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Income Tax - Section 143(2), 234A, 234B, 270A - As regards Ground No. 1 is concerned, at the time of hearing, the AR conceded that Ground No. 1 is in favour of the Revenue because without a separate notification, applicability of the MFN clause and benefit of restricted scope of source taxation in relation…

Income Tax - Section 2(29B), 10(34) - On the factual matrix of the case, the moot question here would be what would be the effective date of transfer of shares whether the date of agreement or the date when the transfer was effected. The answer to the same would determine whether the assessee would …

Income Tax - Sections 9(1)(vi), 144, 148, 174, 201 - The assessments were reopened for Assessment Years 2009-10 and 2010-11 on the basis of the orders passed under section 201 of the Act in the case of the payer viz., VSL. The Tribunal in the case of M/s. VSL (the payer) in the proceedings under section…

Income Tax Act - Section 263 - The assessee has challenged the jurisdiction of the PCIT to pass the impugned order, let us first examine the scope of revisional jurisdiction u/s. 263 of the Act. For that, let us take the guidance of judicial precedence laid down by the Apex Court in Malabar Industries…

Income Tax - Section 154 - Taking into consideration the facts and terms and conditions of the Agreement we are of considered view that segregation of Contract Manufacturing activity and Distribution is fair and reasonable. Merely for the reason that the assessee committed error in TP study to merge…

The TPO has questioned the necessity of the expenditure out of payment made by the assessee towards Management Fees and proceeded to determine the ALP by applying the benefit test. The TPO treated the payments towards GSMAF and proceeded to benchmark the same by using the bright line test. The AR further…

Income Tax - Section 244A - In writ, the High Court directs the AO to pass orders within eight weeks. In the event, the AO does not pass assessment orders in accordance with the orders of remand passed by the ITAT within the time stipulated u/s 153(3) r/w Section 153(4) & Section 153(5) of the Act, …

Income Tax - Section 260A - The counsel for assessee at the outset submitted that the Income Tax Appellate Tribunal, "D" Bench, Ahmedbad by order dated 24.01.2024 passed in Misc. Application No. 85/Ahd/2023 in IT (TP)A No. 930/Ahd/2015 for assessment year 2010- 11 has recalled the impugned order by …

Income tax - Section 92C - The issue essentially revolves around the orders framed by the Transfer Pricing Officer pertaining to the international transactions of sale of Paclitaxel and Disodium Pamidronate, in terms of which the pricing as proposed by the assessee based on the Transactional Net Margin…

Income tax - Sections 260A - In the order dated 11th June 2019, this Court has not refused to scrutinise the Tribunal's findings on the ALP. This Court has considered the matter on merits and came to the conclusion that no substantial questions of law arise, by observing that "The Tribunal accepted …

Income tax - Sections 92CA, 144C - On appeal, the HC observed that the Revenue Department shall file requisite number of informal paper books prepared out of Court including therein all relevant materials used before the learned Court below within ten weeks from date and serve copies thereof upon the…

Income tax - Section 144C - An identical question has been answered by us in W.P. (C) 15381 of 2022 titled as "Louis Dreyfus Company India Private Limited vs. Deputy Commissioner of Income Tax Circle 13(1), Delhi & Ors." in favour of the assessee, observing that "As is manifest from a reading of sub-section…

The ITAT has rendered the impugned order following the judgment rendered by our Court in Sony Ericsson Mobile Communications India (P.) Ltd. vs. Commissioner of Income-tax-III and which had rejected the application of the Bright Line Test in all circumstances, observing that since basis on which adjustment…

The Tribunal noted that the issues which arise for consideration had been decided in favour of the assessee in the assessee's own case for the assessment years 2005-06, 2006-07, 2010-11, 2011-12, 2012-13 and 2013-14. The orders passed in favour of the assessee for the assessment years 2005-06 and 2006-07…

Income Tax - Section 260A - The Tribunal has examined the aspect and found that the average rate of corporate guarantee commission has been accepted for several decisions of the Tribunal at 0.5% and the assessee in the instant case has already charged a guarantee commission at 0.5% from the associated…

Income tax - Sections 144C - The AO have categorically mentioned at the end of the assessment order that this assessment order is passed under Section 144(C)(1). Therefore, the said assessment order is only a draft assessment order against which the assessee can very well file an appeal before the DRP.…

