ITAT Delhi Blesses “Typo” Claim – ₹43 Cr Arbitration Award Recast as Software Sales!

CA Vijayakumar Shetty 13 Sep 2025 417 Views 0 comment Print Income Tax | Judiciary

Case Law Details

Case Name : ACIT Vs Nuwave E Solutions (P) Ltd (ITAT Delhi)

Related Assessment Year : 2007-08

Become a Premium member to Download. If you are already a Premium member, Login here to access.

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...

This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.

Author Bio

Name: CA Vijayakumar Shetty

Qualification: CA in Practice

Company: Shetty & Co, Chartered Accountants, Mangalore

Location: Mangalore, Karnataka, India

Member Since: 17 Feb 2018 | Total Posts: 5443

CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

My Published Posts

ITAT Bangalore: Mere Write-off of Bad Debt is Sufficient After TRF Ltd.; AO Must Verify Only Section 36(2) Conditions ITAT Lucknow: Ad Hoc Disallowance Without Pinpointing Defects Unsustainable; GST/TDS Late Fee Held Compensatory and Remanded for Fresh Examination ITAT Raipur: Bogus LTCG Addition on Penny Stock Cannot Survive Without Evidence Linking Assessee to Price Manipulation or Entry Operators ITAT Raipur: Assessee Cannot Be Denied Section 115BAB Benefit Due to Department’s Internal Allocation of Appeal Between JCIT(A) and CIT(A) CIT(A) Must Decide Jurisdiction Before Remanding Reassessment to AO: ITAT Raipur View More Published Posts

Case Law Details

Tags:

Author Bio

Name: CA Vijayakumar Shetty

Qualification: CA in Practice

Company: Shetty & Co, Chartered Accountants, Mangalore

Location: Mangalore, Karnataka, India

Member Since: 17 Feb 2018 | Total Posts: 5443

My Published Posts

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Subscribe to Our Daily Newsletter

Latest Posts

Featured Posts

Popular Posts