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DTAA - Support services being of nature of routine administrative & business-support services, fall within definition of royalty under relevant DTAAs: ITAT (See Breaking News) TP - Certain companies merit being dropped as comparables where their activities are functionally different from those of the assessee : ITAT (See Breaking News) TP - LIBOR rate plus 300 bps should be applied for benchmarking interest on loans to subsidiaries repayable in foreign currency: ITAT (See Breaking News) TP - High-end KPO services involving specialized domain expertise such as engineering design and data analytics are not comparable to low-end BPO services such as payroll and accounts reconciliation: ITAT (See Breaking News) INTL - Although outstanding receivables from an AE constitute a separate international transaction amenable to benchmarking, determination of ALP has to depend upon the facts and circumstances of each case: ITAT (See Breaking News) TP - An APA concluded by CBDT, though not directly applicable to earlier AY, has significant persuasive value where nature of international transactions & FAR profile remain comparable: ITAT (See Breaking News) INTL - Penalties u/s 271AA & 271G not valid where AO failed to point out any specific missing documents & where TPO already accepted transactions at arm's length after verification: ITAT (See Breaking News) TP - Huge turnover or profit cannot serve as sole basis for exclusion of comparable if company is otherwise functionally comparable under Rule 10B(2): ITAT (See Breaking News) TP - Once tested party's margins are found to be at arm's length under TNMM, and adequate working capital adjustment is made, no separate adjustment on account of notional interest on delayed receivables from AEs is warranted: ITAT (See Breaking News) TP - For benchmarking interest on External Commercial Borrowing obtained from Associated Enterprise, CUP method is most appropriate method, as price of lending transaction can be directly compared with comparable uncontrolled loans: ITAT (See Breaking News) TP - AMP and R&T expenses do not constitute 'international transactions' u/s 92B in absence of agreement to provide services to AEs: ITAT (See Breaking News) DTAA - Receipts received by Hong Kong tax-resident assessee for providing managed, systems integration and hi-tech transactional services to Standard Chartered Bank through its Indian group company, not taxable in India as royalty or FTS: ITAT (See Breaking News)
 
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CBDT creates 13 posts of CIT (DR) & (DRP) by diverting posts of CIT(A)
By TII News Service
Apr 17, 2017 , New Delhi

    
CBDT creates 13 posts of CIT (DR) & (DRP) by diverting posts of CIT(A) F.No.A-35015/59/2016-Ad.VI GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI ORDER NO 52/2017, Dated: April 13, 2017 The following post in the grade of Commissioner of Income Tax [CIT (DR) (AAR), CIT (DRP), CIT (DR) (ITAT) & CIT (APA)] are created by diversion of the existing post of CIT (A) as mentioned against the post: S.No. Station Post of CIT to be created Post to be diverted 1 National Capital Region Bench CIT (DR)(AAR), NCR CIT (A), Special Range, Delhi 2 Mumbai Bench CIT (DR)(AAR), Mumbai CIT (A)-27, Mumbai 3 Mumbai CIT(DRP) CIT (A)-2, Jabalpur 4 Mumbai CIT(DRP) CIT(A)-4, Nagpur 5 Mumbai CIT(DRP) CIT(A), Muzzaffarpur 6 Bengaluru CIT(DRP) CIT(A)-4, Kochi 7 Bengaluru CIT(DRP) CIT(A), Cuttack 8 Bengaluru CIT(DRP) CIT(A), Faizabad 9 Tamil Nadu & Pondicherry CIT(DR)(ITAT)-3, Chennai CIT(A)-3, Madurai 10 Tamil Nadu & Pondicherry CIT(DR)(ITAT)-4, Chennai CIT(A)-2, Tiruchirappali 11 Rajasthan CIT(DR)(ITAT), Jaipur CIT(A)-5, Jaipur 12 Mumbai CIT(APA), Mumbai CIT(A)-11, Mumbai 13 Bengaluru CIT(APA), Bengaluru CIT (A)-8, Bengaluru 2. This issues with the approval of Hon'ble Finance Minister. 3. Hindi version of this order will follow. (Brij Mohan) Under Secretary to the Government of India
 
 
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