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Articles by Adv. Ravish Bhatt, ADIT, CIOT

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

  Adv. Ravish Bhatt, ADIT, CIOT    06 May 2023 at 15:15

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.

Posted in Income Tax  2 comments |   6185 Views


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?

  Adv. Ravish Bhatt, ADIT, CIOT    02 October 2022 at 18:22

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

Posted in Income Tax |   3957 Views


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

  Adv. Ravish Bhatt, ADIT, CIOT    29 September 2022 at 09:33

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.

Posted in Income Tax |   5037 Views


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

  Adv. Ravish Bhatt, ADIT, CIOT    05 September 2022 at 10:11

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%.

Posted in Income Tax |   29156 Views


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

  Adv. Ravish Bhatt, ADIT, CIOT    22 August 2022 at 15:33

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.

Posted in Income Tax |   33971 Views


Cryptocurrencies and Taxation thereof under Indian Income Tax Act, 1961

  Adv. Ravish Bhatt, ADIT, CIOT    28 July 2022 at 12:34

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

Posted in Income Tax |   6683 Views


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

  Adv. Ravish Bhatt, ADIT, CIOT    03 April 2022 at 10:19

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.

Posted in Income Tax  3 comments |   5784 Views