Income Tax - Section 143 - Giving thoughtful consideration to the matter on record and going through the precedent cited it is quite evident that as far as ground no 1 and 2 arising our of the issue of dividend income from investment in the P.E. in Oman is concerned the same being included in the taxable…
Income Tax - Section 147 - The profit attribution in case of PO of the assessee was made merely on the basis of the findings in the case of Alcatel-Lucent France. It is also evident in the assessment order that since the assessee is part of Alcatel-Lucent group and has PE in India the assessing officer…
Income Tax - Sections 143(3), 144C - Segmental details of distribution activities of Dandapani & Co. was filed before the DRP by the assessee. In the interest of justice and equity, direct the assessee to furnish the segmental details of Dandapani & Co. before the AO / TPO to prove its case that the…
Income Tax - Sections - 92A, 143(3), 144C(13) - As far as exclusion of Inteq Software Private Limited is concerned, the first objection of the counsel for the Assessee was that this company is functionally not comparable because it is engaged in the business of computer programming, consultancy and …
Income Tax - Sections 40(a)(ia), 148, 250 - The nature of service rendered by CGTM France to the assessee needs to be examined. The ALH Shakti Engine was co- developed by Turbomeca (a company based at France) and the assessee and the assistance for conducting flight tests were provided by CGTM France…
Income-tax – Section 92CA - This company was engaged in product development and product design and analysis services is functionally different from a pure software service provider and therefore, excluded it from the list of comparables for software development services. The same view was taken in the…
Income Tax - Sections 143(3), 144C(1) - Issue as to whether LIBOR is to be taken as the basis of interest benchmarking for foreign currency denominated loans or whether Indian PLR will be relevant for the same, is no longer res integra. In the case of CIT Vs Tata Autocomp Systems Ltd, it was observed…
Income Tax – Sections 143(3), 144C(13) - The assessee has sought inclusion of all the above said 4 comparable companies before TPO. However, the TPO has commented only on M/s. Esha Media Research Ltd. and it was shown us that the reasoning given by TPO for rejecting this company is against the facts…
Income Tax - Section 143(3) - Both the lower authorities had not considered the contentions of the assessee with regard to incurrence of the vehicle expenses. Ultimately it is a fact that assessee company does not own any vehicles as is evident from the fixed assets schedule of the assessee company …
Income Tax - Sections 92CA, 144 - No reason to take any other view of the matter then the view consistently taken by the coordinate benches including in the case of IPF India Property Cyprus Ltd. vs. DCIT (Supra) wherein speaking on the issue coordinate bench has inter alia observed as follows:- Coming…
Section 9 of the Income-tax Act, 1961 - In this appeal, the issue to he decided is as to whether the AO is justified in disallowing a sum of Rs. 1,15,68,449/-being software charges on the ground of non-deduction of tax at source. The facts and circumstances under which this addition is made by the AO…
Income tax Act - Section 2(11) - It is also contended that the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has introduced a tax compliance provision under Chapter VI of the Act and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules,…
Income Tax - Sections 9(1)(vii), 40(a)(ia), 195 - The department has accepted the contention that this sum is not disallowable as the subsequent assessment is completed by the department at returned income. Not only that the DR has also not countered the notable argument of the AR of the assessee that…
Based on relevant Articles of the Verein and principles of law as with regard to the question as to if the assessee was operating on the concept of mutuality, the first thing that can be observed is that the Tax Residency Certificate in favour of the assessee issued by authorities specifically mention…
Income Tax - Section 92CA - The expression 'debt arising during the course of business' refers to trading debt arising from sale of goods or services rendered in course of carrying on business. Once any debt arising during course of business is an international transaction, he submitted that any delay…
Income tax - Sections 92CA, 153 - The Delhi Tribunal in case of Honda Trading Corporation Vs. DCIT, it was held that the time limit specified u/s 92CA(3A) is mandatory and not directory and therefore the TPO is bound by the time limit for passing of the order u/s 92CA (3) of the Act. Accordingly, in…
Income Tax - Sections 92CA, 254, 271(1)(c) - The only issue in the present appeal relates to the validity of the penalty levied u/s 271(1)(c) of the Act. The TPO passed an order on 14.12.2020 u/s 92CA(3) r.w.s. 254 of the I.T. Act, 1961 to give effect to ITAT order. Copy of the same was filed by the…
As far as comparable companies chosen by the TPO viz., Maple ESolution Ltd., Vishal Information Technological Services Ltd., Asit C.Mehta Financial Services Ltd., and Gold Stone Infratech Ltd., we find that the Hyderbad Bench of the ITAT in the case of HSBC Electronic Data Processing India Ltd. Vs. …
Income Tax - Sections 143(3), 144C(3) - It was submitted that assessee does not undertake any significant research and development in relation to the transactions under consideration that may have lead to the development of non-routine intangibles. Accordingly, the assessee does not own any significant…
Income-tax - Sections 143(3), 144C - From the annual report of this company, it is observed that this company is not comparable to the profile of assessee. Further it is an accepted position that this company is a giant risk-taking company and is engaged in development and sale of software products …