International Tax

HC: Interest earned on foreign exchange- Not eligible u/s 80HHD.

Interest earned on short term deposits made out of foreign exchange advance received from foreign tourists is not eligible for deduction under section 80HHD -Delhi High Court

Jan 12,2011

HC: Offshore supply of equipments- Not taxable.

Offshore supply of equipments as a part of EPC contract is not taxable in India

Jan 12,2011

SC: "Revaluation Reserve" under MAT provisions.

Credit to the P&L account for withdrawal from "Revaluation reserve" cannot be reduced in computing "book profit" for MAT: SC

Jan 12,2011

ITAT: Credit for TDS and Refund of TDS

Credit for TDS cannot be denied upon subsequent refund of TDS to deductor

Jan 14,2011