In this edition, we bring you to quite a few interesting articles.
The article on ‘Mohit Minerals – Recipient of Service – To be Revisited?’ deals with the decision of recent Honourable High Court of Gujarat in the matter of Mohit Minerals, where in the Honourable High Court has struck the levy of tax under reverse charge on importer stating that he could not be called as recipient of service. However, seen from a different perspective, we believe that the importer can be called as recipient of service and accordingly be subjected to reverse charge obligation. We have articulated our understanding and observations in the said article.
The article on ‘Taxation of Receipts – Extinction of Profit Earning Apparatus’ deals with the taxation of receipts which are in the nature of extinction of source of income. The question whether such receipt is capital or revenue has been discussed in such article and hope you will have a good read of the same.
The article ‘SOFTEX for Non-STPI Units – A Mandatory Requirement – FEMA’ is to alert all clients in the DTA units which are engaged in provision of software services to get registered with STPI as Non-STPI to comply with FEMA regulations and accordingly save themselves from penalty and compounding.
I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.
