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Prapti Raut

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No section 195 TDS on Charges for Services for issuance of GDR

July 25, 2020 1959 Views 0 comment Print

The issue under consideration is whether the services in relation to issuance of GDRs are covered under the provisions of Section 9(i)(vii) and whether the same liable for TDS under the provisions of Section 195 of the Act?

Interest allowed in earlier years cannot be disallowed in subsequent years

July 25, 2020 2154 Views 0 comment Print

ITAT states that, it was not disputed that the borrowings were made in earlier years and no disallowance of interest was made in earlier years with regard to the said borrowings and utilization thereon.

Depreciation on Intangible CMS Software allowed under Income Tax

July 25, 2020 4932 Views 0 comment Print

The issue under consideration is whether depreciation will be levied on the intangible being CMS software? CMS, which has been developed by the assessee is computer application which supports the creation and modification of content and is often used to support multiple users working in a collaborative environment.

STT paid Long Term Capital Loss Can be Set Off against Non-STT paid Long Term Capital Gains

July 25, 2020 10947 Views 0 comment Print

The issue under consideration is whether the long-term capital gain on sale of non-STT paid shares can be set off against long-term capital loss arising from STT paid shares?

TDS Refund: Approach jurisdictional TDS Assessing Officer- HC

July 25, 2020 2238 Views 0 comment Print

Petition has been filed seeking a direction to the respondents to remove technical glitches and enable the TRACES portal so that petitioner can file its refund application for the excess Tax Deduction at Source (TDS) deposited by it.

HC confirms presumption of investments out of interest-free funds

July 24, 2020 1824 Views 0 comment Print

The issue under consideration is whether the addition made by AO u/s 14A with respect of Interest free funds is justified in law?

Gift not unexplained merely because donor holds Low Economic class Ration Card

July 24, 2020 561 Views 0 comment Print

The issue under consideration is whether the Ration Card can be considered as a source of determining financial status of assessee and whether gift from person holding Ration Card of Low Economic class can betreated as unexplained Credit under section 68 of Income Tax Act, 1961 ?

HC denies relief in section 147 proceedings for not replying notice for 6 Months

July 24, 2020 1236 Views 0 comment Print

he Supreme Court in GKN Driveshafts (India Ltd.) v. Income Tax Officer 259 ITR 19 (SC) has clarified that when a notice under Section 148 of the Income Tax Act is issued, the proper course of action for the notice is to file a return and if he so desire, to seek reasons for issuing notices.

Notional Interest on loan to AE assessable as income, if assessee having PE in India

July 24, 2020 3330 Views 0 comment Print

Whether notional interest income on the loan (interest-free) that was advanced by the assessee to its AE would be assessable as the income of the assessee which has a business connection or Permanent Establishment (PE) in India?

Section 54/54F exemption: ITAT directs AO to consider additional evidence

July 24, 2020 768 Views 0 comment Print

The issue under consideration is whether the tribunal can give fresh opportunity to the assessee to submit evidence which assessee might not have been able to provide at the time of hearing?

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