Articles by Adv. Ravish Bhatt, ADIT, CIOT

Practical Guide to Dealing with a notice for Reopening of Assessment Proceedings under IT Act 1961

Posted by Adv. Ravish Bhatt, ADIT, CIOT 06 May 2023 6417 Views

Reopening of an assessment concluded under section 143(1) or even under section 143(3) (Scrutiny Assessment) of Income Tax Act, 1961 is a dreaded nightmare of any assessee.

Whether payment by a resident to non-resident for imported software is payment of 'royalty' requiring to deduct tax u/s 195 or a transaction of purchase of goods?

Posted by Adv. Ravish Bhatt, ADIT, CIOT 02 October 2022 4134 Views

S.9(1)(vi)(b) of the Income Tax Act, 1961 ("The Act") provides that income by way of royalty payable by a resident except where the royalty is payable in respect of any right, property or information used or services

Is ITAT wrong in interpreting the provisions of Sec 115JB as regards MAT?

Posted by Adv. Ravish Bhatt, ADIT, CIOT 29 September 2022 5138 Views

MAT is payable at the rate of 15% of the book profits of the company, prepared as per Schedule III of the Companies Act, 2013.

Whether the condition of pre-deposit of 20% tax is a mandate for entertaining stay application per se?

Posted by Adv. Ravish Bhatt, ADIT, CIOT 05 September 2022 31073 Views

In terms of modified instruction No. 1914 dated 21.03.1996 issued by CBDT, payment required to be made by the assessee as a precondition for stay of demand disputed before CIT(A) is 20%.

Amount Received Under A Settlement Or Decree May Not Be Taxable Under IT Act 1961

Posted by Adv. Ravish Bhatt, ADIT, CIOT 22 August 2022 39472 Views

In practice, nature of receipt shall be determined by extensive scrutiny of pleadings in suit and / or recitals contained in the settlement agreement and careful drafting will be quintessential.

Cryptocurrencies and Taxation thereof under Indian Income Tax Act, 1961

Posted by Adv. Ravish Bhatt, ADIT, CIOT 28 July 2022 6956 Views

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.

CBDT's Clarification as Regards Application of MFN Clause for Lower Rate of Source Taxation

Posted by Adv. Ravish Bhatt, ADIT, CIOT 03 April 2022 5990 Views

The Central Board of Direct Taxes issued a clarificatory circular on 03.02.2022 pursuant to receipt of representations for clarity as regards application of MFN clauses available in the protocol to some of the DTAAs with OECD members.