Rulings

Jul 20,2018

HC allows assessee’s (a foreign company) writ, sets aside final assessment order passed u/s 143(3) without passing draft assessment order as mandated by DRP provisions u/s 144C(1) for AY 2011-12;

Jul 19,2018

Karnataka HC dismisses Revenue's appeal against ITAT decision in Phillips Software Centre case for AY 2003-04; Holds that ITAT's observation that -TP-provisions were inapplicable to assessee entitled to tax holiday benefit,

Jul 18,2018

Mumbai ITAT holds that there was no mistake in its original order concluding Cybermate Infotek Ltd [CIL] as functionally comparable to low-end software developer assessee for AY 2012-13, but recalls order for limited purpose

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Jul 18,2018

Delhi ITAT rules on selection of comparable companies for AY 2012-13 in respect of assessee’s technical support services in the nature of erection, installation, commissioning, etc. of power plants and turbines; Remits

Jul 18,2018

Chennai ITAT confirms levy of penalty u/s 271AA and 271G for failure to maintain & furnish information/ documents u/s 92D for AYs 2004-05; Rejects assessee’s contention that since it had

Jul 18,2018

Chennai ITAT rules on selection of comparable for assessee [engaged in the business of manufacturing of power conditioning systems for solid oxide fuel cell using power electronics technology] for AY

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HC: Quashes Tribunal’s non-condonation of delay; Can’t burden assessee to establish order non-service

Karnataka HC sets aside ITAT order refusing to condone delay in filing of appeal and thus dismissing assessee's appeal against TP adjustment for AY 2003-04 ; Notes that assessee had

Jul 16,2018

ITAT: Rejects CPM considering huge differences in FAR of assessee’s domestic & export division

ITAT deletes TP-adjustment, upholds TNMM over TPO’s CPM as MAM for benchmarking export transaction for Himalaya Drug Company (assessee - partnership firm engaged in the business of manufacture and sale

Jul 16,2018

SC: Dismisses Revenue’s appeal against HC’s deletion of royalty TP-adjustment

SC dismisses Revenue’s SLP against Rajasthan HC judgment deleting royalty TP-adjustment in case of assessee (engaged in manufacturing & trading of printing Inks and allied products); HC had relied upon

Jul 16,2018

ITAT: Deletes concealment penalty; Considers AO 'bizarre' approach in granting tax-holiday benefit on TP-adjustment

Delhi ITAT deletes penalty u/s 271(1)(c) on TP-adjustment in case of assessee providing IT/software development services to its AE for AY 2002-03; Notes that TP-adjustment was made on the ground

Jul 16,2018

ITAT: Salary ​reimbursement for ​Morgan Stanley's seconded employee not FTS​; Deletes TP mark-up

Mumbai ITAT holds that payment received by assessee (Singapore company) during AY 2006-07 & 2007-08 from its associate​d enterprise ​in India viz. ​Morgan Stanley Advantage Services Private Limited (MSAS) towards reimbursement

Jul 18,2018

News

Karnataka HC Special -Part I: Compilation of rulings dismissing appeals on comparables & other issues following Softbrands ratio

Compilation of rulings dismissing appeals on comparables & other issues following Softbrands ratio

Jul 13,2018

Taxsutra Eye Share: MasterCard Ruling- A Substantialist Approach

Taxsutra Eye Share:  MasterCard Ruling- A Substantialist Approach

Jul 13,2018

Karnataka HC dismisses 50+ TP-appeals involving 'comparables' following ​Softbrands ruling

Karnataka HC​'s division bench of Dr. Justice Vineet Kothari and Justice S. Sujatha dismisses over 50 TP-appeals following ​the ratio laid down in

Jul 11,2018

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