CBDT reduces period of furnishing report by Indian constituent of international group belonging to a jurisdiction with which India has no agreement for exchange of report - Taxindiainternational.com

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INTL - Denial of Foreign Tax Credit solely based on a clerical & unintentional error in Form 67 unsustainable, considering that technical errors cannot be used to defeat substantive claims: ITAT (See Breaking News)

I-T - Profits derived from transportation of passengers under code sharing arrangement is to be treated as profits from operation of aircrafts: ITAT (See Breaking News)

TP- ICDS-I principles take precedence over Ind-AS, requiring use of cost price or acquisition cost of investments: ITAT (See Breaking News)

TP - If final assessment order passed by AO u/s 143(3) r.w.s. 144C(13) r.w.s. 144B is beyond upper time limit provided u/s 153(1) and Section 153(4), then said order is beyond limitation period: ITAT (See Breaking News)

I-T - Attribution of revenue to a Permanent Establishment does not limit deduction of expenses incurred to earn that revenue: HC (See Breaking News)

I-T - Assessee's statutory right to have objections adjudicated by DRP u/s 144C cannot be defeated by bona fide procedural error, such as filing objections with incorrect AO: HC (See Breaking News)

I-T - Where assessee, eligible u/s 144C has filed objections to draft assessment order before DRP, AO cannot lawfully pass final assessment order: HC (See Breaking News)

I-T - Authority deciding applications u/s 197 is obligated to decide as per provisions of Income Tax Act, and with due regard to treaties between countries, without being influenced by revenue targets: HC (See Breaking News)

I-T - If non-resident's income from mineral oil exploration activities qualifies as FTS or Royalty and is connected to Permanent Establishment in India, it must be taxed u/s 44DA, which overrides Section 44BB: HC (See Breaking News)

TP - Failure of TPO to supply copies of agreements that form basis of its findings constitutes violation of principles of natural justice: HC (See Breaking News)

Services trade expands modesty in Q4 of OECD Area (See TII Brief)

I-T - If operation of airline services is exempt from taxation under relevant DTAA & Income Tax Act, and if there is no outstanding tax demand, competent authority is required to issue NIL certificate u/s 197 for such exempt income: HC (See Breaking News)

I-T - Scheme of Section 144C is designed to protect the principles of natural justice and that administrative mechanisms should be put in place to ensure that objections are duly communicated to the AO: HC (See Breaking News)

I-T - Objective of Sec 197 is to ensure that where transaction is not taxable, tax is not deducted, thereby protecting assessee's cash flow and preventing Revenue from being burdened with interest on refunds: HC (See Breaking News)

DTAA - A Permanent Establishment is to be treated as distinct & separate enterprise & all expenses attributable to it must be allowed, in absence of any specific restriction in DTAA: ITAT (See Breaking News)

TP - Time limit for completion of assessment prescribed u/s 153 is definitive outer limit that must be adhered to: ITAT (See Breaking News)

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CBDT reduces period of furnishing report by Indian constituent of international group belonging to a jurisdiction with which India has no agreement for exchange of report By TII News Service Dec 26, 2018 , New Delhi
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULAR NO 09/2018, Dated: December 26, 2018 Order under section 119 of the Income-tax Act, 1961 Vide Notification in GSR 1217 (E) dated December 18, 2018 with effect from the date of its publication in the Official Gazette, i.e., December 18, 2018; amendments to the Income-tax Rules, 1962 (the Rules) have been carried out and sub-rule (4) of Rule 10DB has been substituted; to provide that the period for furnishing of the report under sub-section (4) of section 286 of the Income-tax Act, 1961 (the Act) by the constituent entity referred to in that sub-section shall be twelve months from the end of the reporting accounting year. 1.1 It has been further provided that in case the parent entity of the constituent entity is resident of a country or territory, where, there has been a systemic failure of the country or territory and the said failure has been intimated to such constituent entity, the period for submission of the report shall be six months from the end of the month in which said systemic failure has been intimated. 2. Representations from the stakeholders have been received by the Central Board of Direct Taxes (the Board) in the matter. It has been, inter alia, stated that the constituent entity of an international group, which is resident in India, having parent entity resident in jurisdictions with which India does not have an agreement providing for exchange of the report of the nature referred to in sub-section (2) of the Act and where the reporting accounting year is calendar year based, i.e., ending on December 31 of the year, would need to furnish the report under sub-section (4) of section 286 of the Act in India by December 31, 2018. 2.1 It has also been represented that read with the amendment to section 286 of the Act and the substituted sub-rule (4) of rule 10DB of the Rules, the constituent entity in such case for reporting accounting year ending on March 31, 2017 would have been required to furnish the CbCR by March 31, 2018 which is not plausible. 3. In order to remove the genuine hardship in furnishing of the report under sub-section (4) of section 286 of the Act read with sub-rule (4) of rule 10DB of the Rules caused as above, and as a one-time measure, the Board, in exercise of powers conferred under section 119 of the Act, extend the period for furnishing of said report by the constituent entities referred to under clause (a) or (aa) of said sub-section, in respect of reporting accounting years ending upto February 28, 2018, to March 31, 2019. [F.No.370142/17/2018-TPL] (Niraj Kumar) Under Secretary to the Govt. of India

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