ITATITAT Allows Depreciation Claim On Non Compete Fee, Deletes PenaltyCase Title: Metro Tyres Limited Versus ACITThe Delhi Bench of Income Tax Appellate Tribunal (ITAT) has allowed the claim of depreciation on non-competing fees.Long Term Capital Gain On Sale Of Shares By Mauritius Company Is Not Liable To Be Taxed In India: ITATCase Title: M/s. Superb Mind Holdings Ltd. Versus...
ITAT
ITAT Allows Depreciation Claim On Non Compete Fee, Deletes Penalty
Case Title: Metro Tyres Limited Versus ACIT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has allowed the claim of depreciation on non-competing fees.
Case Title: M/s. Superb Mind Holdings Ltd. Versus Assistant Commissioner of Income Tax
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that long-term capital gain on sale of shares by Mauritius Company is not liable to be taxed in India.
Bank Charges & Bank Guarantee Charges Wrongly Included As Interest: ITAT
Case Title: Advance Valves Pvt.Ltd. Versus ACIT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that bank charges and bank guarantee charges do not partake in the character of interest and had been wrongly included as interest while making disallowance under section 14A of the Income Tax Act.
AAR
Applicant's Name: M/s Elixrr Industries Pvt Ltd.
The Gujarat Authority of Advance Ruling (AAR) has ruled that the Input Tax Credit (ITC) available on capital goods used for transmission of electricity from power stations of Distribution Companies (DISCOM) to factory premises.
Applicant's Name: Alleima India Private Limited
The Gujarat Authority of Advance Ruling (AAR) has ruled that deduction of nominal amount from employee's salary for availing food facility is not 'supply' under the provisions of Section 7 of the CGST Act, 2017.
GST Payable On Advance Received Against Supply Portion Of Work Contract: Gujarat AAR
Applicant's Name: M/s. Vijai Electricals Ltd.
The Gujarat Authority of Advance Ruling (AAR) has held that the GST is payable in advance received against the supply portion in respect of the work contract.