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Archive: 05 November 2022

Posts in 05 November 2022

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6699 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

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

November 5, 2022 645 Views 0 comment Print

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 of capitalisation of software expenses it was held that “period of license” cannot be considered but the kind of software “system software or application software” shall be taken into consideration.

ITAT Bangalore directed AO to apply MAP rate on International Transactions

November 5, 2022 690 Views 0 comment Print

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.

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

November 5, 2022 2340 Views 0 comment Print

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 basis.

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

November 5, 2022 567 Views 0 comment Print

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.

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

November 5, 2022 2943 Views 0 comment Print

Know your rights: accused cannot be compelled to give the password of an electronic device during investigation proceedings. Learn more.

Alternate Dispute Resolution

November 5, 2022 3603 Views 0 comment Print

Discover the benefits of Alternate Dispute Resolution (ADR) in resolving disputes without going to trial. Save time and costs with negotiation, mediation, and arbitration methods.

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

November 5, 2022 864 Views 0 comment Print

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.

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

November 5, 2022 4413 Views 0 comment Print

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 to a capital asset, includes, the sale, exchange or relinquishment of assets. Therefore, the Order of AO wherein it was held that the assessee could not claim any exemption on the capital gains was upheld.

SEBI Consultation Paper on Cloud Framework

November 5, 2022 708 Views 0 comment Print

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.

Supreme Court upholds amended employees’ pension scheme with modifications

November 5, 2022 7671 Views 0 comment Print

Employees Provident Fund Organisation & Anr. Etc. Vs Sunil Kumar B. & Ors. Etc. (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 […]

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