Case Law Details
Case Name : ACIT Vs Nuwave E Solutions (P) Ltd (ITAT Delhi)
Related Assessment Year : 2007-08
Courts :
All ITAT ITAT Delhi
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ACIT Vs Nuwave E Solutions (P) Ltd (ITAT Delhi)
ITAT Delhi Blesses “Typo” Claim – ₹43 Cr Arbitration Award Recast as Software Sales!
Case Background
Assessee: Nuwave E Solutions (P) Ltd., a 100% EOU engaged in development & export of software, registered with STPI.
Major shareholder: Shri Anil Gupta (99%), who also owns the US AE (sole buyer).
AO’s Assessment (31.12.2010 u/s 143(3)):
Disallowed deduction u/s 10A on:
₹43.49 Cr “Arbitration Award” (claimed to be software sale).
₹1.23 Cr forex gain.
Invoked s.40(a)(ia) on ₹3.55 Cr for short TDS (10% instead of 20%) on b...
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