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I-T - Expatriate salary for employees working exclusively in India is not head office expenditure u/s 44C: ITAT (See Breaking News)

TP - TPO's approach of comparing inter-unit transfers of semi-finished goods with third-party sales of finished goods, while ignoring variations in product mix & market dynamic, is invalid: ITAT (See Breaking News)

TP - TPO's approach of comparing inter-unit transfers of semi-finished goods with third-party sales of finished goods, while ignoring variations in product mix & market dynamic, is invalid: ITAT (See Breaking News)

TP - Once the genuineness of scientific research expenditure is undisputed, any amount not certified for weighted deduction must be allowed as a normal deduction u/s 35(1)(iv): ITAT (See Breaking News)

I-T - Merely because broken-period amount was received from the purchaser of the NCDs, instead of the issuer, its character would not change from interest to capital gains : ITAT (See Breaking News)

I-T - Separate adjustment was warranted merely because no interest was charged to non-AEs where assessee had not furnished sufficient details or evidence to substantiate the claim : ITAT (See Breaking News)

I-T - Interest from third-party overseas banks is only taxable if debt is used for business carried on in India, otherwise it falls outside scope of Sec 9(1)(v)(c): ITAT (See Breaking News)

TP - TPO not justified in determining value of management services at nil using CUP method when assessee establishes actual rendition of services through supporting evidence: ITAT (See Breaking News)

TP - ALP for particular transaction cannot be determined as nil merely because assessee had not established immediate or quantifiable benefit from each individual service: ITAT (See Breaking News)

TP - TPO cannot assume the place of a businessperson so as to question commercial expediency of any transaction or the need to avail services from an AE: ITAT (See Breaking News)

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Exchange facility to foreign citizens By TII Jan 13, 2017 , New Delhi
A P (DIR Series) CIRCULAR NO 24/RBI., Dated: January 3, 2017 Exchange facility to foreign citizens Attention of Authorized Persons is invited to the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 permitting foreign citizens to exchange foreign exchange for Indian currency notes up to a limit of Rs 5000/- per week till December 15, 2016 and extended up to December 31, 2016 vide A.P. (DIR Series) Circular No. 22 dated December 16, 2016. 2. On a review it has been decided that the instructions contained in the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 shall continue to be in force till January 31, 2017. 3. Authorised Persons may follow the above instructions and bring the contents of this circular to the notice of their constituents. 4. The directions contained in this circular have been issued under Section 10(4) and Section 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/2016-17/208 (Shekhar Bhatnagar) Chief General Manager-In-Charge

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