Ex-post facto extension of due date for filing Form No. 26QE which was required to be filed during the period 01.07.2022 to 28.02.2023 (pertaining to F.Y. 2022-23)

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TP - High cost for services rendered for implementing a software does raise doubts, but mere suspicion is no basis for holding that no services were rendered by AE for said purpose: ITAT (See 'Breaking News')

TP - Companies which are distinct from assessee on account of high turnover, functional dis-similarity & difference in working capital merit being excluded as comparables for benchmarking purposes: ITAT (See 'Breaking News')

INTL -Income of a non-resident assessee cannot be taxed in India where such person is employed abroad during relevant period: ITAT (See 'Breaking News')

DTAA - Fee received for providing technical non-invasive inspection & integrity assessment services for offshore pipelines, cannot be taxed as Fees for Technical Services, considering that Make Available requirement is not satisfied in this case: ITAT (See 'Breaking News')

I-T - Receipts from supply of software products cannot be taxed as royalty or FIS, in absence of transfer of any technical know-how with those products: ITAT (See 'Breaking News')

I-T - It is wholly inequitable for Department to give short credit to tax duly deducted and deposited based on claim that may be made in return of income: HC (See 'Breaking News')

I-T - Bandwidth charges remitted to telecom service providers cannot be treated as royalty either under treaty provisions or u/s 9(1)(vi) of Income tax Act, and hence does not attract TDS: ITAT (See 'Breaking News')

DTAA - Notion that enduring benefit gained by client through repairs & maintenance is akin to make available, is incorrect: ITAT (See 'Breaking News')

DTAA - Providing customer-based information & guidance does not entail problem solving skills or operations or knowledge which allows recipient to perform services independently in future; consideration therefor not treatable as FTS: ITAT (See 'Breaking News')

INTL - Revisionary order passed u/s 263 is invalid, where assessee is not given opportunity to contest the allegations levelled by the CIT: HC (See 'Breaking News')

INTL - Buyback transactions would not be treated as transfer for capital gains purposes; power of revision is unwarrantedly exercised where it is based on a hypothetical assumption of facts: ITAT (See 'Breaking News')

TP - Resale Price Method for benchamarking purposes is appropriate for assessee-company whose activities are limited to purchasing & reselling products without adding any value & which is consistent with those of a routine distributor: HC (See 'Breaking News')

I-T - Payments made overseas for general support services, for which no technology was made available, cannot be taxed as 'FTS': ITAT (See 'Breaking News')

I-T - If purported reasons that prompted AO to reassess and disallow DAP expenditure incurred on production, only demonstrate change of opinion on part of AO, then same can't form basis of reopening: HC (See 'Breaking News')

INTL - Re-assessment proceedings invalidated where based on erroneous information & where commenced in a mechanical manner & without due application of mind: ITAT (See 'Breaking News')

TP - AO could not have assumed jurisdiction u/s 147 based on audit objections after expiry of four years from relevant A.Y: HC (See 'Breaking News')

INTL - Additions framed u/s 69 are invalid where assessee substantiates nature & source of investment & thus discharges onus of proof: ITAT (See 'Breaking News')

DTAA - Comparable company merits being excluded where it operates with extraordinary margins & diverse business interests, including intangibles in contrast to assessee-company: ITAT (See 'Breaking News')

TP - As is trite law, transfer pricing adjustment has to be done only in respect of international transactions with associated enterprises & not at entity level: ITAT (See 'Breaking News')

DTAA - Payments made by Google India Pvt Ltd. to Google Ireland Limited (GIL) for the Adwords program are not in the nature of royalty or FTS & therefore, cannot be taxed in the hands of assessee: ITAT (See 'Breaking News')

TP - No separate ALP adjustment is required for payment of royalty if TNMM approach has been adopted at entity level: ITAT (See 'Breaking News')

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Ex-post facto extension of due date for filing Form No. 26QE which was required to be filed during the period 01.07.2022 to 28.02.2023 (pertaining to F.Y. 2022-23) By TII News Service Mar 08, 2024 , New Delhi
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULAR NO 04/2024, Dated: March 07, 2024 Sub: Ex-post facto extension of due date for filing Form No. 26QE which was required to be filed during the period 01.07.2022 to 28.02.2023 (pertaining to F.Y. 2022-23) - reg. As per section 194S of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), any person responsible for paying to any resident person any sum by way of consideration for the transfer of a virtual digital asset is required to deduct an amount equal to 1% of such sum as income tax thereon. Further, as per sub-rule (4D) of rule 31A, a 'specified person' is required to report such deductions in a challan-cum-statement electronically in Form No. 26QE within thirty days from the end of the month in which such deduction is made. 2. It has come to the notice of the Central Board of Direct Taxes ('the Board') that specified persons who deducted tax under section 194S of the Act during the period from 01.07.2022 to 31.01.2023, could not file Form No. 26QE and pay corresponding TDS on or before the due date, due to unavailability of Form No. 26QE. This has resulted in consequential levy of fee under section 234E and interest under clause (ii) of sub-section (1A) of section 201 of the Act. Further, the specified persons who deducted tax under section 194S during the period from 01.02.2023 to 28.02.2023 had insufficient time to file Form No. 26QE and pay corresponding TDS thereon. 3. In order to address the grievances of such specified persons and in exercise of the powers conferred under section 119(2)(a) of the Act, the Board has decided to, ex-post facto, extend the due date of filing of Form No. 26QE for specified persons who deducted tax under section 194S but failed to file Form No. 26QE. The due date is hereby extended to 30.05.2023 in those cases where the tax was deducted by specified persons under section 194S of the Act during the period from 01.07.2022 to 28.02.2023. Fee levied under section 234E and/or interest charged under section 201(1A)(ii) of the Act in such cases for the period upto 30.05.2023, shall be waived. 4. It is clarified that the above extension is a one-time exception in view of the circumstances referred to above. 5. Hindi version shall follow. [F. No. 275/01/2023-IT(B)] (Sunil Kumar) Under Secretary to Government of India

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