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I-T - 'Test of imparting' is touchstone if foreign entity continues to use its own industrial and commercial experience to render services, and essence of royalty lies in alienation, not in application: ITAT (See Breaking News)

I-T - Reimbursements of expenses made on cost to cost basis, i.e. without any markup, cannot be treated as FIS, in absence of make available clause: ITAT (See Breaking News)

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TP - If there was no value addition, and assessee only sought reimbursement of expenses on cost to cost basis, no ALP adjustment is permitted on account of same: ITAT (See Breaking News)

DTAA - Concepts like virtual PE or Significant Economic Presence, while reflecting evolving international taxation trends, cannot be judicially read into a DTAA, absent express amendment: HC (See Breaking News)

DTAA - OECD materials and practices of other jurisdictions are not relevant against clear language in relevant DTAA: HC (See Breaking News)

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Authorised Dealers Category-II - Online submission of Form A2 By TII News Service Apr 12, 2023 , New Delhi
A.P. (DIR Series) CIRCULAR NO 02/RBI, Dated: April 12, 2023 To, All Authorised Dealers in Foreign Exchange Authorised Dealers Category-II - Online submission of Form A2 Attention of Authorised Dealer (AD) Category-I banks and AD Category-II entities is invited to paragraph 4 of A.P. (DIR Series) Circular No. 50 dated February 11, 2016 on ‘Compilation of R-Returns: Reporting under FETERS’ in terms of which AD banks, offering internet banking facilities to their customers were permitted to allow online submission of Form A2. 2. It has now been decided to permit AD Category-II entities also to allow online submission of Form A2. AD Category-II entities shall frame appropriate guidelines with the approval of their Board within the ambit of extant statutory and regulatory framwework. 3. The terms and conditions mentioned in aforesaid A.P. (Dir Series) circular No. 50 dated February 11, 2016 shall continue to apply, as hitherto, to all Authroised Dealers. The relevant provisions of FEMA 1999, and ‘Master Direction – Know Your Customer (KYC) Direction, 2016’ as updated from time to time, issued by the Department of Regulation, RBI, have to be complied with by the ADs, for all transactions. 4. Authorised Dealers may bring the contents of this circular to the notice of their constituents. 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/2023-24/16] (Vivek Srivastava) Chief General Manager

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