https://www.taxtmi.com/caselaws?id=187652 The article notes that treaty credit under section 90 for Singapore tax was to be limited to Indian tax relatable to income chargeable in India, while foreign exchange derivative losses and payments from the Dubai branch required fresh factual examination. It records that rule 8D did not apply to assessment year 2008-09 and that a reasonable disallowance under section 14A was sustained at 5% of exempt income, subject to any higher voluntary disallowance. Depreciation on windmills was allowed on consistency with the assessee's earlier year. Preference share issue expenses were treated as capital and not deductible under section 35D. Catering charges under section 40(a)(ia) and dry-docking charges to a Netherlands entity were remitted for verification or fresh consideration, while the section 40(a)(i) disallowance on certain non-resident payments was deleted. en-us Thu, 31 Dec 2015 00:00:00 +0530 Tue, 01 Nov 2016 18:37:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187652 The article notes that treaty credit under section 90 for Singapore tax was to be limited to Indian tax relatable to income chargeable in India, while foreign exchange derivative losses and payments from the Dubai branch required fresh factual examination. It records that rule 8D did not apply to assessment year 2008-09 and that a reasonable disallowance under section 14A was sustained at 5% of exempt income, subject to any higher voluntary disallowance. Depreciation on windmills was allowed on consistency with the assessee's earlier year. Preference share issue expenses were treated as capital and not deductible under section 35D. Catering charges under section 40(a)(ia) and dry-docking charges to a Netherlands entity were remitted for verification or fresh consideration, while the section 40(a)(i) disallowance on certain non-resident payments was deleted. Case-Laws Income Tax Thu, 31 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187652