Tax Audit - Clauses 30C & 44 relating to GAAR & GST - CBDT further defers suspension till March 31, 2020

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TP - Mere non furnishing of information and documents in manner sought by AO cannot lead to automatic levy of penalty u/s 271G: ITAT (See Breaking News)

TP- If other method is applied requiring price of uncontrolled transaction with or between non-AEs, provision of Sec 94B can't be imputed into it as it deals with transaction between two AEs: ITAT (See Breaking News)

TP - Power of revision u/s 263 cannot be exercised where PCIT failed to demonstrate any non-application of mind or omission by AO that rendered assessment order erroneous: ITAT (See Breaking News)

TP - TPO must provide opportunity to assessee to substantiate existence and nature of remibursement expenditure alongwith benefit of such expenditure to assessee: ITAT (See Breaking News)

I-T - Reimbursement of client related expenses paid to wholly owned principal company abroad, are not subjected to withholding tax u/s 195: ITAT (See Breaking News)

I-T- Expenses, incurred for the welfare of key managerial personnel, qualify as business expenses allowable u/s 37 of the I-T Act, 1961: ITAT (See Breaking News)

TP - Amount of receivable from AE and non-AE does not decide credit period given to AE, and question of imputing interest arises only when assessee provides extra credit period to AE: ITAT (See Breaking News)

TP - Once foreign travel expenses are included in cost base & recovered from AE with markup, they form part of operating expenses under APA: ITAT (See Breaking News)

TP - Absence of segmental data for various streams of revenue calls for exclusion of comparable, if entity was having revenue from multiple service lines: ITAT (See Breaking News)

TP - While drawing segmental details, TPO ought to consider revenue of segments and cost that was allocated to respective segments: ITAT (See Breaking News)

I-T - DRP proceedings did not contain valid DIN and assessment order also does not contain DIN, then assessment order would be invalid: HC (See Breaking News)

I-T- Once assessee had disputed stamp duty valuation & provides credible material including earlier departmental valuation, then AO is obligated under the third proviso to Section 56(2)(x) r/w Section 50C(2) to refer the matter to Valuation Officer: ITAT (See Breaking News)

I-T - Consideration for Health Ecotox services did not qualify as FTS under India-Netherlands Tax Treaty, if ‘make available' clause is not satisfied: ITAT (See Breaking News)

TP - Functional dissimilarities and impact of extraordinary events like amalgamations, calls for rejection of comparables for purposes of benchmarking: ITAT (See Breaking News)

TP - Benchmarking of operating results from international transactions of rendering software development and related services to AEs as well as non-AEs by applying TNMM, can't be disregarded on account of lack of segmental reporting: ITAT (See Breaking News)

DTAA - Fabrication charges for bushings were not taxable as FTS under Article 12(4)(a) of India-Singapore DTAA where no technical knowledge or expertise is made available or transferred: ITAT (See Breaking News)

OECD to release Tax Inspectors Without Borders' 10-yr Report

CBDT notifies Protocol amending India-Oman DTAA

TP - Cognizance taken by AO u/s 92CA is invalid, if it has been omitted from statute itself: ITAT (See Breaking News)

TP - Internal TNMM is more superior than external TNMM, more so when audited segmental are available: ITAT (See Breaking News)

TP - Interest payable on NCDs whivh are denominated in Indian currency is to be benchmarked by applying PLR as against LIBOR: ITAT (See Breaking News)

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Tax Audit - Clauses 30C & 44 relating to GAAR & GST - CBDT further defers suspension till March 31, 2020 By TII News Service May 14, 2019 , New Delhi
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES TPL DIVISION NEW DELHI CIRCULAR NO 09/2019; Dated: May 14, 2019 Order under section 119 of the Income-tax Act, 1961 Section 44AB of the Income-tax Act, 1961 ('the Act') read with rule 6G of the Income-tax Rules, 1962 ('the Rules') requires specified persons to furnish the Tax Audit Report along with the prescribed particulars in Form No. 3CD. The existing Form No. 3CD was amended vide notification no. GSR 666(E) dated 20th July, 2018 with effect from 20th August, 2018. However, the reporting under clause 30C and clause 44 of the Tax Audit Report was kept in abeyance till 31st March, 2019 vide Circular No. 6/2018 dated 17.08.2018. Representations were received by the Board that the implementation of reporting requirements under clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred further. The matter has been examined and it has been decided by the Board that the reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance till 31st March, 2020. [F.No.370142/9/2018-TPL] (Saurabh Gupta) Under Secretary (TPL)-III

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