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

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DTAA - Deploying specialized software, technical resources, or copyrighted items as medium to deliver services does not amount to granting right to use copyright or intellectual property per India-USA DTAA; consideration payable therefor is not Royalty: ITAT (See Breaking News)

I-T - Assessee is entitled to concessional rate u/s 115BAA despite delayed filing of Form 10-IC, when option had already been exercised in return of income: ITAT (See Breaking News)

INTL - Once Revenue accepts that no income is taxable in India for relevant AY, the corresponding TDS deducted at source cannot be withheld & assessee is entitled to claim credit per Rule 37BA of I-T Rules: ITAT (See Breaking News)

INTL - Digital transmission & uploading of orders on ITBA portal is valid receipt by AO, effectively starting limitation clock from that date rather than from any subsequent physical handling or note-sheet entry: ITAT (See Breaking News)

DTAA - Payment for managerial, technical or consultancy services constitutes Fees for Technical Services only where such services are provided by resident of one contracting State in other contracting State: ITAT (See Breaking News)

I-T - Final assessment order passed u/s 143(3), 144C(13) and 144B can be quashed as time-barred if it is passed beyond outer limitation prescribed u/s 153 r/w/s 144C: ITAT (See Breaking News)

I-T - Subsidiary with own manufacturing unit, independent customer base can't not be treated as economically dependent on its foreign parent, and does not constitute a Dependent Agency PE: ITAT (See Breaking News)

TP - Fully & compulsorily convertible debentures retain their character as debt until actually converted into shares & regulatory frameworks or accounting standards operating in different fields cannot be imported to alter this position for transfer-pricing purposes: ITAT (See Breaking News)

TP - Revenue must first establish existence of international transaction regarding AMP expenses de hors Bright Line Test, which has no statutory mandate: ITAT (See Breaking News)

I-T - Requirement of furnishing Form 67 is directory and procedural & cannot override substantive entitlement to credit for foreign taxes paid u/s 90 or 90A: ITAT (See Breaking News)

TP - For cross-border transactions involving foreign currency receivables, the appropriate interest rate to adopt is LIBOR rate rather than domestic rates: 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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