Home Highlights August 2012 Year 2012 This

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1. The High Court upheld the Tribunal's decision regarding the allowability of expenses incurred for garnering FCNR deposits to be maintained at the assessee bank's Indian...

2. Head office expenses - Once the amount is found to be exclusive expenditure incurred by the head office towards the Indian branch, the same is required to be allowed in...

3. Business and Promotion expenses - The expenditure incurred by the assessee towards, Bangalore Orthopaedic Society – Conference for practical use of products and Payments...

4. Capital Gains - cost of acquisition - As regards the details of the expenditure furnished of the assessee which are being sought as exempt by the assessee, find that...

5. Attributing income to the PE, under the DTAA - The income to the foreign branch from the credit given to its card holders outside India cannot be taxed in the hands of...

6. Section 44C refers to common head office expenses and cannot encompass the expenses exclusively incurred by the expenses incurred by head office employees exclusively...

7. The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion...

8. Weighted deduction for expenses incurred towards clinical trial expenses - Explanation to section 35(2AB) - The section allows the expenditure incurred towards clinical...

9. Disallowance of expenditure incurred towards free samples - On a perusal of material placed before us, it is noticed that the cost incurred by the assessee towards...

10. Import of services - if a branch of an Indian bank is situated abroad, Section 66A does not envisage treating the foreign branch as a separate entity so far as the...

11. Nature of expenditure incurred towards research and development - The fact that the expenses incurred by the assessee towards research and expenses have been met out of...

12. Income taxable in India - Taxability of interest paid by the Indian branch office to the other overseas branches of the assessee - the fiction of hypothetical...

13. Expenditure incurred in connection with transfer of the capital asset - As pertinent to note that lease deed was executed in the year 1996 in favour of the lessee and...

14. Interest paid to the head office of the assessee bank as well as its overseas branches by the Indian branch cannot be taxed in India being payment to self - AT

15. Assessee's claim for deduction of written off "Unclaimed VAT" allowed as amount written off was part of purchases made, available for set-off against VAT liability...