HC: Dismisses Revenue's appeal; Upholds gross profit/sales as PLI for auto-components import

Karnataka HC dismisses Revenue’s appeal against Tribunal’s allowance of assessee’s [Kirloskar Toyota Textile Machinery Private Ltd] claim that gross profit over sales (PLI) can eliminate difference in depreciation

Jul 09, 2018

HC: Quashes reassessment alleging 'deemed-international transaction' absent notice mentioning Rs 1 lakh+ income escapement

Karnataka HC allows assessee's (distributor of diabetic care and other products) writ, quashes reassessment notice for AY 2006-07; Notes that during assessment proceedings u/s 143(3), TPO had accepted

Jul 06, 2018

ITAT: Upholds different 'tested parties' for different business models, rejects TPO's aggregated benchmarking

Mumbai ITAT upholds CIT(A)’s order accepting separate benchmarking of assessee’s transactions under Business model 1 - receipt of marketing & support services from AE (choosing foreign AE as

Jun 26, 2018

HC: Lays-down principles on ‘substantial question of law’ for TP-appeals on comparables-selection

Karnataka HC dismisses Revenue’s appeal challenging ITAT’s comparables selection for software developer assessee for AY 2006-07, lays down law on interpretation of ‘substantial question of law’ in respect

Jun 26, 2018

HC: Upholds Single Judge order; Corrigendum cannot cure failure to pass 'draft order' u/s 144C

Madras HC dismisses Revenue's writ appeal against the order of Single Judge for AY 2009-10 holding the final assessment order passed, without issuing draft order, and the subsequent

Jun 20, 2018

ITAT: Rejects TPO's CUP sans adjustment for different geographies, customer preference & market strategy

Kolkata ITAT upholds CIT(A)’s acceptance of assessee’s TNMM over TPO’s CUP-method for benchmarking assessee’s (manufacturer in FMCG Industry) sale of finished goods transaction for AY 2012-13; Noting that prices

Jun 20, 2018