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Income tax - Sections 92CA, 144C, 153, 244A - Main contentions of the Department, through their counsel are that Section 144C is a code in itself and hence on remand by the ITAT, the power of DRP to take up the dispute on additions by TPO, is not circumscribed by Section 153 and that in the absence …

Income Tax - Section 201(1) & (1A) - It could be gathered that the assessee is primarily engaged as manufacturer of agricultural tractors. It has sold tractors overseas through non-resident distributors. As part of the sales obligations, the assessee has to provide warranty. This warranty expenditure…

Income Tax - Sections 143(3), 144C(13) - The physical test, i.e., place of business test, requires that there should be a physical location at which the business is carried out. However, mere existence of a physical location is not enough. This location should also be at the disposal of the foreign …

Income tax - Sections 92B, 92F - The settled position emerging out of decisions of judicial authorities including jurisdictional Delhi High Court is that for a ' transaction' there has to be involvement of two associated entities and the Revenue has to show that there exists an 'agreement' or 'arrangement'…

Income Tax - Sections 37(1), 92CA, 144C - Contrary to the said direction to the DRP the AO enhanced the transfer pricing adjustment with respect to payment of royalty on 3DX Model and retaining the disallowance u/s 37(1) of the Act. In our view, the action of the A.O is contrary to the mandates enumerated…

Income Tax – Sections 143(3), 144C - The AR's limited submission is that when revenues from sale of services and other income are excluded from the total operating income of the manufacturing segment of the assessee, the same also needs to be reduced from the operating income of the comparable companies.…

Income Tax - Section 92CA - On appeal, the Tribunal directed that certain comparable companies adopted by the TPO for benchmarking of international transactions be excluded from list of comparables, since such companies have high brand value in comparison to the assessee & where these companies have…

It is evident, in the TP Study Report filed before the TPO, the assessee has benchmarked the export sale transaction with the AE by adopting internal TNMM. It is also a fact on record that while doing so, the assessee has treated itself as the tested party. However, before CIT (A), the assessee has …

Income Tax - Sections 92CA(3), 253(7) - Attention was drawn to the order of the Tribunal for the assessment years 2014-15 and 2016-17 in assessee's own case wherein similar issue arose for consideration and the Tribunal keeping in view the entire facts and circumstances of the case deleted the entire…

The assessee contended that the international transaction should be benchmarked using custom valuation data and relied on the decision of the Chennai Bench of Tribunal in the case of Coastal Energy Pvt. Ltd. Vs. ACIT. The CIT (A) following this decision directed the TPO to benchmark the international…

Section 9 of the Income-tax Act, 1961 - Our answer to the question posed before us, is that the amounts paid by resident Indian end-users/distributors to nonresident computer software manufacturers/suppliers, as consideration for the resale/use of the computer software through EULAs/distribution agreements,…

Income tax - Sections 195, 195A, 206AA, 244A, 248 - The main arguments of revenue was that the services provided were in the nature of 'fees for technical services' as defined in Explanation 2 to section 9(1)(vii), and therefore, the payment was covered by the definition of 'fees for technical services'…

Income tax - Sections 9(1)(vi) - The Coordinate Bench under identical circumstances in assessee's own case during previous assessment years, had observed that the distribution revenue earned by the assessee cannot be taxed as royalty albeit as a business income. Since, assessee has already offered income…

Income tax - Sections 9(1), 90(2) - The basic issue to be decided is as to whether the payments received by the assessee from Reliance can be taxed as royalty in view of the amendment to section 9(1)of the Act. It is said that a DTAA is a result of negotiations between two countries as to the extent…

Income Tax - Section 144C - R. Systems International Ltd., was subject matter of consideration by the order of this Tribunal in assessee's own case for A.Y.2008-09 in ITA No. 6523/Mum/2014 dated 23/07/2020. It has been held that assessee is merely engaged in back office support functions which has been…

Income Tax - Section 144C - On appeal, the Tribunal observes that PLI should be adopted for the purpose of comparing the assessee's margin in Auto component manufacturing segment and that the comparable companies PLI should be GP by sales. It further directs that the AO/TPO to re-compute the arm's length…

Income Tax - Section 43C, 115JAA - The issue of excluding amount of reimbursement of overhead expenses for managed vessels, and excess provision written back was raised in the case of the assessee for the first time in the assessment year 2005-06 & 2006-07, before the Tribunal in ITA No. 2944 & 2945/Mum/2016.…

The submissions of the respondent-assessee company is that the respondent-assessee had 100% imported the traded goods, which resulted in higher incidence of customs duty on traded goods, accordingly, increased the cost of the traded goods directly affected the gross profit margin, when compared to the…

Income Tax - Sections 143(3), 144C(13) - A reading of Rule 10B(1)(e)(iii) r/w/s 92CA would clearly shows that the net profit margin arising in comparable uncontrolled transactions has to be adjusted to take into account the differences, if any, between the international transaction and the comparable…

