In the absence of any distinguishing feature brought on record by the Revenue, we respectfully following the order of the Tribunal in assessee’s own case (supra) hold that the assessee has no PE in India and, hence, not liable to tax and accordingly the grounds taken by the assessee are allowed.

Order of ld. DIT(E) has clearly mentioned that assessee’s objects were in the nature of advancement of object of general public utility coming within the ambit of Section 2(15) of the Act. He had cancelled the registration only for the reason that the receipts exceeded Rs. 10 lakhs.

It is observed that the DEPB benefit was not taken into consideration by the AO/TPO for the purpose of working out the profit margin of the assessee whereas such benefit was taken into account in the comparable cases while working out their profit margin as found by the learned CIT(Appeals).

First issue is whether the provisions of Explanation to section 73 would apply when the entire business consists of purchase and sale of shares. This issue is covered by the judgment of Hon’ble High Court of Calcutta in the case of Arvind Investments Ltd. (supra), in which it has been held that Explanation to Section 73 would apply even [...]

In the instant case, the assessee-trust is carrying on various activities in the nature of trade, commerce or business and rendering its services for the purpose of trade, commerce and business, because it is charging huge fees on account of various facts. No doubt, the assessee has given some explanation for charging fees by stating [...]

Perusal of the assessment order passed by the Assessing Officer does not show any application of mind on his part. He simply accepted the claim of the assessee with regard to the issues considered by the CIT. This is a case where the Assessing Officer mechanically accepted what the assessee wanted him to accept without any application of mind or enquiry.

Terms of the agreement clearly prove that Xennia had supplied the technology to the assessee. Not only the assessee was using it, it had the right over the Intellectual Property also. Agreement entered in to by the assessee-company allowed it ‘to file patent application, design application or any such application for intellectual property rights arising [...]

If we consider the facts of the case as stated above that neither the Revenue authorities nor the assessee has brought on record any material or evidence in support of the determination of annual value of properties, however, the assessee has furnished evidence in respect of annual value determined by municipal/local authority, Agra Nagar Nigam [...]

This was an appeal filed by the department against the penalty deleted by the Ld. CIT(A). The assessee is a software company claiming deduction u/s 10B of the Act. During the quantum proceedings, the then assessing officer disallowed the deduction claimed u/s 10B of the Act of Rs. 31,52,432/- on the ground that the approval granted to the assessee

As per Ld Counsel for assessee, the anticipated profits are notional profits in this year and are realized in the next year and therefore, they are taxable in the next year. Therefore, as per Sri Mehta, the addition made by the AO is rightly deleted by the CIT(A). On the other hand, Ld DR for the revenue could not demonstrate if the profits are realized in this year.