https://www.taxtmi.com/caselaws?id=385136 Software licence renewal payments to a resident were treated as royalty; the retrospective clarification to section 9(1)(vi) was applied, so tax was required to be withheld under section 194J and disallowance under section 40(a)(ia) followed. Foreign tax credit was held available only for income actually doubly taxed, and its quantum under the MAT regime could not exceed the tax attributable to that income. For section 14A, interest disallowance was deleted where own funds exceeded investments, while administrative disallowance was to be recomputed only on investments yielding exempt income. The Tribunal also held that lapsed ESOP amounts were not includible in book profits under section 115JB, that section 10A turnover adjustments must be made consistently, and that EURIBOR could be used for benchmarking AE interest. en-us Mon, 26 Aug 2019 00:00:00 +0530 Thu, 29 Aug 2019 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385136 Software licence renewal payments to a resident were treated as royalty; the retrospective clarification to section 9(1)(vi) was applied, so tax was required to be withheld under section 194J and disallowance under section 40(a)(ia) followed. Foreign tax credit was held available only for income actually doubly taxed, and its quantum under the MAT regime could not exceed the tax attributable to that income. For section 14A, interest disallowance was deleted where own funds exceeded investments, while administrative disallowance was to be recomputed only on investments yielding exempt income. The Tribunal also held that lapsed ESOP amounts were not includible in book profits under section 115JB, that section 10A turnover adjustments must be made consistently, and that EURIBOR could be used for benchmarking AE interest. Case-Laws Income Tax Mon, 26 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385136