"05 November 2022" Archive

Period of license cannot be considered on the issue of capitalisation of software expenses: ITAT

Hewlett-Packard (India) Software Operation Pvt. Ltd Vs JCIT (ITAT Bangalore)

The ITAT in the case of Transfer Pricing observed that the exclusion and inclusion of comparable companies could be determined on basis of the Judgments of Yahoo Software Development (India) Pvt. Ltd. (2020) 115 taxmann.com 60 (Bang Trib) and Goldman Sachs Services Pvt. Ltd. (IT(TP)A No. 2355/Bang/2019. Also while dealing with the issue o...

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ITAT Bangalore directed AO to apply MAP rate on International Transactions

Conduent Business Services India LLP Vs ACIT (ITAT Bangalore)

MAP rate should be applied by AO/TPO for the rest of the transitions of Rs.25,09,87,512 which was 4.42% of the total transactions. Accordingly, AO was directed to apply the MAP rate on the rest of the transactions for determination of the margin on the international transactions....

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Construction cost worked out on weighted basis as property of ground and first floor were mainly sold

ITO Vs Aarya Realties Pvt. Ltd. (ITAT Ahmedabad)

ITAT Ahmedabad held that construction cost attributable to 5 offices out of total 11 offices should be worked out on weighted basis and not on average basis as the properties mainly of the ground floor and first floor were sold out. Such properties fetches higher value in terms of sale price and hence cost is also attributable on weighted...

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Networking equipment used as part of computer function will be classified and depreciable as computers

NXP India Pvt. Ltd Vs DCIT (ITAT Bangalore)

ITAT Bangalore based on the judgement of Datacraft India Ltd. held that if the networking equipment is used as a part of the computer in its functions, then the same will be classified as computers for the purpose of depreciation....

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Accused cannot be compelled to give password of electronic device during investigation proceedings

Search and Seizure of Electronic Devices: Accused cannot be compelled to give password of an electronic device during investigation proceedings. Introduction:- We live in an era in which, almost every investigation matter has an electronic component involved, and be it a computer or mobile phones or even a small SD Card. Mobile phones, la...

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Posted Under: Income Tax |

Alternate Dispute Resolution

ADR is a substitute for the more common judicial process. ADR includes methods like negotiation, conciliation, mediation and arbitration. It avoids the cost and time involved in the normal Court procedures. So. Alternative dispute resolution (ADR) refers to the different ways people can resolve disputes without a trial. It refers to any m...

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Posted Under: Income Tax |

Demand order against Clandestine removal of Zafrani Zarda and Gutkha was set aside on basis of Lack of Evidence

Patidar Products Vs C.C.E. & S.T.-Bhavnagar (CESTAT Ahmedabad)

Since there was failure on the part of revenue to collect any evidence in relation to either procurement of raw materials by the appellant or production of huge quantity of final goods alleged as removed clandestinely to sustain the charge of clandestine removal hence, the impugned demand was not sustainable for lack of evidences....

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Consideration Received On Relinquishment of Property would be subjected to Tax As Capital Gains: ITAT

Gangahanumaiah Vs ITO (ITAT Bangalore)

The ITAT while dismissing the assessees appeal observed that the assessee has transferred his share of right and interest over the property in favour of his father through relinquishment deed dated 14.10.2014, which is after entering into sale agreement on 28.1.2014 and as per section 2(47)(i) of the  Income Tax Act, transfer in relation...

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SEBI Consultation Paper on Cloud Framework

Cloud computing is a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources (e.g., networks, servers, storage, applications, and services) that can be rapidly provisioned and released with minimal management effort or service provider interaction – NIST Definition....

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Posted Under: Income Tax |

Supreme Court upholds amended employees’ pension scheme with modifications

Employees Provident Fund Organisation Vs Sunil Kumar (Supreme Court of India)

Employees Provident Fund Organisation Vs Sunil Kumar (Supreme Court of India) The Apex Court on Friday upheld the amended Employees’ Pension Scheme (EPS), which caps the basic salary of an employee at Rs 15,000 a month for the pension component derived from it to be calculated. A Bench comprising Chief Justice of India Uday Umesh [&hell...

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November 2022