FDI rises 15% in April-September to USD 30billion - Taxindiainternational.com

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INTL - Delay in filing Form 67 is procedural & directory in nature & cannot be a ground to deny substantive relief of Foreign Tax Credit: ITAT (See Breaking News)

I-T - Time-limits prescribed u/s 153 are applicable to final assessment orders passed under Section 143(3) r/w/s 144C(13): ITAT (See Breaking News)

TP - TPO's action of determining ALP at NIL without applying any prescribed method u/s 92C & without properly rejecting assessee's benchmarking analysis, is unsustainable: ITAT (See Breaking News)

I-T - Entitlement to tax withholding certificate at ‘NIL' rate depends on agreement between parties: HC (See Breaking News)

TP - Overdue receivables from AE are considered a separate international transaction of 'capital financing' under Explanation 1(c) to Section 92B and must be benchmarked separately: ITAT (See Breaking News)

INTL -Limitation prescribed u/s 153 continues to apply even where assessment is framed through draft order procedure u/s 144C: ITAT (See Breaking News)

INTL - Where final assessment order had been passed beyond outer time limit prescribed u/s 153 r/w Section 144C, the order is thus barred by limitation & therefore liable to be quashed: ITAT (See Breaking News)

I-T - Nature of adjudication by AAR is akin to 'reference', and application u/s 245Q is covered under ambit of any proceedings as mentioned in Sec 150: HC (See Breaking News)

I-T - Provisions of Section 144C are part of assessment procedure and do not override absolute limitation period set by Section 153 for completion of assessment: ITAT (See Breaking News)

I-T - Period of limitation for passing final assessment order u/s 144C(13) must be determined by combined reading of Section 144C and Section 153: ITAT (See Breaking News)

I-T - Payments made by Indian subsidiary to its foreign parent company as reimbursement for arranging centralized facilities that support subsidiary's business operations are classifiable as 'managerial services', taxable as FTS: ITAT (See Breaking News)

I-T - Final assessment order passed beyond statutory time limit prescribed under Section 153 is barred by limitation and is liable to be quashed: ITAT (See Breaking News)

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FDI rises 15% in April-September to USD 30billion By TII News Services Nov 28, 2020 , New Delhi
Global investors preferred India's enabling environment, as foreign direct investment (FDI) into the country grew by 15% to USD 30 billion during the first half of the current fiscal compared to the same time period last year, according to government data released today. The Department for Promotion of Industry and Internal Trade (DPIIT) noted that FDI into India had also doubled to USD 28.2 billion in the July-September quarter from USD 14.06 billion in the same period last year. “Despite COVID, FDI doubles year-on-year. Indicating global investors' preference for India's enabling environment under Prime Minister [Mr] Narendra Modiji, ” tweeted Commerce and Industry Minister, Mr Piyush Goyal. In July, India attracted USD 17.5 billion worth of foreign investments. Sectors which attracted maximum foreign inflows during April-September 2020-21 were computer software and hardware (USD 17.55 billion), services (USD 2.25 billion), trading (USD 949 million), chemicals (USD 437 million) and automobile (USD 417 million). Singapore was the top destination for FDI equity inflow during the period, with USD 8.3 billion investments. This was followed by the U.S. (USD 7.12 billion), Cayman Islands (USD 2.1 billion), Mauritius (USD 2 billion), the Netherlands (USD 1.49 billion), UK (USD 1.35 billion), France (USD 1.13 billion) and Japan (USD 653 million). FDI is a major driver of economic growth in the country with states such as Gujarat (USD 18.59 billion), Maharashtra (USD 10.88 billion) and Karnataka (USD 7.94 billion) attracting the highest equity inflows.

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