Section 250 of the Income Tax Act, 1961 - As the issue pertains to applicability of correct rate of tax on interest income earned by the assessee and since the Assessing Officer without recording any reasons has applied the rate of 15% under Article 11(2) of DTAA and has also not examined the basic …

26-06-2022 News Update
Covid did digitalisation magic to tax administrations in 2020: OECD Study

16-06-2022 News Update
GDP growth in G20 area turns tepid

11-06-2022 News Update
Global economy recovery slows down; to grow by 2.8%: OECD

28-05-2022 News Update
Foreign Investment Facilitation Portal completes 5 years

28-05-2022 News Update
OECD GDP growth loses steam in Q1

03-05-2022 News Update
Tax-to-GDP ratio dips for LAC tax jurisdictions

15-04-2022 News Update
Growth losing steam in Europe: OECD CLIs

02-04-2022 News Update
CBDT relaxes provisions of TCS for non-resident visiting India

02-04-2022 News Update
CBDT entered into 62 APAs in last fiscal

19-03-2022 News Update
FDI proposals worth Rs 76K Crore received from neighbouring economies: Govt

19-03-2022 News Update
GDP in G20 area slows down in H2

11-03-2022 News Update
Joblessness stablises at pre-pandemic level in OECD Area

25-02-2022 News Update
G20 trade recovers but growth in services lags

07-02-2022 News Update
Inflation rises to scary height in OECD area - 6.6%

07-02-2022 News Update
India receives USD 54 bn FDI inflow till Nov-end

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

SECTION 132 OF THE INCOME-TAX ACT, 1961- SEARCH AND SEIZURE - GENERAL - INCOME TAX DEPARTMENT CONDUCTS SEARCHES IN J&K AND DELHI

NET DIRECT TAX COLLECTIONS FOR THE FINANCIAL YEAR 2022-23 HAVE GROWN AT OVER 45% - NET DIRECT TAX COLLECTIONS FOR THE F.Y. 2022-23 CONTINUE TO GROW AT A ROBUST PACE FURTHER FORTIFYING THE ECONOMIC REVIVAL - GROSS TAX COLLECTIONS FOR THE FINANCIAL YEAR 2022-23 HAVE GROWN AT ABOUT 40 PERCENT - ADVANCE TAX COLLECTIONS FOR F.Y. 2022-23 STAND AT RS. 1,01,017 CRORE WHICH SHOWS A GROWTH OF MORE THAN 33 PERCENT - REFUNDS AMOUNTING TO RS. 30,334 CRORE HAVE BEEN ISSUED IN F.Y. 2022-23

SECTION 197A, READ WITH SECTIONS 194-I AND 80LA OF THE INCOME-TAX ACT,1961 - NO DEDUCTION TO BE MADE IN CERTAIN CASES - NO DEDUCTION OF TAX TO BE MADE UNDER SECTION 194-I ON PAYMENT IN NATURE OF LEASE RENT OR SUPPLEMENTAL LEASE RENT, MADE BY A PERSON TO A PERSON BEING A UNIT LOCATED IN INTERNATIONAL FINANCIAL SERVICES CENTER FOR LEASE OF AN AIRCRAFT

INCOME-TAX (SEVENTEENTH AMENDMENT) RULES, 2022 - AMENDMENT IN RULES 21AI, 21AJ, 21AJA AND 21AJAA; INSERTION OF RULE 21AIA; SUBSTITUTION OF FORM NO. 10-IG

GUIDELINES FOR REMOVAL OF DIFFICULTIES UNDER SUB-SECTION (2) OF SECTION 194R OF THE INCOME-TAX ACT, 1961

REVISED INSTRUCTION FOR CONSTITUTION AND FUNCTIONING OF LOCAL COMMITTEES TO DEAL WITH TAXPAYERS' GRIEVANCES DUE TO HIGH-PITCHED SCRUTINY ASSESSMENT

SECTION 47 OF THE INCOME-TAX ACT, 1961 - TRANSACTIONS NOT REGARDED AS TRANSFER - NOTIFIED TRANSFER OF CAPITAL ASSET FOR PURPOSE OF CLAUSE (viiaf) OF SAID SECTION

SOVEREIGN GOLD BOND SCHEME, 2022-23

SECTION 48 OF THE INCOME-TAX ACT, 1961 - CAPITAL GAINS - COMPUTATION OF - NOTIFIED COST INFLATION INDEX UNDER SECTION 48, EXPLANATION (V) - FINANCIAL YEAR 2022-23 - AMENDMENT IN NOTIFICATION S.O. 1790(E), DATED 5-6-2017

SECTION 120, READ WITH SECTION 144B OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES - JURISDICTION OF - INCOME-TAX AUTHORITIES OF REGIONAL FACELESS ASSESSMENT CENTRE SHALL EXERCISE POWERS AND FUNCTIONS OF ASSESSING OFFICER TO FACILITATE CONDUCT OF FACELESS ASSESSMENT PROCEEDINGS IN TERRITORY OF INDIA - SUPERSESSION OF NOTIFICATION S.O. 1435(E) [NO. 23/2021/F. NO. 187/3/2020-ITA-I], DATED 31-3-2021

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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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