Income tax - Section 92CA - As rightly contended by the counsel for the assessee, the judgments relied upon the assessee which were rendered prior to the impugned order have not been considered by the TPO before passing the impugned order which also does not take into account the relevant statutory …

The ITAT after considering various factors such as the non-availability of data of Modicare for various product segments and marketing strategies, difference between the entities in the treatment of discounts given to consultants/agents and the substantial difference between the entities in the advertising,…

First issue had attained finality by virtue of HC order in assessee's own case for A.Y 2010-11 and other two issues could be examined by CIT (A). All the issues should be examined by CIT (A) and therefore, with consent of parties the matter is remitted to the CIT (A) for examining said issues, observing…

Income tax - Sections 9(1)(vii), 40(a)(i) - The crux of the case made by the assessee is this that since the services rendered to the assessee by the said Manthan Systems Inc. have been held not falling within the ambit of FTS or under Article 12 of the DTAA, the assessee is also not liable to deduct…

01-03-2024 News Update
G20 - Merchandise trade growth flattens but services pick up in Q4

08-02-2024 News Update
FDI inflow between 2014-23 stands at USD 596 bn

19-01-2024 News Update
India remains preferred investment destination at Davos

08-12-2023 News Update
Energy crisis drives fall in tax levels in OECD countries

28-11-2023 News Update
Trade shrivels for G20 merchandise goods in Q3

28-11-2023 News Update
MNCs reporting low-profit even in high tax rate jurisdictions: OECD

28-11-2023 News Update
GDP in OECD area up by 0.5% in Q3

28-11-2023 News Update
Patent filings by India grows by 31.6% in 2022: WIPO

28-11-2023 News Update
Real household income up for 4th quarter in row: OECD

12-10-2023 News Update
BEPS - Pillar One - OCED estimates USD 200 bn to be reallocated

15-09-2023 News Update
Tax tools being used to shield businesses from high inflation: OECD Report

08-09-2023 News Update
Headline inflation rises slightly to 5.9% in OECD countries

06-09-2023 News Update
CBDT releases 5th annual APA report

29-08-2023 News Update
G20 merchandise trade shrinks in Q2

11-08-2023 News Update
Real household income per capita in Q1 - Italy tops tally in OECD Area

CBDT notifies Tax Agreement with Govt of Samoa

CBDT notifies ITR-2

23-01-2024 CIRCULAR NO 01/2024
Circular explaining the provisions of the Finance Act, 2023

28-12-2023 CIRCULAR NO 20/2023
CBDT issues detailed guidelines under Sec 194-O

CBDT notifies Revenna Investments Holding BV under Sec 10(23FE)

CBDT notifies a pension fund under Section 10(23FE) of Income Tax Act

Govt notifies of Tax Information Exchange Agreement signed between Government of India and Government of Saint Vincent and The Grenadines

CBDT notifies form for audit or inventory valuation under Section 142(2A) of Income Tax Act

CBDT amends I-T Rules; inserts formula for computing fair market value of unquoted equity shares

I-T Rules amended; CBDT notifies TDS rate applicable onto income payable in foreign currency

Safe Harbour Rules - CBDT extends its application for AY 2023-24

CBDT modifies list of particulars to be furnished for claiming deduction u/s 35E

Govt exempts levy of TDS paid on lease rent or supplemental lease rent paid to a International Financial Services Centre

Rule 11UAC of I-T Rules amended; new sub-rule inserted

Govt modifies Rule 21AK of I-T Rules

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ITAT: Assessee’s plea is allowed to exclude Acropetal Technologies Ltd, Infosys Ltd, and Sasken Communication Technologies Ltd citing unavailability of segmental details, high turnover and brand value and ownership of intangibles.
ITAT: Even if royalty is to be considered independently, the transaction is at arm’s length as compared to the comparables considered by Ld.TPO.
ITAT: Issue is remitted back to AO/TPO for fresh ALP-determination after providing opportunity of being heard to the assesse.
ITAT: The concerned assessee fell within the meaning of eligible assessee as per Sec.144C, since the AO, in its assessment order made additions on account of TP-adjustment proposed by TPO in the order passed u/s.92CA(3).
ITAT: The negative lien did not entail financial commitments on part of the assessee rather imposed a restriction which obliged assessee not to deal in certain specified securities during the tenure of loan.
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