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Sale of Shrink-wrap software Not Taxable as Royalty in India

July 10, 2020 1818 Views 0 comment Print

The issue under consideration is whether the contention of AO is correct in holding that the income from sale of shrink-wrapped software is taxable in India as a royalty?

TCS not applicable on Scrap generated from Trading Activities

July 10, 2020 25443 Views 1 comment Print

The issue under consideration is whether the TCS u/s 206C at 1% will be applicable on sale of scrap not generated out of manufacturing activities?

No Section 263 invocation If AO taken One possible view out of Many

July 10, 2020 819 Views 0 comment Print

PCIT’s action under challenge is not sustainable since the Assessing Officer had taken one of the possible views only in this factual backdrop. It is reversed therefore.

ITAT allows 60% Depreciation on Computer & Related Software

July 9, 2020 6813 Views 0 comment Print

The issue under consideration is whether the depreciation at the rate of 60% will be allowed for computer related software?

LTCG on sale of land- No exemption on failure to establish that land is agricultural

July 8, 2020 1329 Views 0 comment Print

Assessee has not furnished before AO all necessary evidence so as to establish that land in question was agricultural land only as per provisions of sec. 2(14)(iii)(b) of I.T. Act.

Interest on Loan cannot be disallowed on mere assumptions

July 8, 2020 3918 Views 0 comment Print

The issue under consideration is whether the AO is correct in disallowing the net interest as debited to Profit & Loss A/ c of the proprietary concern?

Benefit of SEZ unit can’t be denied merely because registered office is situated in DTA i.e. outside SEZ

July 8, 2020 2382 Views 0 comment Print

whether the commissioner is correct in denying the benefit of SEZ unit on the basis that the registered office is situated in DTA i.e. outside the SEZ?

No service Tax on Down linking of Signals as same not falls under Definition of Broadcasting

July 8, 2020 963 Views 0 comment Print

whether the charges paid for a service provided by Intelsat (situated outside India) to the Appellant covered under the head broadcasting service and tax in the hands of the Appellant under the reverse charge mechanism?

Release ₹ 833 crore Income Tax Refund to Vodafone in 2 Weeks

July 7, 2020 969 Views 0 comment Print

High Court states that, however, insofar as the net refundable amount of Rs. 833,04,88,000/- is concerned, in our view, the respondents already having invoked their powers under Section 245 of the Act which action has ended with passing of the order dated 28th May, 2020, the respondents cannot withheld the admitted refundable amount of Rs. 833,04,88,000/- on the ground that the respondents may have a future demand against the petitioner arising out of the pending assessment orders.

Bail to CA who formed firms which later allegedly claimed fake ITC

July 7, 2020 2037 Views 0 comment Print

Rajasthan High Court grants bail to CA Anup Ashopa accused of creating fake firms for fraudulent input tax credit claims. Conditions and legal analysis included

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