Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Receipts from non-resident licensing of software to OEMs and under an operator agreement were examined to determine whether they constituted "royalty" under s. 9(1)(vi) and Article 12 of the India-USA DTAA. It was held that the licence merely permitted use of a copyrighted article; no copyright or right to use copyright was transferred, and incidental downloading, installation, and backup did not amount to acquisition of copyright, hence the receipts were not royalty and were not chargeable as royalty income. Credit/refund of TDS was directed to be granted upon disposal of the pending rectification application. Interest under s. 234B was held consequential, and s. 234C chargeable only on returned income. - ITAT
Receipts from non-resident licensing of software to OEMs and under an operator agreement were examined to determine whether they constituted "royalty" under s. 9(1)(vi) and Article 12 of the India-USA DTAA. It was held that the licence merely permitted use of a copyrighted article; no copyright or right to use copyright was transferred, and incidental downloading, installation, and backup did not amount to acquisition of copyright, hence the receipts were not royalty and were not chargeable as royalty income. Credit/refund of TDS was directed to be granted upon disposal of the pending rectification application. Interest under s. 234B was held consequential, and s. 234C chargeable only on returned income. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
