IT Judgement – The Tax Talk

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Amounts Paid By Indian Companies to Use Foreign Software is Not ‘Royalty’ & Hence Income not Taxable In India & No TDS Liability : Supreme Court

March 3, 2021 0 Comments

Amounts Paid By Indian Companies to Use Foreign Software is Not 'Royalty' & Hence Income not Taxable In India & No TDS Liability : Supreme Court [pdf-embedder url="https://thetaxtalk.com/wp-content/uploads/2021/03/Software-Royalty-SC-order.pdf" title="Amounts Paid By Indian Companies to Use Foreign Software is Not 'Royalty' ...

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Hon’ble Delhi High court issued notice to Union of India to ascertain constitutional validity of taxability of notional taxation on unsold inventory of flats & commercial properties with Real Estate Developers

March 2, 2021 0 Comments

Hon’ble Delhi High court issued notice to Union of India to ascertain constitutional validity of taxability of notional taxation on unsold inventory of flats & commercial properties with Real Estate Developers Order passed by Hon’ble High court of Delhi in ...

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CBDT Chairman P C Mody term 3 months extension

March 2, 2021 0 Comments

CBDT Chairman P C Mody term 3 months extension

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CBDT further extends the date for filing of declarations under the #VivadSeVishwas Act, 2020 to 31st March, 2021.

February 27, 2021 0 Comments

CBDT further extends the date for filing of declarations under the #VivadSeVishwas Act, 2020 to 31st March, 2021. Notification no. 09/2021 in S.O. 964(E) dated 26/02/2021 issued. Date for payment without additional amount under VSV extended to 30th April, 2021.

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Assessee is entitled to depreciation on owned assets which were rented out to a third party for manufacturing purposes

February 26, 2021 0 Comments

Assessee is entitled to depreciation on owned assets which were rented out to a third party for manufacturing purposes Short Overview Where the assessee company was not using the assets for self use and assets were hired out for a ...

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Validity of prosecution proceeding under section 276C(2) if return filed without payment of tax & Tax dues subsequently paid

February 26, 2021 0 Comments

Validity of prosecution proceeding under section 276C(2) if return filed without payment of tax & Tax dues subsequently paid Short Overview It was admitted in the counter-affidavit itself that the assessee had cleared the dues and as on date no tax ...

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Allowability of Exemption under section 10AA on Profits enhanced on account of addition under section 69C disallowing 25% of alleged unverifiable purchases

February 25, 2021 0 Comments

Allowability of Exemption under section 10AA on Profits enhanced on account of addition under section 69C disallowing 25% of alleged unverifiable purchases Short Overview Expenditure to the extent of 25% of purchases held as non-genuine and disallowed by the AO related ...

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Settled legal position that statement recorded during the survey has no evidentiary value & survey party has no power to record the statement on oath reiterated.

February 25, 2021 0 Comments

Settled legal position that statement recorded during the survey has no evidentiary value & survey party has no power to record the statement on oath reiterated. Short Overview Statement recorded during survey without any supporting evidence or any adverse material ...

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Taxpayers Beneficial Judgment : No deposit made in capital gain account scheme but investment done within a period of three years

February 25, 2021 2 Comments

Taxpayers Beneficial Judgment : No deposit made in capital gain account scheme but investment done within a period of three years Short Overview Since assessee had expended the amount well within period of 3 years from the date of sale of original ...

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Addition made merely and solely on the basis of confession without any corroborative evidence is not sustainable in law

February 23, 2021 0 Comments

Addition made merely and solely on the basis of confession without any corroborative evidence is not sustainable in law Short Overview Addition made merely and solely on the basis of search statement recorded under section 132(4) without any corroborative evidence ...

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Deduction under section 80-IB(10): Allowability of deduction if built-up area of some units exceeded 1,500 sq.ft.

February 23, 2021 0 Comments

Deduction under section 80-IB(10): Allowability of deduction if built-up area of some units exceeded 1,500 sq.ft. Short Overview In case of assessee engaged in development of housing projects where built-up area of some of the units exceeded 1,500 sq.ft. assessee ...

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Sec. 54 exemption available even if capital gains arising from sale of multiple properties invested on 1 residential house

February 23, 2021 0 Comments

Sec. 54 exemption available even if capital gains arising from sale of multiple properties invested on 1 residential house Vijay Kumar Wanchoo v. ITO - [2021] 124 taxmann.com 82 (Delhi - Trib.) Short Overview: Assessee sold two residential flats and purchased one residential flat. Assessee ...

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Investment made out of undisclosed business income not liable for taxation u/s Section 69 & 115BBE

February 22, 2021 0 Comments

Investment made out of undisclosed business income not liable for taxation u/s Section 69 & 115BBE ITAT Chandigarh in the case of Shri Bhuwan Goyal Vs DCIT has held that investment made out of undisclosed business income held not to fall ...

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In the absence of the notice under section 143(2), assessment framed by AO was liable to be quashed as invalid

February 20, 2021 0 Comments

In the absence of the notice under section 143(2), assessment framed by AO was liable to be quashed as invalid Income Tax Act, 1961, Section 143(3) Income Tax Act, 1961, Section 147 Reassessment Validity Non-issuance of section 143(2) notice Short Overview : In the absence ...

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If the grievance is filed by assessee and officer is found to have acted in defiance of the directions, then strict disciplinary action should be initiated against the concerned officer: Gujarat HC

February 20, 2021 0 Comments

If the grievance is filed by assessee and officer is found to have acted in defiance of the directions, then strict disciplinary action should be initiated against the concerned officer: Gujarat HC Gujarat High Court in the petitions against undue ...

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Irregularities during search proceedings: Officer assured court that there would be no such complaint in future

February 20, 2021 0 Comments

Irregularities during search proceedings: Officer assured court that there would be no such complaint in future Dr. Satish Dhavale, ADG Surat and his 9 team members appear before the HC in the matterof Writ Petition filed for irregularities during search proceedings. He assures ...

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Validity of Detention of goods if Value quoted in invoice lower than maximum retail price of goods

February 20, 2021 0 Comments

Validity of Detention of goods if Value quoted in invoice lower than maximum retail price of goods IN THE KERALA HIGH COURT A.K. JAYA SANKARAN NAMBIAR, J. Alfa Group v. Asstt. STO W.P. (C) No. 30798 of 2019 (Y) 18 November, 2019 Petition allowed. Petitioner by: Blossom ...

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Taxation of Employee Stock Option, whether perquisite under section 17, if option was granted when employee was NRI

February 20, 2021 0 Comments

Taxation of Employee Stock Option, whether perquisite under section 17, if option was granted when employee was NRI Income Tax Act, 1961, Section 17(2)(vi) Income Accrual Employee Stock Option, whether perquisite under section 17 Short Overview : Options were granted to assessee in consideration of ...

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