STREAM INTERNATIONAL SERVICES COMMISSIONER OF INCOME TAX (P.) LTD. vs ASSISTANT

Authority: ITAT Tribunal/Court: Mumbai Date: 2014-09-29 AY: 2007-08 Section: 14A, 92F(v), 92B, 92, 144C(5), 92C(1), 234B Acts: Income Tax Act 1961, Income Tax Rules 1962 Result: Assessee Citation: (2015) 152 ITD 0664 (Mumbai) Justices: N.K. BILLAIYA, AM & AMIT SHUKLA, JM Appeal No: ITA No. 8290/Mum/2011
Whether rental income from leasehold premises should be taxed under 'Income from House Property' or 'Income from Other Sources'? --- Held: Income from Other Sources. Whether disallowance u/s 14A for earning exempt dividend income should be computed under Rule 8D? --- Held: No, Rule 8D applies prospectively from AY 2008-09; disallowance restricted to 5% of exempt income. Whether transfer pricing adjustment of Rs. 6,40,58,995/- for eCRM services was justified? --- Held: No, multiple comparables excluded; matter restored to AO/TPO for fresh ALP determination.

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