Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
Exemption under s.10(23C)(iiiad) upheld; appeal allowed, interest and dividends excluded from annual receipts, disallowance deleted, capital gains exe...
ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s orders: the amount characterized as an "arbitration award" was held to be a typographical misclassification of software sale and the related addition was deleted; foreign exchange fluctuation gains were held to be business receipts directly relatable to export of software and therefore eligible for exemption under s.10A; and no disallowance under s.40(a)(ia) was warranted where the assessee had deducted tax at source (albeit at a lower rate) on the buy-back consideration, such deduction being treated as compliance with the TDS obligation. The Revenue's challenge was therefore rejected in entirety.
ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s orders: the amount characterized as an "arbitration award" was held to be a typographical misclassification of software sale and the related addition was deleted; foreign exchange fluctuation gains were held to be business receipts directly relatable to export of software and therefore eligible for exemption under s.10A; and no disallowance under s.40(a)(ia) was warranted where the assessee had deducted tax at source (albeit at a lower rate) on the buy-back consideration, such deduction being treated as compliance with the TDS obligation. The Revenue's challenge was therefore rejected in entirety.
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