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Last Updated : Tuesday 2nd December, 2014 - 3:12pm

Spelling mistakes in product description in Appendix 37-D of HBPvl, notified through Public Notice No. 52 dated 25.02.2014 have been corrected. Continue reading | Simplification of Customs procedures for shipping -CBEC issues guidelines Continue reading | Merging of Commercial invoice and packing list -CBEC issues guidelines Continue reading | Export obligation period has been reduced to six months from the date of clearance of each consignment by customs authority, wherever Natural Rubber is allowed as an input under Advance Authorisation / DFIA Schemes. Continue reading | Srinagar (Tripura)- midpoint between Purbamadhugram and Choygharia, Border Pillar No. 2195/5S and 6S. notified for Routes for import and export of goods by land or inland water ways. Continue reading | Implementation of GST's tech network may see minor delays Continue reading | Amends Notification No 12/2012 to omit certain entry Continue reading | Amends Notification No - 12/2012 to omit third proviso in openign para Continue reading | Anti-dumping duty on “Melamine” from China, imposed vide notification No. 10/2010-Customs, dated the 19th February, 2010 for a further period of one year i.e. upto and inclusive of 18.02.2016 Continue reading | Online IEC applications: Postponement of the date of operationalisation of Public Notice No. 76 dated the 27th of November, 2014 Continue reading |
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Category Archives: ITAT


2014-ITS-1698-ITAT-Indian Chamber of Commerce -Vs- Income-tax Officer, Exemption-I,Kolkata , On. DECEMBER  2, 2014 

Though income of Chamber of Commerce held as business receipt, yet Sec. 11 relief available as profit motive absent Continue reading

2014-ITS-1705-ITAT-Aramex India (P.) Ltd. -Vs- Deputy Commissioner of Income-tax, Range 8 (1) , On. NOVEMBER  28, 2014 

 TP adjustments had not be made if assessee was actually benefitted from reciprocal arrangements with its foreign AEs + The Assessee demonstrated that it actually benefitted in the arrangement where it delivered inbound packets in India as courier in lieu of delivery of outbound packets by AEs as couriers in their respective country. Continue reading

2014-ITS-1704-ITAT-XL India Business Services (P.) Ltd. -Vs- Assistant Commissioner of Income-tax, Circle 18 (1), New Delhi , NOVEMBER  25, 2014 

The Assessing Officer cannot make a reference to TPO unless the income-tax return is pending before the AO and the time-limit for issue of notice under Section 143(2) is available. Thus, reassessment made on basis of such report is not sustainable in law Continue reading

2014-ITS-1703-ITAT-Deputy Commissioner of Income-tax, Circle 1 (1), New Delhi -Vs- Alcatel India Ltd. , On. NOVEMBER  25, 2014 

 ALP adjustments could be made only in respect of international transactions with AEs and could not be extended to transactions with non-AEs. Thus, TPO was directed to verify the computation of ALP adjustment and exclude the transactions with non-AEs while calculating ALP under TNM method. Continue reading

2014-ITS-1702-ITAT-Delmas France -Vs- Assistant Director of Income-tax (International Taxation) -1(2) , On. NOVEMBER  19, 2014 

As per Article 5(6) of India-France DTAA, even if agent is wholly or almost wholly dependent on the foreign enterprise he still will not constitute dependent agent PE unless additional condition of the transactions being not at arm’s length price is fulfilled. The initial onus is upon the Revenue to show that the transactions are not at arm’s length price, thus, AO was directed to examine whether the transactions between the agent and assessee (i.e., foreign company) were at arm’s length price and decide the issue afresh in the light of the provisions of Article 5(6) of India-French DTAA Continue reading

2014-ITS-1701-ITAT-Toll Global Forwarding India (P.) Ltd. -Vs- Deputy Commissioner of Income-tax, Circle -2(1), New Delhi , On. NOVEMBER  18, 2014 

Where assessee, along with its associated enterprise, offers multi modal transportation services to business to business shippers through global freight forwarding services in relation to both import and export, 50:50 business model of sharing profits in equal ratio with service provider at other end of transaction, is a standard practice Continue reading

2014-ITS-1700-ITAT-Kenexa Technologies (P.) Ltd. -Vs- Deputy Commissioner of Income-tax, Circle -2(1), Hyderabad , On. NOVEMBER  14, 2014 

While computing margin of assessee in its TP study, issue of segmental information to be considered; TPO should verify whether assessee had maintained separate books of account which were audited by statutory auditors of Software Development Services and, if so, TPO should consider audited segmental information and use only AE segment for computing assessee’s PLI. Continue reading

2014-ITS-1699-ITAT-Deputy Commissioner of Income-tax, Circle -11(1), New Delhi -Vs- Exxon Mobil Gas (India) (P.) Ltd , On. NOVEMBER  13, 2014 

Non-operating incomes and non-operating expenses would be excluded while computing net operating profit under TNMM to determine profit level indicator of comparable company. Continue reading

2014-ITS-1606-ITAT-Johnson & Johnson Ltd -Vs- Additional Commissioner of Income-tax, LTU , On. OCTOBER  31, 2014 

 If Tribunal grants stay of recovery of demand, the Assessing Officer cannot collect the pending amount from assessee even after obtaining a consent letter from him. Continue reading

2014-ITS-1607-ITAT-Yamaha Motor India (P.) Ltd. -Vs- Assistant Commissioner of Income-tax, Circle -18 (1), New Delhi , On. OCTOBER  29, 2014 

OECD guidelines provide that in no case transaction profit method (TNMM/PSM) should be used on enterprises which are less or more successful than the average and where the reasons for success/lack thereof is attributable to commercial factors Continue reading

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