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Flash

ITAT: Sec.92BA applicability independent from deduction-claim u/s.80-IA, upholds SDT-adjustment

CBDT releases sixth APA Annual Report for FY 2023-24; Highlights signing of highest number of 125 APAs

ITAT: Rejects Shell Global BV's arguments qua base-erosion, mirror-ALP; Follows Instrumentarium SB decision

ITAT: Special Bench holds transaction between foreign enterprise and Indian PE as international transaction

HC: Whopping Rs. 3000 cr TP addition on Samsung; HC directs expeditious disposal of stay application

CBDT extends return filing due date for TP assessees

CBDT notifies safe harbour rules for AY 2024-2025

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

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

Income tax Appellate Tribunal Latest

ITAT: Sec.92BA applicability independent from deduction-claim u/s.80-IA, upholds SDT-adjustment

Jan 23, 2025

High Court

HC: Affirms deletion of adjustment qua transfer of power, refers to Jindal Steel SC-ruling

Jan 22, 2025

High Court

HC: Assessment on non-existent entity, a fatal flaw, cannot be rescued u/s 292B; Distinguishes Sky Light…

Jan 17, 2025

Income tax Appellate Tribunal

ITAT: Revenue cannot presume, impose mark-up on 'negative services' or expenses for shutting…

Jan 17, 2025

Trending Topics :

Search Assessments
Budget 2024
Charitable Trusts
AMP adjustment
MAM selection

News

News Latest

SC: Grants leave to Revenue in Tops Group matter w.r.t. outbound share investment

Jan 20, 2025

News

CBDT releases sixth APA Annual Report for FY 2023-24; Highlights signing of highest number of 125 APAs

Dec 31, 2024

News

CBDT issues second Guidance on VsV, releases more FAQs to impart clarification

Dec 16, 2024

News

20 Key takeaways from ITAT Special Bench decision holding transaction between foreign enterprise and Indian…

Dec 05, 2024

Experts' Corner

Expert Columns

Vinita Chakrabarti

(Associate Partner, Global Transfer Pricing Services, BSR & Co. LLP)

Transfer Pricing in an ESG Driven Economy- Transitioning from Tactical Compliance to Strategic Competitive Advantage

Jan 09, 2025

Expert Columns

CA Ajit Jain

Partner, AJMS Global

The Human Side of Transfer Pricing: A Behavioural Economics Perspective

Jan 08, 2025

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

Supreme Court Latest

SC: Dismisses Amadeus India’s SLP w.r.t AMP adjustment on ground of delay

Jan 23, 2025

Income tax Appellate Tribunal

ITAT: Quashes final assessment order passed in name of non-existent merged company

Jan 23, 2025

Income tax Appellate Tribunal

ITAT: Directs TPO to benchmark interest on debentures based on comparable international transactions

Jan 22, 2025

Income tax Appellate Tribunal

ITAT: Directs AO to comply with DRP’s direction granting ± 3% adjustment; Remits issue

Jan 22, 2025

Litigation Tracker

HC: Admits Revenue's appeal qua exclusion of 1 comparable in Avaya India's case

Jan 07, 2025

HC: Admits Avaya India's appeal w.r.t interest on outstanding receivables

Jan 03, 2025

Supreme Court posts Shelf Drilling/PayPal cases for final hearing in March

Jan 02, 2025

HC: Partially admits Revenue’s appeal against ITAT-order excluding comparables under ITeS, MSS segments

Dec 30, 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

Vinita Chakrabarti

(Associate Partner, Global Transfer Pricing Services, BSR & Co. LLP)

Transfer Pricing in an ESG Driven Economy- Transitioning from Tactical Compliance to Strategic Competitive Advantage

Jan 09, 2025

Expert Columns

CA Ajit Jain

Partner, AJMS Global

The Human Side of Transfer Pricing: A Behavioural Economics Perspective

Jan 08, 2025

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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  - Rulings
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  - Podcast
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LawStreetIndia
Library
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- Taxsutra Database
Reservoir
Greentick