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Flash

Record APA signings in FY 23–24 aided by 39 Bilateral APAs : CBDT

CBDT amends rules in Form 3CEB w.r.t SDTs in recent notification

OECD releases Amount B report providing simplified and streamlined approach to ALP application; Focuses on ‘low-capacity countries’

Finance Bill, 2024 proposes to extend Central Govt.'s timeframe for issuing directions regarding TP, DRP & ITAT proceedings

Finance Bill 2024 proposes to align TCS provisions with Govt.'s Press Release

FM says no new tax proposals in the interim budget in line with convention.

CBDT releases Explanatory Notes to Provisions of Finance Act, 2023

Chennai ITAT holds assessment invalid where DRP directions passed without DIN

CBDT amends Rule 10TA and Rule 10TD w.e.f April 1, 2024

ITAT Special Bench returns Cyprus Treaty interpretation reference to ITAT President, requests re-framing of issues

First on Taxsutra

Search Judgment Aftermath - Revenue seeks SC's clarification vis-a-vis Sec.148 proceedings

First on Taxsutra

SC holds 'substantial question of law' lies before HC on comparable selection & ALP…

First on Taxsutra

SC decisively sets aside/reverses Karnataka HC judgment on comparables matter, allows Revenue appeal…

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Adjustments
- Accounting Policies
- Capacity
- Credit period
- Depreciation
- Others
- Risk
- Working Capital
ALP computation
- Arithmetic Mean - Arms Length range
- Benefit of +/- 5%
- Berry Ratio
- Entity level v. transaction level
- Margin computation dispute
- Operating/Non operating Income and Expenses
  - Foreign exchange gain / loss
- Pass through costs
- Profit level indicator (eg sales or costs)
  - Cash PLI
- Segmental results
- Single Year vs Multiple Year
- Suomoto adjustment by assessee
Appellate Authority - Powers, Jurisdiction etc.
- Admission of additional evidence
- Admission of additional ground
- DRP / CIT(A) order binding on AO
- Miscellaneous Application / Miscellaneous Petition
- Non-speaking DRP/ CIT(A) orders
- Power to remand matter back to AO/TPO
- Scope and powers
Appellate Authority - Powers, Jurisdiction etc.
Applicability of TP-provisions to income covered under the Tonnage Tax Scheme
Arms length principle under tax holiday provisions
Benchmarking
- Availability of Data
- Captive service provider
- Companies held to be functionally similar
- Concept of 'tested party'
- Controlled transaction as comparable
- Domestic and International transactions
- Filters
  - Bad debts filter
  - Employee cost
  - Financial year
  - Foreign exchange earnings
  - Onsite vs. Offshore Revenue Filter
  - Other filters
  - R&D filter
  - Related party transaction
  - Turnover
- Foreign comparables
- Functional similarity / dissimilarity
  - Exclusion of comparable due to unreliable financial results
  - Fluctuations in profit margins & comparability
  - Govt. owned undertakings
  - High end services vis--vis Low end services
  - High end services vis-à-vis Low end services
  - Impact on comparability of events like merger, acquisition, spin off
  - KPO vs BPO
  - Loss Making comparables
  - Outsourcing of work
  - Ownership of Intangible & comparability
  - Relevance of product similarity for comparability
  - Secret comparables
  - Software product companies vs. Software service companies
  - Super normal profit comparables
- Industry Rates
- Internal vs. External comparables
- Location Saving / Locational Advantage
- Relevance of FAR
- Reliance on Government Guidelines (RBI, FIPB, Commerce Ministry Press Notes, etc)
- Rulings having discussion on comparability of specific companies
- Separate and combined transactions
- Updation of comparables
- Use of Customs Data
Concept of tested party
COVID-19
Definitions
- Associated Enterprise
- International Transaction
Delayed pronouncement of order due to Covid-19 lockdown
DIN on departmental communication
Domestic TP (Pre 2012 period)
E-assessment
Functional Classification
- Contract Manufacturing
- Contract R&D
- Distributor
- Retail traders
- Sogo shosha (acting as trading intermediaries)
Functional similarity or dissimilarity
Functional similarity/ dissimilarity
International transactions
- Commission
- Cost Allocations
- Cost Sharing Arrangements
- Deemed International transactions
- Employee Stock Option Plans
- Guarantee
- Intangibles - Trademarks, Copyrights, etc.
- Inter-company balance receivables
- Interest
  - FCCD Interest
- Issue of shares
- Loan
- Management Charges
- Marketing intangible/ AMP adjustment
  - AMP-Intensity Adjustment
- Other intra-group services
- Profits attributable to PE
- Provision of Freight forwarding/ Logistics services
- Provision of Information Technology Enabled Services (ITeS)
- Provision of Investment advisory services
- Provision of marketing support services
- Provision of software development service
- Purchase of fixed asset
- Reimbursements
- Royalty
- Sale of Shares
- Transfer of business to AE
- Treatment of CCD/FCCD/OFCD
- Treatment of share application money as loan
Methods
- Comparable Uncontrolled Price Method (CUP)
- Cost Plus Method
- Cost Plus Method more appropriate than TNMM
- CUP more appropriate than TNMM
- Profit Split Method
- Resale Price Method
- Ruling relevant for other method (6th method)
- TNMM more appropriate than CUP
- Transaction Net Margin Method
- Transactional Net Margin Method
Opportunity of being heard
Other
Penalty
- Concealment Penalty
- Penalty for non-filing / delay in filing particulars, audit report
Powers / Jurisdiction of Appellate Authority
- Condonation of delay
Provision of Business Support Services
Provision of software development services
Reference to Safe Harbour Rules
Rulings having discussion on comparability of specific comparables
shareholder services
Specified domestic transaction (SDT)
Substantial question of law on comparables
TNMM
TP adjustment & MAT provisions
Transfer pricing
Transfer Pricing applicability
- Base erosion plea u/s 92(3)
- Pre-2002 provisions
- Pre-condition for invoking Chapter X & Intent
- Reference to TPO
- TP applicability & existence of income/ taxable income
Transfer Pricing assessments
- Aggregation of Transactions
- assessment post merger/amalgamation
- Consideration of APA/MAP
- Final assessment without draft order
- Granting opportunity of being heard
- Miscellenous petition / application
- Powers / Jurisdiction of Assessing Authorities
  - Adjustments by TPO on issues not referred by AO
  - Questioning commercial expediency / Proving Benefit test
  - TPOs order binding on AO
- Reassessment u/s 147 in reference to transfer pricing provisions
- Relevance of International Material (OECD Guidelines, International case laws)
  - Reference to BEPS Action Plans
- Remand for fresh consideration
- Resolution under MAP/APA
- Retraction of comparables
- Revision u/s 263 w.r.t transfer pricing
- Right of assessee to seek correction of own mistakes
- Right to contest comparable when not contested before earlier forum
- Rule of Consistency
- Secondary adjustment
- Stay of demand
- Threshold limit of Rs 5 crores
- Time limit for completing the assessment
- TP and Search Proceedings

