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

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DTAA - provision of technical services does not per se suffice for consideration for services to qualify as Fees for Included Services: ITAT (See 'Breaking News')

DTAA - Make available entails transmitting technical knowledge such that service recipient derives enduring benefit & utilizes such technical knowledge or skill in future without aid from service provider: ITAT (See 'Breaking News')

DTAA - That provision of service may require technical input by the person providing the same, it does not per se mean that technical knowledge, skills, is made available to service recipient: ITAT (See 'Breaking News')

INTL - Once clinical trial expenses incurred outside approved R&D facilities, are approved by prescribed authority, then assessee is entitled to claim deduction u/s 35(2AB): ITAT (See 'Breaking News')

TP - Functional dissimilarity is sufficient for excluding comparables for purposes of benchmarking: HC (See 'Breaking News')

TP - Once working capital adjustment is granted to assessee, there is no need for further imputation of interest on outstanding receivables at end of year: HC (See 'Breaking News')

INTL - Final assessment order merits being quashed where it is largely a copy of draft assessment order & omits to consider directives given by DRP: ITAT (See 'Breaking News')

TP - If TPO fails to answer issue of international transactions bearing in mind Explanation (i)(c) of Section 92B, no addition of arms' length interest is warranted on account of delayed receivables: HC (See 'Breaking News')

I-T- For activity of assessee to be in charitable in nature, services rendered must commensurate with benefit that may arise to such poor people : ITAT (See 'Breaking News')

I-T - Fees received by the foreign branch of banking company for extending credit line to account holder outside India, would not be taxable in India: HC (See 'Breaking News')

TP - Once ALP principle is satisfied, no further profit is attributable even if there is PE in India: HC (See 'Breaking News')

TP - Additions on account of Advertising, Marketing & Promotional expenses are unwarranted where no evidence exists to suggest arrangement between Indian assessee & its AE abroad: HC (See 'Breaking News')

TP - There is no thumb rule of applicability of LIBOR plus basis points, considering that it depends upon various factors: ITAT (See 'Breaking News')

DTAA - India-Ireland treaty exempts aircraft leasing activity from taxation; revenue arising therefrom not treatable as royalty; provisions of DTAA supersede those of I-T Act insofar as they are beneficial to assessee: HC (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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