Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
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ITAT ruled against taxpayer's claim for deduction of foreign taxes under s.37(1) beyond credits available under s.90/91. Court held that s.40(a)(ii) explicitly prohibits deduction of any taxes on business profits, including foreign taxes. The explanation to s.40(a)(ii) only excludes relief available under s.90/91, but does not make excess foreign taxes automatically deductible. DTAAs represent sovereign agreements with negotiated taxing rights, and their prescribed mechanism under s.90/91 cannot be circumvented. The unambiguous statutory prohibition in s.40(a)(ii) prevails, precluding additional deduction under s.37(1). Appeal dismissed, upholding AO's and CIT(A)'s orders.
ITAT ruled against taxpayer's claim for deduction of foreign taxes under s.37(1) beyond credits available under s.90/91. Court held that s.40(a)(ii) explicitly prohibits deduction of any taxes on business profits, including foreign taxes. The explanation to s.40(a)(ii) only excludes relief available under s.90/91, but does not make excess foreign taxes automatically deductible. DTAAs represent sovereign agreements with negotiated taxing rights, and their prescribed mechanism under s.90/91 cannot be circumvented. The unambiguous statutory prohibition in s.40(a)(ii) prevails, precluding additional deduction under s.37(1). Appeal dismissed, upholding AO's and CIT(A)'s orders.
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