Number

Applevel

Year

Rulings

Income tax Appellate Tribunal Latest

ITAT: Upholds CIT(A)'s deletion of TP-adjustment qua performance guarantee for Shapoorji Pallonji

Apr 18, 2024

Income tax Appellate Tribunal

ITAT: Rules on valuation principles, circle rates for DLF Urban; Rejects S.92BA(i) applicability

Apr 10, 2024

Income tax Appellate Tribunal

ITAT: Examines ALP of royalty payment, considers consistency in conduct while interpreting agreements

Apr 10, 2024

High Court

HC: Sets aside draft assessment order with TP-adjustment in addition to TPO’s order

Apr 03, 2024

Trending Topics :

AMP adjustment
MAM selection
Corporate Guarantee and Outstanding Receivables
Intragroup Services
Section 194R

News

CBDT Corner Latest

Record APA signings in FY 23–24 aided by 39 Bilateral APAs : CBDT

Apr 16, 2024

News

Directorate (Systems) issues notification for e-furnishing APA & Safe Harbour forms & verification…

Apr 08, 2024

Around the World

US IRS releases 25th APA Report; Highlights execution of 156 APAs, almost half of pending BAPAs requests…

Apr 04, 2024

Around the World

Kenya Tax Tribunal dismisses Beta Healthcare's appeal on failing to discharge burden of proof on…

