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ITAT remitted the issue of payment of royalty to AO/TPO
Income Tax on Jun. 03, 2016Assessee, a 100% Indian subsidiary of JCB, UK, had 19 international transactions including 'Payment of royalty'. TPO determined ALP of payment of royalty by assessee to its AE @5% of domestic sales and 8% of export sales, and recommended TP adjustment in the amount. DRP determined ALP of royalty at 0.25% on sales. ITAT remitted the matter to AO/TPO to decide according to the High Courts decision in Cushman & Wakefield (India) (P) Ltd.-501635
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As assessee in bona fide belief gifted coupons as momentos, thus no penalty, HC
Income Tax on Jun. 14, 2016As assessee distributed gift coupons to its employees, which was not disclosed in its return & thus, there was short deduct'n of tax. AO passed order u/s 201(1) & penalty u/s 271(1)(c) was levied .On appeal, CIT(A) rejected it. On appeal, Tribunal deleted penalty. On appeal, HC held, assessee acted under bona fide belief that gift coupons, being in nature of mementos to commemorate conferment of awards, were not in nature of payment of salary.-000…
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GST on Gold
Goods & Services Tax on Jul. 14, 2017This article is specially dedicated to the ladies. Why, because it talks about gold, a woman’s best friend. A very luxury yet utmost important item without which any women’s life is incomplete has been kept in a lower tax bracket under GST. Lets see more about Gold under GST
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Mobile Commerce: What is M-com?
Others on Feb. 27, 2018Mobile commerce, also called m-commerce or m-commerce, can be defined as the sales of goods and services via mobile devices. The term “mobile devices” refers to mobile phones and tablets but also to smart devices like smart watches and smart glasses. Of course, laptops are also mobile but you rarely walk through a shopping street looking at your laptop. Therefore, e-commerce via laptops and PCs is excluded from mobile commerce. However, mobile comm…
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