Calcutta High Court held that conjoint reading of section 18(1)(c) and section 18(1)(a) of the Foreign Exchange Regulation Act, 1973 definitely propagate that the duty to get the sale proceeds of export to be repatriated expiry with the statutory period of six months.
Gujarat High Court held that as the bonded period is expired, the importer is liable to pay the customs duty. Importer cannot re-export the goods under section 69 without payment of the customs duty.
ITAT Hyderabad held that no legal sale of gold can be made with the use of either prohibited currency or prohibited Specified Bank Notes (SBNs)
ITAT Delhi held that payment received from sale of software products/ licenses doesn’t fall in the nature of royalty as per Article 12(3) and as per section 9(1)(vi) and hence the same is not taxable in India.
ITAT Pune held that addition of notional rental not sustainable as the residential assets held in stock-in-trade.
ITAT Kolkata held that addition cannot be made on protective basis in the reopened assessment proceeding as the assessment cannot be reopened for a contingent nature of addition.
ITAT Mumbai held that commodity transactions carried out as regular business transaction cannot be treated as speculative transaction. Accordingly, the loss incurred from the same is treated as normal business loss.
ITAT Chandigarh held that invocation of revisional power under section 263 of the Income Tax Act unjustified once detailed inquiry conducted by AO on the matter.
ITAT Raipur held that service of tabulation, checking and preparation of marksheets and other computer assisted work doesn’t require any specific professional skill or expertise. Therefore, provisions of section 194J of the Income Tax Act are not attracted.
Infosys Ltd Vs ACIT (ITAT Bangalore) ITAT Bangalore held that expenditure reduced from export turnover should also be reduced from total turnover while computing deduction under section 10AA of the Income Tax Act. Facts- During the relevant previous year, the assessee had incurred brand building expenses of Rs.81,79,53,112/-. The brand building expenditure were in the […]
