act) should to be computed after deduction of the notional brought forward losses and

Jan 24,2011

ITAT: Taxability of business centre Income

Income from owned properties let out alongwith furniture is taxable as 'Income from house property'

Jan 17,2011

ITAT: Allowability of taxes paid on overseas income

Mumbai Bench of Income-tax Appellate Tribunal in the case of DCIT V M/s Tata Sons Limited held that the taxes paid abroad in respect of income earned overseas is not

Jan 15,2011

ITAT: STP Unit - Tax holiday - 10A, 10B

STP unit not eligible for deduction under 10B

Jan 14,2011

ITAT: Interest paid by Indian PE to its shareholders is allowable deduction

Interest paid by an Indian PE of a Belgian Company to the shareholders for the borrowing made for the purpose of Indian project is deductible revenue expenditure.

Jan 14,2011

ITAT: No Sec 14A disallowance for Insurance Companies.

ITAT: Sec14A disallowance is not attracted for tax computation of a Life insurance company

Jan 13,2011

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