Clarifications on implementation on GAAR provisions under Income Tax Act, 1961

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INTL - Assessee, a non-resident, was unable to respond to re-assessment notices due to them being sent to an inactive email address; case remanded: ITAT (See Breaking News)

I-T - Whether entity is PE of foreign company or not, is 'fact-specific' issue which must be examined separately for different tax periods: HC (See Breaking News)

I-T - If there is no change in factual matrix & business operations of assessee in relevant year, as compared to earlier & subsequent years, then taxation of assessee's revenue may be based on MAP resolution: ITAT (See Breaking News)

TP - Delay in share allotment due to absence of required approvals from SAIF Zone Authority, which had not been obtained despite application being filed, cannot lead to such transaction being treated as loan: ITAT (See Breaking News)

I-T - If there is valid disclosure made by assessee and AO was duly apprised of factum of merger, then draft assessment order passed in name of party which no longer existed on that date, is not curable: HC (See Breaking News)

TP - Software developer which also renders engineering services, in absence of information about operating profit from its software development segment, can't be compared to pure software developer: ITAT (See Breaking News)

TP - There is no bar in selecting a foreign entity as a tested party if the arm's-length price of international transaction by selecting reliable method and reliable comparability analysis can be made: ITAT (See Breaking News)

I-T - If Indian counterpart has not entered into any agreement to provide services related to sales/ marketing of foreign company's products, then concept of Dependent Agency PE does not arise: ITAT (See Breaking News)

I-T - Web hosting charges and other non-domain services charges can't be construed as FTS, just because it is ancillary & subsidiary to application or enjoyment of domain name registration: ITAT (See Breaking News)

I-T - Commission payments made to non-resident agents for services rendered outside India, does not attract Sec 195: ITAT (See Breaking News)

TP - Disallowances made by AO cannot be sustained where they are framed in excess of jurisdiction & in contravention of the directions issued by the DRP: ITAT (See Breaking News)

I-T - While passing order u/s 263, PCIT can't enlarge his scope of revisionary proceedings by asking AO to re-examine issue of inter-unit sale within same company and eligibility for deduction u/s 80IA(4)(iv): ITAT (See Breaking News)

TP - In absence of any arrangement between assessee and AE pertaining to AMP expenses, onus of proof lies on Revenue to prove that there was international transaction in existence: ITAT (See Breaking News)

TP - Notional cost cannot be treated as part of operating cost of ITES provider, to work out its PLI: ITAT (See Breaking News)

I-T - Nexus between borrowed loan and advance given by assessee to AEs, needs to be considered, for determining arm's length interest on advances made to AEs: ITAT (See Breaking News)

I-T - Secondment of employee to India which has no nexus with generation of income of foreign holding company, is not deemed PE, hence not taxable in India: HC (See Breaking News)

TP - Penalty imposed u/s 271G is unsustainable where omission to maintain records of specified domestic transactions or international transactions, is due to reasonable cause, namely practical difficulties entailing the diamond trade: ITAT (See Breaking News)

I-T - Revisionary power rightly exercised where AO reduces assessee's LTCG liability without verifying why assessee acquired the land & building without paying stamp duty: ITAT (See Breaking News)

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Clarifications on implementation on GAAR provisions under Income Tax Act, 1961 By TII News Service Jan 27, 2017 , New Delhi
Clarifications on implementation on GAAR provisions under Income Tax Act, 1961

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