ITAT: Set-off brought forward speculative loss before normal losses of current year

Investment management and advisory fees received from Mauritius based companies by Investment Manager taxable as business income, not 'income from other sources'; Brought forward speculative losses to be set off

May 15,2012

ITAT: Super-stockist not manager of assessee, TDS u/s 194J not applicable 

Relation between assessee and super-stockist on ‘principal to principal’ basis and super-stockist not ‘manager’ of assessee; Super-stockist purchased goods from assessee for onward selling to retailers; Remuneration earned by super-stockist

May 14,2012

ITAT: No TDS on interest reimbursement to parent co if credit facility from bank availed through it

Interest cost reimbursed to parent not liable to TDS u/s 194A, as such reimbursement not 'income' in hands of parent; Though credit facility was enjoyed by assessee, bank's approval for

May 14,2012

ITAT: Advance by State-owned corporation to its founder Government not violative of Sec.13, Sec.11 exemption allowable 

Exemption u/s 11 not to be denied to AP Forest Development Corporation, merely because Corporation advanced money / paid rent to State Government; No violation of Sec. 13 simply because

May 11,2012

ITAT: Explanation to Sec. 73 not applicable to derivative transactions 

Assessee entitled to set off loss from trading in derivatives with non speculative business income; Explanation to Sec 73 deals only with purchase and sale of share and not applicable

May 10,2012

ITAT: Denies Indo-Polish DTAA benefit as assessee not 'top level management' employee 

Function to support establishment and organization of India Representative Office can at best be termed as a ‘management function’ but not ‘Top Level Managerial Position’; Assessee not appointed in ‘top

May 10,2012

ITAT: Assessee can avail deduction u/s 80-IA only after fulfilling conditions in ‘straight manner’ 

To avail deduction u/s 80-IA, assessee to fulfil conditions under sub-clause (4) in ‘straight’ manner; Production of documents indirectly indicating fulfilment, not proper; Rents & Royalties derived from commercial assets

May 10,2012

ITAT: Non-resident not taxable on export commission, withdrawal of CBDT circular not retrospective 

Non-resident agent not taxable on export commission, TDS u/s 195 not applicable; Incidental services rendered by the commission agent not in the nature of technical / managerial services; FTS does

May 09,2012

ITAT: AO cannot disregard consistent​ly followed and approved method of accounting without assigning appropriat​e reasons. 

AO cannot disregard consistently followed methods of accounting without assigning appropriate reasons; No difficulty expressed by AO regarding method or completeness of accounts; Assessee justified in not recognizing income on

May 08,2012

ITAT: Assessee entitled to TDS credit even if relevant sum not chargeable as income in assessee’s hands 

Pre-requisite for deduction of tax u/s 194-I is chargeability of rental income in the hands of payee; When assessee receives rent after deduction of TDS on behalf of another person,

May 08,2012