Section 10A deduction is available to a new unit even though STPI approval refers to it as expansion of existing unit Posted: 14 Jan 2012 07:41 AM PST ACIT Vs. Symantec Software India P. Ltd. (ITAT Pune) - Based on the specific facts of the case, the Tribunal has reiterated that the fulfillment of the conditions of section 10A(2) is of utmost importance for claiming a deduction under section... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Income received by a foreign company for granting film distribution rights not 'royalty' Posted: 14 Jan 2012 07:25 AM PST ADIT (IT) Vs. Warner Brother Pictures Inc (ITAT Mumbai) - The consideration for grant of exclusive rights for distribution of cinematographic films is neither taxable as royalty under section 9(1)(vi) of the Act nor taxable under Article 12(2) of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Loss arising on sale of shares of wholly owned subsidiary deductible as business loss Posted: 14 Jan 2012 06:47 AM PST DCIT Vs. Colgate Palmolive India Limited (ITAT Mumbai)- Camelot was a 100% subsidiary of the appellant and the appellant had deep business interest in Camelot. The main reason for setting up Camelot was to manufacture toothbrushes exclusively for... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Concessional rate of 20% applicable to long term capital gains cannot be applied for gain on depreciable asset held for more than 36 months Posted: 14 Jan 2012 05:46 AM PST ACIT Vs. SKF Bearings India Ltd. (ITAT Mumbai) - Sections 54EC and 74 refer to capital gain arising from the transfer of a long term capital asset and not with respect to a short term capital asset. Further, section 112(1 )(b)(i) and (ii)... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| FAQ on New Schedule VI to the Companies Act, 1956 Posted: 14 Jan 2012 12:07 AM PST What is the date of applicability of the New Schedule VI? The New Schedule VI is applicable to all companies for financial statements prepared for financial year commencing on or after 01.04.2011 except banking, insurance and electricity companies... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Transfer Pricing – ITAT Explains Law On Adjusting For Differences In Comparables Posted: 13 Jan 2012 11:45 PM PST Demag Cranes & Components (India) Pvt. Limited Vs. DCIT (ITAT Pune) – provisions of 10B(1)(e)(iii) of the Income tax Rules, 1962, which provides for the adjustments in the context of TNMM. From the above, it is explicitly clear that the...
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