Exchange of information - CBDT notifies authorities for sharing data with FIU u/s 138 - Taxindiainternational.com

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TP - In absence of agreement, arrangement, or understanding between assessee & its AE to share or incur AMP expenses for sole benefit of AE, domestic AMP spending cannot be characterized as international transaction u/s 92B: ITAT (See Breaking News)

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TP - While an APA is not strictly binding on AYs outside its formal coverage, pricing methodology & agreed margins have strong persuasive value, if functional, asset & risk profiles & nature of international transactions are same: ITAT (See Breaking News)

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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)

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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 of information - CBDT notifies authorities for sharing data with FIU u/s 138 By TII News Service Jul 16, 2020 , New Delhi
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI Dated: July 16, 2020 ORDER Order under section 138(1)(a) of the Income-tax Act,1961 In exercise of powers conferred under section 138(I)(a) of Income-tax Act, 1961 ('Act'), the Central Board of Direct taxes ('CBDT') hereby directs that in addition to the Board, the Principal Director General of Income-tax (Systems), New Delhi shall also be the specified income-tax authority for furnishing/receiving information respecting assessees in relation to CTRs (Cash Transaction Reports) to Director, FIU-IND, who has been notified vide Notification No. 19/2013 dated 12.03.2013 as one of the authorities by the Central Government for the purposes of sub-c1ause(ii) of clause (a) of sub-section (I) of section 138 of the Act. 2. The data /information to be furnished by the specified income-tax authority to FIU-IND on request basis shall be: A. For CTRs where FIU-IND has provided PAN: (i) PAN Name: (ii) Father/Husband's Name (as applicable); (iii) PAN Address/Last ITR address: (iv) PAN Creation Date: (v) Date of Birth/Date of Incorporation; (vi) Last year of Return Filing; (vii) Gross Total Income Range (viii) Turnover Range : and (ix) Any other information. the modalities of which shall be decided by the specified authorities. B. For CTRs where FIU-IND does not have PAN: (i) A dump of PAN database with FIU-IND to enable it to search for the PAN (ii) Once the PAN is available with FlU-IND. the data fields as mentioned above shall be shared. 3. While furnishing the information, the specified income-tax authority shall form an opinion that sharing of such information is necessary for the purposes of enabling the F1U-IND to perform its functions under its respective laws. 4. To facilitate the process of furnishing/receiving information, the extant Memorandum of Understanding ('MoU') between CBDT and FIU-IND dated 20.09.2013 will be reviewed to include Principal Director General of Income-tax (Systems), New Delhi and also to lay down the modalities of data exchange which is to inter-alia include mode of exchange of data in the context of CTRs as specified above, mode of exchange of data in the context of STRs (Suspicious Transaction Reports) in view of shift from FINnet to Insight portal based data exchange of STRs between FIU-IND and CBDT, maintenance of confidentiality, mechanism for safe preservation of data, weeding out after usage and sharing of feedback regarding usefulness and data quality of information in STRs to FIU-IND etc. The time line for furnishing information shall also be decided by Pro Director General of Income-tax (Systems) in consultation with FIU-IND and included in the said MoU. 5. A copy of MoU shall be forwarded to this division for record purposes. [F.No.225/349/2019/ITA.II] (Rajarajeswari R) Under Secretary, (ITA-II), CBDT

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