Tax-audit exemption for substantially State-funded educational universities prevents audit-failure penalties where income qualifies for statutory exem...
Functional, asset and risk analysis excludes diversified technology companies from captive software development comparables under cost-plus arrangemen...
Mobile-phone electronic evidence failed to establish customs undervaluation, while duty survived on non-authentic origin certificates without importer...
Automotive radio classification treats integrated infotainment features as supplementary, placing complete and qualifying unassembled units under the ...
Separate corporate personality prevents directors from being personally liable for company deposits without a guarantee or independent legal undertaki...
Goodwill arising from the slump-sale acquisition of a going software business division qualifies as a depreciable intangible asset where the Business Transfer Agreement transfers the division's products, employees, licences, permits and assets. Consideration exceeding the net value of transferred assets and liabilities may represent goodwill and other intangible assets rather than unexplained expenditure, where it is recorded under the transfer agreement and not claimed as revenue expenditure. Tax deduction at source on transfer of immovable property does not apply where the transferred business assets comprise computer systems and intangible assets, with no land, building or part of a building transferred. Depreciation and deletion of the related disallowance and addition were sustained.
Goodwill arising from the slump-sale acquisition of a going software business division qualifies as a depreciable intangible asset where the Business Transfer Agreement transfers the division's products, employees, licences, permits and assets. Consideration exceeding the net value of transferred assets and liabilities may represent goodwill and other intangible assets rather than unexplained expenditure, where it is recorded under the transfer agreement and not claimed as revenue expenditure. Tax deduction at source on transfer of immovable property does not apply where the transferred business assets comprise computer systems and intangible assets, with no land, building or part of a building transferred. Depreciation and deletion of the related disallowance and addition were sustained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4912 
