Rulings

Aug 16,2018

Ahmedabad ITAT deletes Rs.436.80 cr. capital gains addition on transfer of wind energy business of Gujarat Fluorochemicals Ltd. (‘assessee’) on slump sale basis, rejects Revenue’s substitution of fair market value (FMV) for

Aug 10,2018

Mumbai ITAT deletes Sec 80IC disallowance made by AO in the final assessment order, over and above the amount disallowed in the draft assessment order for AY 2008–09, rejects Revenue’s

Aug 07,2018

Bombay HC dismisses Revenue’s appeal, upholds ITAT’s exclusion of 4 comparables on grounds of functional dissimilarity, abnormal profit etc. for assessee providing software development services to AE for AY 2008-09;

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Aug 16,2018

Bangalore ITAT allows assessee’s miscellaneous application, recalls Tribunal order for limited purpose of deciding assessee’s claim for exclusion of comparable – Persistent Systems Ltd (‘Persistent’) for AY 2012-13; Before ITAT,

Aug 16,2018

Bengaluru ITAT remits ALP-determination of international transaction back to AO/TPO after confronting assessee with data obtained by issuing Sec 133(6) notices for AY 2013-14; Notes that AO/TPO collected CUP-data by

Aug 16,2018

ITAT deletes disallowance of alleged excess price paid for purchase of components u/s 40A(2)(b) for AY 2013-14; Observes that the parties from whom assessee had purchased components/raw materials were related

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ITAT: Deletes Rs. 436 cr capital-gains addition on slump-sale, rejects FMV substitution invoking Sec 50D/92BA

Ahmedabad ITAT deletes Rs.436.80 cr. capital gains addition on transfer of wind energy business of Gujarat Fluorochemicals Ltd. (‘assessee’) on slump sale basis, rejects Revenue’s substitution of fair market value (FMV) for

Aug 16,2018

ITAT: Excludes Infosys BPO Ltd, TCS E-Serve and E-Clerx Ltd as comparable for ITeS provider

Hyderabad ITAT dismisses Revenue’s ground against DRP’s exclusion Infosys BPO Ltd, TCS E-Serve and E-Clerx Ltd as comparable companies for assessee’s IT-enabled services; Notes that turnover of Infosys BPO and

Aug 13,2018

ITAT: Adopts 6% as interest ALP for loans to AEs; Follows earlier order

Delhi ITAT adopts 6% as interest-ALP for benchmarking loans to 3 AEs (Multination Textile Group Limited, Mauritius, House of Pearl Fashions Limited, USA and Nor Pearl Knitwear Limited, Bangladesh) for AY 2010-11; Notes that TPO/DRP determined ALP

Aug 14,2018

ITAT: Deletes Sec40A(2)(b)-disallowance following precedents; Suppliers related only as per AS-18, not Sec 40A(2)

ITAT deletes disallowance of alleged excess price paid for purchase of components u/s 40A(2)(b) for AY 2013-14; Observes that the parties from whom assessee had purchased components/raw materials were related

Aug 16,2018

ITAT: Excludes E-Infochips as comparable for software developer assessee; Follows precedents

Pune ITAT rules on comparables selection for assessee providing software development and technical support services to AE for AY 2011-12; Accepts assessee’s plea to exclude E-Infochips Ltd as comparable on

Aug 14,2018

News

Karnataka HC Special - Part III: Compilation of 20 rulings dismissing appeals on comparables & other issues following Softbrands

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

Aug 08,2018

Constitutional validity of 'interest deduction limitation' u/s 94B proviso challenged before Madras HC

Madras HC issues notice to Revenue upon writ petition filed by Seimens Gamesa Renewable Power Pvt. Ltd. (‘petitioner’) challenging the vires of

Jul 31,2018

Taxsutra Analysis: 13 Key changes in amended Form 3CD

CBDT amends Form 3CD with effect from August 20th, 2018; Amended Form 3CD seeks details regarding secondary adjustments u/s 92CE, interest

Jul 23,2018

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