https://www.taxtmi.com/caselaws?id=187652 Foreign tax credit under a Singapore tax treaty is limited to Indian tax attributable to income chargeable in India, requiring recomputation where taxable income or treaty application remains unsettled. Foreign exchange derivative losses require verification of their hedging or speculative character, export nexus and any premature cancellations. For assessment year 2008-09, rule 8D does not apply; disallowance of expenditure relating to exempt income is restricted to a reasonable basis. Windmill depreciation is allowable, while preference share issue expenses are capital expenditure and do not qualify for amortisation where statutory conditions are unmet. Catering-charge disallowance requires verification of year-end outstanding amounts, and several non-resident payment and treaty issues require factual reconsideration. 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 Foreign tax credit under a Singapore tax treaty is limited to Indian tax attributable to income chargeable in India, requiring recomputation where taxable income or treaty application remains unsettled. Foreign exchange derivative losses require verification of their hedging or speculative character, export nexus and any premature cancellations. For assessment year 2008-09, rule 8D does not apply; disallowance of expenditure relating to exempt income is restricted to a reasonable basis. Windmill depreciation is allowable, while preference share issue expenses are capital expenditure and do not qualify for amortisation where statutory conditions are unmet. Catering-charge disallowance requires verification of year-end outstanding amounts, and several non-resident payment and treaty issues require factual reconsideration. Case-Laws Income Tax Thu, 31 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187652