Editor's Pick

ITAT: Profits from Portfolio Management Scheme taxable as business income, not capital gains

Profits on share transactions carried through Portfolio Management Scheme (PMS) taxable as business income and not capital gains;

Jan 08,2012

ITAT: ITAT follows HC ruling, allows depreciation benefit to trust but opines contrary on merits


ITAT opines allowing depreciation on assets to trust results in a double deduction and cannot be treated as

Jan 06,2012

ITAT: Post 2002, non compete fee pursuant to business transfer taxable as 'capital gains'

Post 2002, non-compete fee received in pursuance to transfer of business taxable as ‘capital gains’ and not as ‘business income’;

Jan 05,2012

ITAT: Interest on loan for acquiring overseas investment deductible  

No disallowance attracted for interest on borrowings made for acquiring shares in Malaysian company alongwith controlling interest; Under IT Act,

Jan 04,2012

ITAT: Income received by Warner Bros for granting film distribution rights not ‘Royalty’ 

Consideration received by non-resident assessee from Indian company, for granting exclusive rights of distribution of cinematographic films, not

Jan 03,2012

ITAT: Land development agreement allowing possession & control results in taxable transfer

Capital gains on transfer of property under development agreement taxable in the year of transfer of possession and

Dec 28,2011

HC: Delhi HC confirms ITAT Special bench ruling in Ericsson

Equipment supply not taxable in India where property and risks passed outside India; mere signing of agreements in

Dec 26,2011

AAR: AAR rejects payer's application, when issue pending in payee's proceedings

Nuclear Power Corporation’s application for ruling on taxability of payment to non-resident  not maintainable, when proceedings pending against

Dec 23,2011

HC: Foreign currency expenses to be excluded from turnover for Sec 80HHE deduction; Infy engaged in providing technical services

Foreign currency expenses to be excluded from turnover in computing Sec 80HHE deduction; Infosys engaged in providing technical

Dec 21,2011

HC: Cost allocation for Sec 10A unit based on employee head-count upheld

IT Department not to reject cost allocation method which is reasonable and followed consistently, unless any defects are

Dec 20,2011