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Amendment in the date of effect for implementation of Self-certification regarding compliance of bar-coding requirements on secondary and tertiary level packaging on export consignment of pharmaceuticals and drugs. Continue reading | CBEC hikes tariff value of gold and silver - reduces for Crude Soya oil and RBD Palmolein Continue reading | Export of pulses to Republic of Maldives in terms of Notification No. 77 of 27.03.2014 would be permitted through M/s. PEC Ltd. Continue reading | Manual filing and processing of Bills of Entry/Shipping Bills - stringent checks required to prevent misuse Continue reading | Aurangabad notified for unloading of imported goods and loading of export goods or any class of such goods Continue reading | Import of Pesticides - Common Order dated 05.09.2013 passed by Hon'ble Gujarat High Court in various Civil Applications Continue reading | I-T return filed after last date needs CBDT approval Continue reading | Exchange Rate for the purpose of import and export with effect from 4th April, 2014 Continue reading | PAN-less candidates with over Rs 5 crore to face I-T scrutiny Continue reading | CBDT orders for distribution of zones amongst CBDT members with effect from April 1, 2014 Continue reading |
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Category Archives: ITAT
   

ITAT

2014-ITS-402-ITAT-Alkaben B. Patel -Vs- Income-tax Officer, Ward -14(2), Ahmedabad , On. MARCH  25, 2014 

 Time limit of ‘six months’ in sec 54EC means ‘six British Calendar months’ in view of the General Clauses Act, 1897 Continue reading

2014-ITS-403-ITAT-Deputy Director of Income-tax, Circle -3(1), International Taxation, New Delhi -Vs- JC Bamford Excavators Ltd. , On. MARCH  14, 2014 

 Where special provision ‘sends subject back to general provision’, it is the general provision that applies Continue reading

2014-ITS-404-ITAT-Bharti Airtel Ltd. -Vs- Additional Commissioner of Income-tax, Range -2, New Delhi , On. MARCH  11, 2014 

Capital financing transactions covered by clause (i) (c) of the Explanation to section 92B are international transactions only if they have any real bearing as distinct from contingent effect on the profits, income, losses or assets of the enterprise. Corporate guarantees issued for the benefit of AEs do not cost anything to the issuing enterprise and yet may provide certain comfort levels to the parties dealing with the AEs. These guarantees do not have any impact on profits, income, losses or assets of the enterprise. Continue reading

2014-ITS-405-ITAT-Bharti Airtel Ltd. -Vs- Additional Commissioner of Income-tax, Range -2, New Delhi , On. MARCH  11, 2014 

 When parent company is able to raise foreign exchange borrowings at a certain rate, it is reasonable to assume that such rates can constitute valid comparable for similarly placed borrowings by the subsidiary as well – more so when subsidiaries are under management and control of the lender parent company, and the business risk is thus much lower. Continue reading

2014-ITS-173-ITAT-Maersk Global Centres (India) (P.) Ltd. -Vs- Assistant Commissioner of Income-tax, Circle-6(3), Mumbai , On. MARCH  7, 2014 

The determination of exact portion of BPO and KPO services may also not be possible in the absence of relevant data maintained by the entity and in these circumstances, it may not be possible even to create a third category which is some wherein between BPO and KPO. Continue reading

2014-ITS-131-ITAT-Sumitomo Corporation -Vs- Deputy Commissioner of Income-tax, Spl. Range -5, New Delhi , On. FEBRUARY  27, 2014 

Period of stay of Independent Project offices shall not be aggregated to determine number of days of stay in India – If number of days of stay of each project office in India does not exceed 180 days, no PE shall be deemed to be in existence in India – Supervisory fees shall not be deemed to be connected with Liaison Office, being a PE in India, if such LO is nowhere involved in the supervisory activities – Hence, Supervisory fees shall be taxable as FTS under Article 12 and not as Business Income under Article 7 of India-Japan DTAA Continue reading

2014-ITS-129-ITAT-Deputy Commissioner of Income-tax Circle 14(1), New Delhi -Vs- Panasonic AVC Networks India Co. Ltd. ,On. FEBRUARY  21, 2014 

Capacity underutilization is certainly an important factor affecting net profit margin of enterprise as it results in higher costs per unit, which, in turn, result in lower profits. Thus, adjustment of capacity utilization is to be made to determine ALP of international transaction Continue reading

2014-ITS-577-ITAT-Johnson & Johnson Ltd. -Vs- Assistant Commissioner of Income-tax, LTU* , On. FEBRUARY  19, 2014 

Where assessee reiterated before Tribunal that no adjustment could be made on account of AMP expenditure and filed certain additional supporting documents supporting its claim, same were to be verified by TPO Continue reading

2014-ITS-300-ITAT-Johnson & Johnson Ltd. -Vs- Assistant Commissioner of Income-tax, LTU* , On. FEBRUARY  19, 2014 

Where assessee reiterated before Tribunal that no adjustment could be made on account of AMP expenditure and filed certain additional supporting documents supporting its claim, same were to be verified by TPO Continue reading

2014-ITS-576-ITAT-Halliburton Export Inc. -Vs- Assistant Director of Income-tax (International Taxation), Circle-1(2)* , On. FEBRUARY  14, 2014 

 In view of decision of Jurisdictional High Court in case of DIT v. Infrasoft Ltd. [2014] 220 Taxman 273/[2013] 39 taxmann.com 88 (Delhi), addition made for sale of software and provisions of maintenance/other support services to customers in India being not taxable was to be deleted Continue reading

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