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Income Tax - Section 144C - We have applied the above ratio laid down by the Hon'ble Supreme Court and also the Coordinate Bench of the Tribunal in assessee's own case for the Assessment Year 2012-13 in ITA No. 1554/Del/2016 dated 13/04/2022. Thus, we are also of the opinion that the sale of software…

It is observed, taxability of income received from technical and ground handling services provided to other airlines is a recurring issue between assessee and the Revenue since assessment years 2004-05 onwards. While deciding the issue for the first time in assessment years 2004-05 to 2008-09, the jurisdictional…

Income Tax - Section 144C - Payment received for providing web hosting services though involving use of certain scientific equipment cannot be treated as ‘consideration for use of, or right to use of, scientific equipment' which is a sine qua non for taxability under section 9(1)(vi), read with Explanation…

Income tax - Sections 9(1)(vi) - Regarding computing the profit attribution to the PE of the assessee in India at Rs. 448,41,17,951/-, it is brought to notice by the AR for the taxpayer that this issue has already been decided in favour of the taxpayer by the coordinate Bench of the Tribunal for AYs…

Income Tax - Sections 143(3), 144C(13) - It is an admitted position that the directions of DRP as extracted above would result in the changes to the TP adjustment originally proposed by the TPO. The AO in the final assessment order has retained the TP adjustment at the same figure as in draft assessment…

Income tax – Section 43AA - The gain or loss arising out of change in the forex rate can be treated as an income or loss provided the same is computed in accordance with ICDS notified u/s.145(2). From the perusal of the breakup of the forex loss claimed by the assessee we notice that the major portion…

The counsel for the assessee submitted that the original grounds of appeal have been adjudicated as per the Advanced Pricing Agreement entered between the assessee and the CBDT dated Dec 15, 2021. That after the outcome of APA the assessee has filed Modified Grounds of Appeal before the Tribunal. Now,…

Income tax - Sections 143(3), 144C(13), 153(3), 254 - It may be seen that section 144C of the Act is with respect to initial assessment to be passed by the assessing officer. A perusal of the scheme of section 144C of the Act and more specifically subclauses (12) and (13) to section 144C of the Act …

Income Tax - Sections 143(3), 144C(13) - The majority of the revenue of Cosmic Global Limited is from translation services which is apparently outsourced. According to the Assessee, the translation charges paid constitutes almost 56% of the Assessee's work which is out-sourced. The Counsel for the Assessee…

Income Tax - Section 32(1)(ii) - CIT (A) has taken a correct view of the matter. It is certainly settled law that allowability of expenses is not contingent upon earning of income. It has been duly incurred and no doubt has been expressed about the veracity of the expenditure. When no income has accrued…

Income Tax - Section 144C - We have heard both the parties, perused material available on record and gone through orders of the authorities below. The assessee claims to have made certain payments to AE for Headquarter services. As per agreement between the assessee and its AEs, the assessee claims …

Income tax - Sections 10AA, 37(1), 40(a)(ii) - It can be seen that the total amount of credit on foreign taxes paid by the assessee in six countries totals up to Rs.13,05,33,028/-, which is the opening figure taken by the AO, who did not allow credit of foreign tax totaling to Rs.2.13 crore (Rs.13.05…

Income tax - Section 9(1)(vii) - On an overview of the e-mails exchanges between the assessee and the Indian entity read in conjunction with the services as described in the Agreement, it becomes overt that the services mainly envisage (i) formulating the global policies in the spheres of the business,…

Income Tax - Sections 9(1)(vii), 195, 201, 201(1) - The transfer of copyright including the right to make copy of software for international business, any payment made in that regard would constitute 'Royalty' for imparting of any information concerning technical, industrial, commercial or scientific…

Income Tax - Section 9(1)(vi) - On appeal, the Tribunal observes that the issue at hand is squarely covered by the decision of the Supreme Court in the case of Engineering Analysis Centre of Excellence Private Limited vs CIT. Hence the matter is remanded to the TPO for reconsiderating the applicability…

Income tax - Sections 40(a)(i), 195 - The decision of Jurisdictional High Court in Bougainvillea Multiplex Entertainment Center Pvt. Limited supports the claim made by the appellant that the receipt of credits from IAE are capital in nature. Shri Syali has highlighted the sequence of events starting…

Income tax - Sections 10A, 92CA(3), 263 - The only grievance of the Revenue is against set off of loss of STP units against normal business income, while computing deduction u/s 10A. As noted, the assessee's STP units at SEEPZ, Noida and Mohali eligible for deduction u/s 10A suffered losses, while its…

