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1. CAL DIVE MARINE CONSTRUCTION (MAURITIUS) LTD.(AAR) Fixed Place PE (General Clause in DTAA) versus Installation PE (specific clause).
2. THE SOLAPUR NAGARI AUDYOGIC SAHAKARI BANK LTD. (& many other appeals) BOMBAY HC “In all these cases, where the surplus funds not immediately required for day to day banking were kept in voluntary reserves and invested in KVP / IVP, the interest income received from KVP / IVP would be income from banking business eligible for deduction under section 80P(2)(a)(i) of the Act".
Important Updates
1. RBI enhances the period of realisation and repatriation to India of the amount representing the full export value of goods or software exported, from six months to twelve months from the date of export-RBI Circular No. 70.
2. Deduction under Section 80IB(10) in respect of undertakings developing building & housing projects can be claimed on a year to year basis where the assessee is showing profit from partial completion of the project in every year-Income Tax Instruction No. 4.
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"Voice of CA" CA. Kapil Goel, Moderator-Direct Taxes, Mob:9910272806, cakapilgoel@gmail.comCA. Sidharth Jain, Co-Moderator, Mob: 9810418700, sidhjasso@yahoo.com CA. Mukesh K Bansal, Co-Moderator-FEMA, mkak@rediffmail.com Click here for Team Voice of CA Chapters detail.
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