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

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I-T - Deprtment is required to issue a tax withholding certificate, after dilating upon nature of transaction and recording prima-facie opinion: HC (See Breaking News)

TP - Transfer pricing adjustment framed by invoking Section 92BA is unsustainable where the provisions were omitted w.e.f. 01.04.2017 & ceased to exist thereafter: ITAT (See Breaking News)

TP - Mere broad functional similarity is insufficient for reliable analysis, even under Transactional Net Margin Method: ITAT (See Breaking News)

TP - AMP expenses cannot be benchmarked independently once entity-level TNMM has been applied, as segregating such expenses would result in double counting & contravene transfer pricing rules: ITAT (See Breaking News)

TP - A per settled legal position, incidental benefit to an AE does not convert routine AMP expenditure into an international transaction: ITAT (See Breaking News)

TP - Once international transaction is covered by binding APA, tax authorities can't make a disallowance u/s 37(1) on basis that expenditure was not incurred wholly & exclusively for purpose of business: ITAT (See Breaking News)

DTAA - Purpose of Art 25(1) of DTAA is limited to elimination of double taxation and cannot be interpreted to impose restrictions of domestic law on specific computational mechanism provided in Art 7(3) : ITAT SB (See Breaking News)

I-T - Apportionment of contract price into different cost centers and milestones, as pre-requisite of tender conditions, does not automatically render those activities severable from main object of contract: ITAT (See Breaking News)

I-T - If right to show cricket matches is confined to live telecast and payment made is only for matches held in series and not subsequent matches, such amount paid for transmission can't be considered as royalty: HC (See Breaking News)

I-T - Once receipts fall within definition of FTS under DTAA as well as domestic law, it becomes immaterial whether assessee has PE in India or not: 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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