International Tax

ITAT: No FBT on telephone, local travel, agent conference expenses

FBT not attracted on expenditure where no benefit flows to employee by the reason of his employment; FBT not applicable on non-employee expenses; FBT not payable on telephone expenses, brokers’

Nov 28,2011

HC: Producing voluminous records during assessment does not debar re-opening

Producing voluminous records before AO does not necessarily amount to true and full disclosure of facts u/s 147; Reassessment proceeding beyond 4 years time limit valid since assessee failed to disclose

Nov 25,2011

HC: Interest free loan to director not deemed income

Interest free loan to director not deemed income u/s 2 (24)(iv): Punjab & Haryana HC  

Nov 24,2011

ITAT: Profit based commission to directors disallowed as paid in lieu of dividend 

Profit based commission paid only to directors of the company was in lieu of dividend; Disallowance of commission expense u/s 36(1)(ii) upheld; Assessee indulged in tax avoidance by paying commission

Nov 16,2011

ITAT: If assessee did not claim depreciation, it was not allowable while computing deduction u/s 80-IA

If assessee did not claim depreciation, it was not allowable while computing deduction u/s 80-IA

Nov 14,2011

ITAT: Income earned by non-resident assessee for rendering services intrinsically connected with oil extraction, taxable u/s 44BB

Income earned by non-resident sub-contractor assessee for rendering services intrinsically connected with oil extraction, taxable u/s 44BB

Nov 12,2011

AAR: Sec 44BB is specific provision, which would prevail over general provision in sec 9(1)(vii)

Sec 44BB is specific provision, which would prevail over general provision in sec 9(1)(vii): AAR

Nov 09,2011

AAR: Amounts falling u/s 44BB excluded from purview of ‘royalty’ u/s 9(1)(vi)

Amounts falling u/s 44BB excluded from purview of ‘royalty’ u/s 9(1)(vi); Once sec 44BB is attracted, income cannot be computed as per any other special provision: AAR

Nov 09,2011

ITAT: Full deduction for 'Windmill' profits u/s 80IA despite earlier losses

Deduction u/s 80IA on profits from windmill operations allowable in the 'first year of claim' irrespective of losses in earlier years; Initial assessment year' u/s 80IA(5) to mean first year

Nov 08,2011

HC: Exclusion from Export Turnover to be reduced from Total Turnover for Sec 10A

Any exclusion from ‘export turnover’ to also be excluded from ‘total turnover’ for Sec 10A relief

Nov 07,2011

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