Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Whether distribution receipts constituted fees for technical services: applying the test of rendition of technical/managerial services to the payer (requiring human intervention, bespoke support or consultancy), the tribunal found none-payments arose from sale of distribution rights and standardized software; outcome: receipts are business income, not FTS. Whether India-Switzerland DTAA could be invoked: treaty applicability is governed by the assessee's undisputed residency and Article 1; Revenue's attempt to apply the India-Switzerland DTAA (without alleging sham/conduit or fraud) was rejected-outcome: India-Singapore DTAA governs. Applicability of s.10(50): since receipts are not royalty/FTS, exclusion under s.10(50) applies subject to verification of equalization levy payment, which was demonstrated. TDS credit: directed to be verified and granted as per Form 26AS after opportunity of hearing. - ITAT
Whether distribution receipts constituted fees for technical services: applying the test of rendition of technical/managerial services to the payer (requiring human intervention, bespoke support or consultancy), the tribunal found none-payments arose from sale of distribution rights and standardized software; outcome: receipts are business income, not FTS. Whether India-Switzerland DTAA could be invoked: treaty applicability is governed by the assessee's undisputed residency and Article 1; Revenue's attempt to apply the India-Switzerland DTAA (without alleging sham/conduit or fraud) was rejected-outcome: India-Singapore DTAA governs. Applicability of s.10(50): since receipts are not royalty/FTS, exclusion under s.10(50) applies subject to verification of equalization levy payment, which was demonstrated. TDS credit: directed to be verified and granted as per Form 26AS after opportunity of hearing. - ITAT
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