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Flash

SC Registry notifies cases not disposed off by low tax effect circular

SC disposes off several hundred matters post low tax effect circular

HC: Final assessment order passed without passing draft assessment under Sec. 144C, held untenable

CBDT rolls out E-Dispute Resolution Scheme, 2022 to mitigate litigation, relief to taxpayers

Finance Act receives President’s assent on Aug. 16, notified in Official Gazette

HC: Bombay HC tells Revenue - Let SC decide Shelf Drilling controversy

Copy of FINANCE (No. 2) BILL, 2024 as Passed by Lok Sabha

In Shelf Drilling controversy, Bombay HC reserves orders on Larger Bench reference

Union Budget aims to curb pending litigation through new 'Vivad-se-Vishwas' Scheme 2024

Tax World reacts to Union Budget 2024!

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
Commercial expediency
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

Supreme Court Latest

SC: Copy of SC order dismissing Revenue's SLP finding no international transaction involving AMP…

Nov 22, 2024

Income tax Appellate Tribunal

ITAT: Differs from earlier-AY, share-based compensation not operating expense for Amazon India

Nov 21, 2024

Income tax Appellate Tribunal

ITAT: Deletes TP-adjustment, holds Other Method as MAM for benchmarking sale of unique intangibles

Nov 13, 2024

Income tax Appellate Tribunal

ITAT: Rejects assessee's/TPO's corporate-guarantee benchmarking using internal/external CUP;…

Nov 07, 2024

Trending Topics :

Search Assessments
Budget 2024
Charitable Trusts
AMP adjustment
MAM selection

News

News Latest

No change in Tolerance-range for AY 2024-25; 1% for wholesale traders & 3% for others

Oct 19, 2024

News

SC Registry notifies cases not disposed off by low tax effect circular

Oct 01, 2024

News

SC disposes off several hundred matters post low tax effect circular

Sep 24, 2024

News

HC: 21 Key Excerpts from HC judgment on draft assessment order being mandatory

Sep 02, 2024

Experts' Corner

Expert Columns

Pilar Shivanand Nayak

(Partner, H C Khincha & Associates)

Is Section 94B Incisive in Computing Excessive?

Sep 24, 2024

Expert Columns

CA Ajit Jain

Partner, AJMS LG

Optimizing Transfer Pricing with Level 3 Process Mapping: A Strategic Approach to Compliance and Efficiency

Sep 12, 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: Sets aside time-barred assessment-order, considers date of uploading DRP order

Nov 22, 2024

Income tax Appellate Tribunal

ITAT: Admits assessee’s additional evidence regarding rendition of IGS; Remits issue

Nov 22, 2024

Income tax Appellate Tribunal

ITAT: Allows Assessee's miscellaneous application, sets aside working capital adjustment

Nov 21, 2024

Income tax Appellate Tribunal

ITAT: Allows stay-application filed by Volvo Group India; Directs AO to keep outstanding demand in abeyance…

Nov 21, 2024

Litigation Tracker

SC: Dismisses Revenue's SLP finding no international transaction involving AMP expenses in case of…

Nov 20, 2024

Shelf Drilling/Roca Bathroom controversy on Sec. 144C/Sec. 153 interplay gets SC date

Nov 18, 2024

Revenue fires fresh salvo in Shelf Drilling controversy, challenges HC order in PayPal

Nov 04, 2024

HC: Stays penalty order u/s.271(1)(c), doubts Revenue's jurisdiction considering modified ROI filed…

Oct 28, 2024

Kaleidoscope

Reflections on Indian TP controversies – “Working Capital Adjustment”

Jul 09, 2024

Reflections on Indian TP controversies – "Profit Split Method”

Aug 04, 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

Reflections on Indian TP controversies - "Corporate Guarantee"

Jun 11, 2024

Synopsis of Indian APA Regime and Judicial Precedents

May 09, 2024

Loophole Games - A Treatise on Tax Avoidance Strategies (4th Edition, 2024)

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

Pilar Shivanand Nayak

(Partner, H C Khincha & Associates)

Is Section 94B Incisive in Computing Excessive?

Sep 24, 2024

Expert Columns

CA Ajit Jain

Partner, AJMS LG

Optimizing Transfer Pricing with Level 3 Process Mapping: A Strategic Approach to Compliance and Efficiency

Sep 12, 2024

Global TP Battleground

Intra Group Debt Financing: UK Ruling on TP and Corporate Tax Considerations

Aug 27, 2024

Australian Federal Court ruling on Commercial Rationality - An Analysis

Apr 15, 2024

Loophole Games - A Treatise on Tax Avoidance Strategies (4th Edition, 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

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Home
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  - Rulings
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  - Gstsutra TV
  - Podcast
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Indirect Tax
LawStreetIndia
Library
Databases
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- Taxsutra Database
Reservoir
Greentick