Foreign Investment Facilitation Portal completes 5 years - Taxindiainternational.com

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NEWS FLASH

DTAA - Corporate charges paid for intra-group managerial, administrative, marketing & business support services & not making available any technical knowledge, cannot be treated as Fees for technical services: ITAT (See Breaking News)

I-T - Reimbursements of salary for seconded employees made on cost-to-cost basis without income element are not taxable in hands of foreign recipient: ITAT (See Breaking News)

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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Foreign Investment Facilitation Portal completes 5 years By TII News Service May 25, 2022 , New Delhi
853 FDI proposals have been disposed off through the Foreign Investment Facilitation Portal (FIF) since abolishment of Foreign Investment Promotion Board (FIPB). The proposal for abolition of FIPB was approved by the Union Cabinet in its meeting on 24 th May, 2017. Subsequent to abolition of the Foreign Investment Promotion Board (FIPB), granting of government approval for foreign investment under the extant FDI Policy and FEMA Regulations was entrusted to the concerned Administrative Ministries/Departments and Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, was made the nodal Department. The FDI proposals were, thereafter, required to be filed only on Foreign Investment Facilitation Portal (FIF Portal) at https://fifp.gov.in , which is managed by DPIIT. The proposals filed on FIF Portal are forwarded to the concerned Administrative Ministry and are also simultaneously marked to Ministry of External Affairs (MEA) and Reserve Bank of India (RBI) for comments and to Ministry of Home Affairs (MHA) for necessary security clearance, wherever required as per the FDI Policy/ FEM Regulations. A Standard Operating Procedure (SOP) for processing of FDI proposals, including documents to be filed, through FIF Portal was framed and laid down by DPIIT on 29 th June, 2017 with amendment on 09 th Jan, 2020. Since then, not only the FDI has increased so have the number of countries bringing in FDI into India. In FY 2014-15, FDI inflow in India stood at mere USD 45.15 billion, which increased to USD 60.22 billion in 2016-17 and further to the highest ever annual FDI inflow of USD 83.57 billion reported during the FY 2021-22 despite COVID-19 pandemic and recent Russia-Ukraine conflict. During FY 2021-22 FDI has been reported from 101 countries, whereas, it was reported from 97 countries during previous financial year (2020-21). Automated alerts through SMS and emails to concerned ministries/ departments are being used to regulate pendency of FDI proposals. Secretary, DPIIT reviews the pendency of FDI proposals across all ministries / departments on monthly basis. This has expedited the disposal of FDI proposals. Regular training sessions are also being conducted to educate ministries/departments regarding judicious and expeditious processing of FDI proposal. Regular round table conferences are conducted with investors and law firms alike to keep abreast of the practical issues and problems being faced at the ground level. The FDI proposal form on FIF Portal is regularly reviewed to reduce compliance burden on applicants. FAQs have been updated and placed on DPIIT website and on FIF Portal for ease of access. Hence, continuous effort is made by DPIIT to ensure that India remains an investor friendly destination.

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