RBI issues Circular on Payment of margins for transactions in Government Securities by - Taxindiainternational.com

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TP - In absence of agreement, arrangement, or understanding between assessee & its AE to share or incur AMP expenses for sole benefit of AE, domestic AMP spending cannot be characterized as international transaction u/s 92B: ITAT (See Breaking News)

TP - No notional interest can be imputed on trade receivables if assessee is debt-free entity: ITAT (See Breaking News)

TP - While an APA is not strictly binding on AYs outside its formal coverage, pricing methodology & agreed margins have strong persuasive value, if functional, asset & risk profiles & nature of international transactions are same: ITAT (See Breaking News)

I-T - Regulatory evidence from bank and RBI confirming identity theft and fraudulent account opening overrides any presumptions arising solely from SFT data: ITAT (See Breaking News)

I-T - Expatriate salary for employees working exclusively in India is not head office expenditure u/s 44C: ITAT (See Breaking News)

TP - TPO's approach of comparing inter-unit transfers of semi-finished goods with third-party sales of finished goods, while ignoring variations in product mix & market dynamic, is invalid: ITAT (See Breaking News)

TP - TPO's approach of comparing inter-unit transfers of semi-finished goods with third-party sales of finished goods, while ignoring variations in product mix & market dynamic, is invalid: ITAT (See Breaking News)

TP - Once the genuineness of scientific research expenditure is undisputed, any amount not certified for weighted deduction must be allowed as a normal deduction u/s 35(1)(iv): ITAT (See Breaking News)

I-T - Merely because broken-period amount was received from the purchaser of the NCDs, instead of the issuer, its character would not change from interest to capital gains : ITAT (See Breaking News)

I-T - Separate adjustment was warranted merely because no interest was charged to non-AEs where assessee had not furnished sufficient details or evidence to substantiate the claim : ITAT (See Breaking News)

I-T - Interest from third-party overseas banks is only taxable if debt is used for business carried on in India, otherwise it falls outside scope of Sec 9(1)(v)(c): ITAT (See Breaking News)

TP - TPO not justified in determining value of management services at nil using CUP method when assessee establishes actual rendition of services through supporting evidence: ITAT (See Breaking News)

TP - ALP for particular transaction cannot be determined as nil merely because assessee had not established immediate or quantifiable benefit from each individual service: ITAT (See Breaking News)

TP - TPO cannot assume the place of a businessperson so as to question commercial expediency of any transaction or the need to avail services from an AE: ITAT (See Breaking News)

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RBI issues Circular on Payment of margins for transactions in Government Securities by By TII News Service Jun 04, 2021 , New Delhi
A.P.(DIR Series) CIRCULAR NO 06/RBI, Dated: June 04, 2021 To, All Authorized Persons Payment of margins for transactions in Government Securities by Foreign Portfolio Investors Attention is invited to the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 notified, vide Notification No. FEMA 3(R)/2018-RB dated December 17, 2018, as amended from time to time, and the relevant directions issued thereunder. 2. All transactions in government securities concluded outside the recognized stock exchanges are settled on a guaranteed basis by the Clearing Corporation of India Ltd. (CCIL) which acts as the central counter party. Based on requests received, it has been decided to allow banks in India having an Authorised Dealer Category-1 licence under FEMA, 1999 to lend to Foreign Portfolio Investors (FPIs) in accordance with their credit risk management frameworks for the purpose of placing margins with CCIL in respect of settlement of transactions involving Government Securities (including Treasury Bills and State Development Loans) by the FPIs. 3. Necessary amendments to Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 have been carried out, vide Notification No. FEMA 3(R)2/2021-RB dated May 24, 2021. 4. These Directions shall be applicable with immediate effect. 5. The Directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law. [RBI/2021-22/48] (Dimple Bhandia) Chief General Manager

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