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

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I-T- Compulsorily Convertible Debentures & Optionally Convertible Debentures, until conversion, retain essential characteristics of debt instruments akin to NCDs; ergo, qualify as debentures or bonds for tax purposes: ITAT (See Breaking News)

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INTL - As is trite law, filing of Form 67 is directory and not mandatory; delay in filing Form 67 should not lead to disallowance of Foreign Tax Credit: ITAT (See Breaking News)

TP - Reference which was made to TPO after date when clause (i) of section 92BA was omitted by Finance Act, 2017, is not sustainable: ITAT (See Breaking News)

I-T - Reimbursement of salary paid to AEs which are merely in nature of reimbursements of seconded employee and does not include any element of income, does not attract TDS: ITAT (See Breaking News)

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I-T - If allocation/attribution of income to PE is at arm's length, then no further ad-hoc attribution is required: ITAT (See Breaking News)

TP - While principle of res judicata does not apply to tax proceedings, the principle of consistency must be observed, especially where there is no change in facts or legal position: ITAT (See Breaking News)

TP - Provision for bad & doubtful debts is only accounting treatment and have no direct nexus to operating income: ITAT (See Breaking News)

TP - Working capital adjustment can't be denied merely due to absence of detailed working capital cycle data and adjustment should be granted based on average of opening & closing balances: ITAT (See Breaking News)

DTAA - Prior taxability of similar income in earlier years does not bar assessee's lawful claim for relief in current year, more so when there is no change in facts: ITAT (See Breaking News)

Netherlands to grow at 1.3% rate in 2025: OECD (See Brief)

TP - Corporate guarantee given by assessee on behalf of AE in absence of any expenditure being incurred by assessee, would not constitute international transaction within meaning of Sec 92B: ITAT (See Breaking News)

TP - Gross profitability margin may vary significantly over time, and hence, reliance on data of earlier years would not constitute reliable benchmark: ITAT (See Breaking News)

DTAA - Management support services do not make available any technical knowledge or skill to recipient; ergo, consideration therefor is not taxable as FTS under India-Singapore DTAA: ITAT (See Breaking News)

I-T - Amortization of capital subsidy in itself is not allowable as direct deduction u/s 80-IC, rather impact of capital subsidy is reflected in reduced "actual cost" of asset, leading to claim of lower depreciation: ITAT (See Breaking News)

I-T - If repair & maintenance of aircraft equipment provided by foreign assessee to Indian airline operators, did not involve transfer of technology, then receipts from said services are not taxable as FIS: HC (See Breaking News)

TP - If number of transactions are closely linked, then same should be treated as composite transaction and can be aggregated and construed as single transaction for purpose of determining ALP: 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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