Making references to the Approving Panel under the provisions of General Anti-Avoidance Rules (GAAR) as per section 144BA of the Income-tax Act, 1961

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I-T - Non-obstante clause in Section 144C(13) does not override overall time limits of Section 153: ITAT (See Breaking News)

I-T - Outer time limit of 33 months in case of reference to TPO u/s 153 refers to final order, and entire proceedings must be concluded within prescribed time limits: ITAT (See Breaking News)

TP - Bright Line Test is invalid method for determining existence of international transaction involving AMP expenses or for computing its Arm's Length Price: ITAT (See Breaking News)

I-T - Final assessment orders passed beyond period of limitation for passing order u/s 144C(13) r/w/s 153 are barred by limitation: ITAT (See Breaking News)

DTAA - Difference between 100% disallowance u/s 40(a)(i) for payments to non-residents & 30% disallowance u/s 40(a)(ia) for payments to residents results in discriminatory treatment, which is hit by Article 26(3) of India-USA DTAA: ITAT (See Breaking News)

DTAA -Power of revision cannot be exercised where both conditions of the order being erroneous as well as prejudicial to revenue's interest, are not satisfied: ITAT (See Breaking News)

I-T - Dates on which final assessment orders were passed are beyond period of limitation u/s 144C(13) r.w.s. 153, and deserves to be quashed: ITAT (See Breaking News)

TP - Comparing controlled transactions with other controlled transactions is contrary to Section 92F(ii): ITAT (See Breaking News)

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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Making references to the Approving Panel under the provisions of General Anti-Avoidance Rules (GAAR) as per section 144BA of the Income-tax Act, 1961 By TII News Service Apr 07, 2021 , New Delhi
F.No.226/29/2019/IT A-II GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NEW DELHI Dated: April 07, 2021 To All Principal Chief Commissioners of Income-tax/ Principal Director Generals of Income-tax All Chief Commissioners of Income-tax / Director Generals of Income-tax Act Subject: Making references to the Approving Panel under the provisions of General Anti-Avoidance Rules (GAAR) as per section 144BA of the Income-tax Act, 1961 - reg. 1. The provisions of GAAR have been made applicable with effect from Financial Year 2017-18 relevant for the Assessment Year 2018-19. As per the GAAR provisions, the references to the Approving Panel arc required to be made in cases in which the Pr. Commissioner of Income-tax or Commissioner of Income-tax, consequent upon receipt of the reference from the Assessing Officer for declaring arrangement as an impermissible avoidance arrangement and determination of consequences thereof, issues notice to the assessee; to which the assessee objects and the Pr. Commissioner of Income-tax or Commissioner of Income-tax is not satisfied by the explanation of the assessee for objecting to the said clause of notice. 2. Composition of Approving Panel: (i) A person, who is or has been a Judge of a High Court - Chairman (ii) Member of Indian Revenue Service, not below the rank of Principal Chief Commissioner or Chief Commissioner of Income Tax - Member (iii) An Academic or Scholar having special knowledge of matters such as Direct Taxes, Business Accounts and International Trade Practices- Member Further, a Secretariat will also be set up for providing secretarial assistance to the Approving Panel under GAAR provisions. 3. As the time limit for completion of assessment for the A.Y 2018-19 is expiring on 30.04.2021, references are likely to be received under the GAAR provisions. Therefore, the Board, in exercise of its powers under section 119 of the Income-tax Act, 1961, hereby directs that till the time the Secretariat of the Approving Panel under GAAR is set up, references to the Approving Panel under section 144BA of the Act shall be sent to the following office: O/o Under Secretary/ DCIT(OSD) (ITA-II), CBDT Room No.245A, North Block Department of Revenue Ministry of Finance New Delhi-110001 4. The above office shall compile all such references received and forward the same to the Secretariat of the Approving Panel, once the same is set up. 5. This issues with the approval of Chairman, CBDT Ravinder Maini Director (ITA-II), CBDT

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