Income Tax - Sections 143(3), 144(13) - The DRP has given clear directions to the TPO to re-examine the inclusion of M/s. Archroma India Pvt Ltd and M/s. Tarak Chemicals Limited and has also directed for the exclusion of M/s. Sirea India Private Ltd. This would mean that the TP adjustment should be …

Income Tax - Sections 143(1)(a), 144B - As per the Profit & Loss account of the assessee at page 8 of the PB, in Part III 'Profit Before Tax' was at Rs. 103,51,17,502. In the computation of income at page 96 of the PB, the said amount is what is considered by the assessee for computing income from business…

Income Tax - Sections 92CA, 133(6) - On appeal, the Tribunal observes that analysing the international transaction based on wrong assumption of the services rendered would prejudice the computation of arms length. Thereby, in the interest of justice, the Tribunal remands the matter to the TPO for fresh…

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Tax-to-GDP ratio dips for LAC tax jurisdictions

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CBDT relaxes provisions of TCS for non-resident visiting India

SECTION 10(46) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - STATUTORY BODY/AUTHORITY/BOARD/COMMISSION - EXEMPTION FROM SPECIFIED INCOME

UPDATED MUTUAL AGREEMENT PROCEDURE (MAP) GUIDANCE

SECTION 92C OF THE INCOME-TAX ACT, 1961 - TRANSFER PRICING - COMPUTATION OF ARM'S LENGTH PRICE - NOTIFIED TOLERANCE LIMIT UNDER THIRD PROVISO TO SUB-SECTION (2) OF SAID SECTION FOR ASSESSMENT YEAR 2019-20

SECTION 120 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES - JURISDICTION OF - AMENDMENT IN NOTIFICATION S.O. 2915(E) [NO. 70/2014/F.NO. 187/37/2014 (ITA-I)], DATED 13-11-2014

SECTION 120 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES - JURISDICTION OF - AMENDMENT IN NOTIFICATION NO. S.O. 2756(E) [NO. 54/2014 (F. NO. 187/35/2014 ITA.I)], DATED 22-10-2014

ORDER UNDER SECTION 119 OF THE INCOME-TAX ACT, 1961 IN RELATION TO TAX DEDUCTION AT SOURCE UNDER SECTION 194S FOR TRANSACTIONS OTHER THAN THOSE TAKING PLACE ON OR THROUGH AN EXCHANGE

SECTION 10 (23FE) OF THE INCOME-TAX ACT, 1961 - EXEMPTION - INCOME OF SPECIFIED PERSON FROM AN INVESTMENT MADE IN INDIA - SPECIFIED SOVEREIGN WEALTH FUND

SECTION 280A OF THE INCOME-TAX ACT, 1961, READ WITH SECTION 84 OF THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015 - SPECIAL COURTS - DESIGNATED SPECIAL COURT FOR SPECIFIED STATE

SECTION 101 OF THE FINANCE (NO. 2) ACT, 2004 - RECOGNISED STOCK EXCHANGE OR MUTUAL FUND OR INSURANCE COMPANY TO FURNISH PRESCRIBED RETURN - FORMAT, PROCEDURE AND GUIDELINES FOR SUBMISSION OF FORM NO. 1, FORM NO. 2 AND FORM NO. 2A FOR SECURITIES TRANSACTION TAX (STT)

GUIDELINES FOR REMOVAL OF DIFFICULTIES UNDER SUB-SECTION (6) OF SECTION 194S OF THE INCOME-TAX ACT, 1961

INCOME-TAX (NINETEENTH AMENDMENT) RULES, 2022 - AMENDMENT IN RULES 30, 31, 31A AND FORM 26Q; INSERTION OF FORM NOS. 16E AND 26QE; SUBSTITUTION OF FORM NOS. 26QB, 26QC AND 26QD

SECTION 132 OF THE INCOME-TAX ACT, 1961 - SEARCH AND SEIZURE - GENERAL - INCOME-TAX DEPARTMENT CONDUCTS SEARCHES IN RAJASTHAN AND MUMBAI

SECTION 132 OF THE INCOME-TAX ACT, 1961 - SEARCH AND SEIZURE - GENERAL - INCOME-TAX DEPARTMENT CONDUCTS SEARCHES IN TAMIL NADU

INCOME-TAX (EIGHTEENTH AMENDMENT) RULES, 2022 - AMENDMENT IN RULE 10TD

INCOME-TAX (EIGHTEENTH AMENDMENT) RULES, 2022 - AMENDMENT IN RULE 10TD

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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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