Extension of timelines for filing of various reports of audit for the Assessment Year 2024-25

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TP - Reference u/s 92CA(1) is transaction-specific and does not confer upon TPO a general jurisdiction to determine assessee's taxable income or applicability of treaty provisions: ITAT (See Breaking News)

I-T - Territorial jurisdiction is governed by location of AO who passed assessment order - cannot be conferred based on situs of First Appellate Authority: ITAT (See Breaking News)

TP - Notional interest adjustment on receivables is impermissible where receivables have not become overdue within relevant accounting period: ITAT (See Breaking News)

TP - Assessee is entitled to challenge comparable before DRP even if it accepts the same before TPO - comparability is to be determined in keeping with statutory requirements & relevant FAR analysis: ITAT (See Breaking News)

TP - Rate charged by State Electricity Board to industrial consumer should be taken as market value for transfer of electricity from eligible unit to non-eligible unit: ITAT (See Breaking News)

TP - TPO cannot reject assessee's selection of AE as tested party for export transactions and substituting GPL India as tested party: ITAT (See Breaking News)

I-T - Interest received from and paid to overseas head office and branches is not taxable at hands of PE applying doctrine of mutuality: ITAT (See Breaking News)

I-T - Mere fact that for limited purpose of attribution of profits under DTAA, a Permanent Establishment is treated as separate enterprise, does not alter fundamental legal position that Head Office and branch continue to constitute same juridical person: ITAT (See Breaking News)

TP - Interest rate on intra-group loans should not be benchmarked using CUP method: ITAT (See Breaking News)

TP - Mere attribution of percentages to functions, assets and risks, without reliable basis for quantifying respective economic contributions, cannot, by itself, establish ALP of licence fees: ITAT (See Breaking News)

TP - If assessee has filed financials of AEs to establish that payment received from assessee were subjected to taxation in their respective jurisdiction, benefit test has no relevance in determining ALP: ITAT (See Breaking News)

TP - Notional interest adjustment on debt-free company is not sustainable: ITAT (See Breaking News)

TP - Working capital adjustment, foreign exchange fluctuation adjustment, and capacity utilization adjustment, shall be applied to international transactions: ITAT (See Breaking News)

TP - Royalty payment made by assessee to its AE cannot be subjected to TP adjustment when royalty is not embedded in import price: ITAT (See Breaking News)

TP - Penalty u/s 271BA cannot be sustained where foundational provision, namely section 92BA(i), is already omitted when penalty proceedings were initiated & the penalty order was passed: ITAT (See Breaking News)

I-T - Services rendered by individual based on his personal expertise, market knowledge & industry experience cannot automatically be characterised as FTS just because they have consultancy attributes: ITAT (See Breaking News)

DTAA - Borrowed services fees does not satisfy 'make available' requirement under Article 13(4) of India-UK DTAA: ITAT (See Breaking News)

I-T - Profits attributable to non-UK resident partners of UK partnership firm providing legal services in India cannot be taxed as Fees for Technical Services u/s 9(1)(vii): ITAT (See Breaking News)

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Extension of timelines for filing of various reports of audit for the Assessment Year 2024-25 By TII News Service Sep 29, 2024 , New Delhi
Untitled Document GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULAR NO 10/2024; Dated: September 29, 2024 Subject: - Extension of timelines for filing of various reports of audit for the Assessment Year 2024-25- reg. On consideration of difficulties faced by the taxpayers and other stakeholders in electronic filing of various reports of audit under the provisions of the Income-tax Act, 1961 (Act), the Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Act, extends the specified date of furnishing of report of audit under any provision of the Act for the Previous Year 2023-24, which was 30th September, 2024 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, to 07th October, 2024. [F. No. 225/205/2024/ITA-II] (Dr. Castro Jayaprakash.T) Under Secretary to the Government of India

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