It is not in dispute that the assessee purchased MS Office software and used the same in its business. By purchasing MS Office software, the assessee has not become owner of the software. The ownership of MS Office software remained with Microsoft company.
We are of the view that assesse has not filed any Certificate of Registration granted u/s. 12AA of the I.T. Act, 1961, which is mandatory for availing the exemption u/s. 11 to 13 of the Act
Shri Dron Sureshkumar Rao Vs. ITO (ITAT Ahemdabad) F&O business carried out through recognized stock exchange cannot be treated as speculative loss in view of the exceptions carried out under s.43(5) of the Act. As per clause(d) of first proviso to section 43(5) of the Act inserted by the Finance Act, 2005 with effect from […]
By purchasing licence to use MS Office software assessee received enduring benefit in the course of earning of profit, however, it did not become owner of the software, therefore, licence fee could not be treated as capital expenditure.
While dismissing the appeal of revenue, the New Delhi bench of Income Tax Appellate Tribunal in its recent order allowed a claim of expenditure by a Company for traveling expenses incurred on behalf of its Associated Companies.
IT authority has no option/jurisdiction to meddle in the matter either by directing the assessee to maintain its accounts in a particular manner or adopt a different method for valuing the work-in-progress.
Since, the determination of arm’s length price in the appeal effect order has not lead to any transfer pricing adjustment, with no effect on income of the assessee, hence, penalty provisions are not applicable in this case, therefore, we cancel the orders of the authorities below thereby deleting the penalty in dispute.
ITAT Ahmedabad ruling on Ankur Scientific vs Dy. CIT case. Assessment of share gains as business income challenged. Disallowance of weighted deduction contested.
Explore ITAT Mumbai’s order on Apax Partners India vs. DCIT regarding transfer pricing, legal fees, and travel expenses. Key insights on taxation under section 40(a)(ia)
Income Tax Appellate Tribunal (ITAT), Rajkot bench, while allowing the assessees’ appeal, held that the sale of land cannot be treated as business activity for the purpose of levying income tax even though there is a higher volume of sale consideration.
