ACIT vs. Smith & Newphew Healthcare (P) Ltd. (ITAT Mumbai) – As rightly held by the CIT(A), the requirement of law is that the Assessee has to “keep and maintain” information and documents in respect of international transaction entered into with AE. Rule 1OD(4) of the Rules envisages that the information and documents specified under sub-rules (1) and (2) should, as far as possible, be contemporaneous and should exist latest by the specified date referred to in clause (iv) of section 92F, which is due date for filing return of income u/s. 139(1) of the Act.
SKIL Infrastructure Ltd. Vs. ITO (ITAT Mumbai)- The nature of arrangement entered by the appellant for transportation of its employees between residence to office is similar to the arrangement mentioned in the circular No. 558, dated 28th March 1990, issued by the CBDT regarding the applicability of the provisions of section 194C of the Act to the hire charges paid to bus owners. Apartment from this, other circulars (ie., circular number 681 dated March, 8, 1994, circular No. 713 dated August 2, 1995 and circular number 715 dated August 8, 1995) have specifically provided that the provisions of section 1 94C of the Act shall apply in case where bus or any other mode of transport is chartered. Based on the reading of the circulars, I am of the opinion that payments made by the appellant are of similar nature and hence tax should be deductible under section 1 94C of the Act;
