https://www.taxtmi.com/caselaws?id=456176 ITAT Panaji upheld multiple determinations in favor of the assessee. The tribunal confirmed that share trading income constituted business income rather than STCG based on transaction magnitude and circumstances. For TDS under section 195, no liability existed as payments to non-residents occurred before relevant 2010 amendments took effect. Contributions to school construction and temple renovation were allowed as revenue expenditure, being necessary for maintaining cordial relations with local communities around mining operations. The tribunal also upheld allowance of foreign exchange fluctuation losses on EEFC account sales, distinguishing the case from CBDT circular restrictions on derivative losses. en-us Mon, 12 Sep 2022 00:00:00 +0530 Thu, 04 Jul 2024 23:20:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456176 ITAT Panaji upheld multiple determinations in favor of the assessee. The tribunal confirmed that share trading income constituted business income rather than STCG based on transaction magnitude and circumstances. For TDS under section 195, no liability existed as payments to non-residents occurred before relevant 2010 amendments took effect. Contributions to school construction and temple renovation were allowed as revenue expenditure, being necessary for maintaining cordial relations with local communities around mining operations. The tribunal also upheld allowance of foreign exchange fluctuation losses on EEFC account sales, distinguishing the case from CBDT circular restrictions on derivative losses. Case-Laws Income Tax Mon, 12 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456176