Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)108ITD279(Chennai)
..... assessee holding that the consulting work done by the assessee in earning foreign exchange does not constitute 'design' within the meaning of section 80-o of the act as amended by the finance act, 1997 with effect from 1.4.1998. aggrieved, the assessee preferred an appeal before the c.i.t.(appeals). the c.i.t. (appeals) ..... to india], includes [any income received by the assessee from the government of a foreign state or foreign enterprise in consideration for the use outside india of any patent, invention, design or registered trade mark] [and such income is received in convertible foreign exchange in india, or having been received in convertible foreign exchange outside india ..... they earning roreign exchange. this is an incentive given for encouraging research and development activity in india. what is essential is to have appropriate right over such patent invention, design, registered trade mark etc, it is a fact that the asessee is not the owner of the website but it is done on behalf of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)103ITD457(Chennai)
..... for the grant, the assessee was to pay 5 per cent royalty on the net selling price of all laminated products made and sold in accordance with those patented processes. when the total of the royalty payments reached 5,000, the assessee was no more liable to pay the royalty. the supreme court held that the ..... any help to the revenue on the facts of the present case. this court, the assessee entered into an agreement with an english company to use some patented process of manufacture. by that agreement, the english company granted to the assessee an exclusive non-assignable licence to manufacture laminates, in accordance with the processes covered by ..... clause 36 of the finance bill, 2006 has clearly provided that the amendment will take retrospective effect from 1st oct., 1991 upto 30th sept., 2005. notes on clauses to finance bill, 2006 reads as under: clause 36 of the bill seeks to amend section 148 of the it act relating to issue of notice where income has escaped assessment. the existing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)280ITR86(Chennai)
..... with regulatory bodies and financial institutions. we require an up to date listing of those supplies that you will represent, and will need this list to be amended as new suppliers are introduced or old suppliers are deleted. this agreement will run for one year from 31^st january, 1997 to 30^th january, ..... , fees or similar payment received by the assessee from the government of a foreign state or a foreign enterprise in consideration of the use outside india of any patent, invention, model, design, secret formula or process or similar property right, or information concerning industrial, commercial, or scientific knowledge, experience or skill made available or ..... will not be applicable as the assessee had not provided any professional or technical services/information to foreign enterprises to be used outside from india other than acting as buying agent for the principals. in order to be entitled to exemption or concession, an assessee must strictly come under the terms of the provisions. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)103ITD479(Chennai)
..... higher than the advance tax demanded by the ao under sub-section (3) or (4) or intimated by him under sub-section (5).8. section 209 of the act, after amendment by the amending act, 1987 lays down the method of computing advance tax payable during a financial year as follows: (a) where the calculation is made by the assessee for paying the advance ..... this regard laid down by the supreme court in the case of t.s. balaram, ito v. volkart bros. is that a mistake apparent from record must be obvious and patent mistake and not something which has to be established by a long drawn process and reasoning on a point or points on which there may be conceivably two opinions. a ..... be less than rs. 5,000. further, the learned counsel for the assessee relied on the order of the tribunal in the case of sri renukeswara rice mills v. ito (2005) 93 ttj (bang) 912 wherein it is held that tax payable on the returned income being less than rs. 5,000 the assessee was not under obligation to pay advance .....
Tag this Judgment!