valuation report

This article summarizes ruling of the Delhi Income Tax Appellate Tribunal (ITAT) in the case of DCIT v Dolphin Drilling Pte. Ltd. (Taxpayer) [2009-TIOL-754- 1TAT-DEL]. The ITAT held that the conversion of business income earned in foreign currency into INR, in accordance with Rule 115 (Rule) of the Indian Tax Law (ITL), is to be made by adopting the conversion rate prevailing at the end of the tax year. It also held that the Taxpayer, a company incorporated in Singapore .. Full Article

SUMMARY OF CASE LAW Whether by invoking section 55A, Assessing Officer can disturb sale consideration – Held, no - Whether for invoking section 55A there has to be a claim made by assessee, before Assessing Officer can record opinion either under clause (a) or clause (b) of section 55A to make a reference to Valuation [...] Full Article

SUMMARY OF CASE LAW Section 195 nowhere mentioned that a foreign company, who is being assessed in India on account of its business presence, will be exempt from section 195. CASE LAW DETAILS Decided by ITAT, BANGALORE BENCH `A’, In The case of: ITO (Int’l Taxation) v. Intel Tech India Pvt. Ltd., Appeal No.: ITA [...] Full Article