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I-T - Filing of return for claiming benefit is procedural and benefit accrued to assessee can't be taken away on account of technicalities if there is genuine hardship: HC (See Breaking News)

TP - If assessee has already factored in impact of receivables on working capital and thereby on its pricing/profitability vis-a-vis that of its comparables, no further adjustment only based on outstanding receivables is permitted: ITAT (See Breaking News)

TP - Simply referring to CUP method without any reference to actual uncontrolled transaction and price charged therein, is indicative that no CUP method is adopted by TPO: ITAT (See Breaking News)

I-T - If shares did not fall in block of assets nor they are depreciable assets, and there is no sale of assets and company continued to hold asset in balance sheet, then sale of shares do not fall under mischief of Sec 50: ITAT (See Breaking News)

TP - Once assessee had used prescribed method u/s 92C and disclosed selection of filters, comparables, and operating margin computation in TP report, Explanation 7 to Sec 271(1)(c) for imposing penalty is not attracted: ITAT (See Breaking News)

I-T - Exercising substantial control over day-to-day operations of hotels, going well beyond mere advisory role, thereby qualify Hyatt International as Permanent Establishment: SC (See Breaking News)

I-T - Existence of Permanent Establishment is sufficient to attract tax liability for foreign entity in India, even in absence of exclusive possession of fixed place of business: SC (See Breaking News)

I-T -Temporary or shared use of premises, when combined with administrative or operational control, is adequate to establish PE, thereby triggering income tax liability in India: SC (See Breaking News)

DTAA - Mere availing of services that may require technical expertise would not qualify consideration paid for such services as FTS: HC (See Breaking News)

TP - TPO is not authorized to challenge commercial prudence or benefit derived from services in absence of substantive contrary evidence: ITAT (See Breaking News)

TP - Data under CUP method is not available and data of margins under TNMM is readily available, then it would be appropriate to apply TNMM method as Most Appropriate Method: ITAT (See Breaking News)

I-T - Non-resident bank can claim set off of current year business loss of PE against interest income earned from Indian customers, if treaty itself provides for taxability of income in terms with Income Tax Act: ITAT (See Breaking News)

I-T - Payments made to non-resident entities towards testing services are liable for deduction of tax at source u/s 195, if testing did not involve any transfer of technical knowledge: ITAT (See Breaking News)

INTL -Internal procedural variations or user functionalities within ITBA system cannot override statutory timelines: ITAT (See Breaking News)

INTL - Where no hierarchy for set-off is prescribed under the Act, therefore, assessee is entitled to adopt a beneficial order of set-off of capital losses: ITAT (See Breaking News)

INTL - Corporate guarantee falls within the scope of international transactions under the Act & in keeping with settled precedent, corporate guarantee fee be computed at 0.5%: ITAT (See Breaking News)

I-T - Any legal contention or even claim would be permissible to be raised for first time before appellate authority or Tribunal when facts necessary to examine such contention or claim are already on record: HC (See Breaking News)

I-T - Provisions of DTAA would override provisions of Income Tax Act if provisions of DTAA are more beneficial to assessee: HC (See Breaking News)

DTAA - Receipts for satellite data transmission services do not qualify as royalty either under the Act or DTAA & are not taxable in India in absence of permanent establishment: ITAT (See Breaking News)

DTAA - As per Article 12(4) of India-USA DTAA, for a service to be classified as Fees for Included Services, it must not only be technical or consultancy in nature but also make available technical knowledge, skill, know-how, or processes: ITAT (See Breaking News)

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