Mar 27, 2024

Experts' Corner

Expert Columns

Bhavik Timbadia

Partner, Deloitte India

Ease of Doing Business: The Role of TP Reforms

Apr 01, 2024

Expert Columns

CA Mithilesh Reddy

(Founder & CEO, SBC)

Cracking the Code of Inter-Company Agreements (ICAs)

Mar 13, 2024

Tax Ring

Delhi HC's 'Wholesome Approach' on APA - Welcome Verdict?...
Jul 07, 2023
Mumbai ITAT's judgment in Gemological Institute of America Inc case - ...
May 12, 2021

Updates

Income tax Appellate Tribunal Latest

ITAT: Refuses 'blanket stay', but Revenue's interest being secured, grants Xiaomi 180 days…

Apr 19, 2024

Income tax Appellate Tribunal

ITAT: Upholds CIT(A)’s exclusion of functionally dissimilar comparables for timing-belt tensioner…

Apr 19, 2024

Income tax Appellate Tribunal

ITAT: Remits TP-adjustment towards notional interest on export receivables for fresh examination

Apr 18, 2024

Income tax Appellate Tribunal

ITAT: Directs AO/TPO to recompute interest on loan fund after considering comparable

Apr 18, 2024

Litigation Tracker

SC: Grants leave to Revenue’s SLP against HC’s AMP-adjustment deletion for Yakult Danone

Apr 08, 2024

HC: Observes Revenue’s appeal against ITAT-order deleting AMP-addition merits consideration

Mar 27, 2024

HC: Admits TDK India’s appeal against ITAT-order on MAM selection, tolerance range

Mar 26, 2024

HC: Admits assessee’s appeal against ITAT-order upholding TNMM for benchmarking SDT

Mar 22, 2024

Kaleidoscope

Reflections on Indian TP controversies – "Profit Split Method”

Aug 04, 2023

Reflections on Indian TP controversies - “Cost Plus Method”

Jul 18, 2023

BEPS

Stakeholders express concern over ‘twin-tests' in Draft Rules for Domestic Legislation on Scope under…
Apr 26, 2022
Stakeholders on Implementation Framework for Global Minimum Tax seek simplification, dispute resolution…
Apr 18, 2022

Taxsutra TV

Mr. Vijay Iyer bats for a more effective dispute resolution mechanism, easier compliances, effective tax rates

Jan 30, 2022

Rishabh Kumar Sawansukha, Vice President – Taxation, Snapdeal

Nov 19, 2015

Book Reviews

Tangible Guide to Intangibles

Transfer Pricing Demystified

Taxsutra Insights

Compilation of 320+ Rulings - Impacted by SC Judgment in SAP Labs

Apr 25, 2023

Finance Bill, 2022 - Direct Tax Rulings Impacted

Feb 04, 2022

First on Taxsutra

Search Judgment Aftermath - Revenue seeks SC's clarification vis-a-vis Sec.148 proceedings

First on Taxsutra

SC holds 'substantial question of law' lies before HC on comparable selection & ALP…

First on Taxsutra

SC decisively sets aside/reverses Karnataka HC judgment on comparables matter, allows Revenue appeal…

Experts' Corner

Expert Columns

Bhavik Timbadia

Partner, Deloitte India

Ease of Doing Business: The Role of TP Reforms

Apr 01, 2024

Expert Columns

CA Mithilesh Reddy

(Founder & CEO, SBC)

Cracking the Code of Inter-Company Agreements (ICAs)

Mar 13, 2024

Global TP Battleground

Australian Federal Court ruling on Commercial Rationality - An Analysis

Apr 15, 2024

UK ruling on Intra-group Loans issued for Acquisition purposes - An Analysis

Sep 28, 2022

Tax Ring

Delhi HC's 'Wholesome Approach' on APA - Welcome Verdict?...
Jul 07, 2023
Mumbai ITAT's judgment in Gemological Institute of America Inc case - ...
May 12, 2021

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Home
Direct Tax
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  - Rulings
  - Weekly Case Digest
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  - Taxsutra TV
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Transfer Pricing
- All
- Rulings
  - Rulings
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- GST Council Meetings
- Media
  - Gstsutra TV
  - Podcast
- Book Reviews
Indirect Tax
LawStreetIndia
Library
Databases
- Atoll
- Taxsutra Database
Reservoir
Greentick