ACIT Vs American Express Services India Ltd. (ITAT Mumbai)- We find that it is not in dispute that the transaction between the assessee and American Express Bank, inter alia, including for purchase of Acquired Business Database were subjected to transfer pricing scrutiny and, the Transfer Pricing Officer vide order dated 15.2.2005 has accepted the transaction without making any adjustment to the arms length price. In this view of the matter and as held by Hon’ble Delhi High Court in the case of CIT vs. Oracle India Pvt Ltd (243 CTR 103), when the price fixed is acceptable as arms length price by Transfer Pricing Officer (TPO) under section 92 of the Act, it cannot be open to the Assessing Officer to disturb that price so paid as unreasonable.
Intelsat Corporation Vs. ADIT (International Taxation)- We have considered the facts of the case and submissions made before us. We have already mentioned that there is a distinguishable feature namely that the assessee has received payments from persons residents in India. However, the receipts have been taxed u/s 9(1)(vii), Explanation 2, Clause (vi) thereunder. The decision in the case of Asia Satellite Telecommunications Company Limited is to the contrary and in favour of the assessee. It is also a matter of fact on record that the assessee is a tax resident of USA and, therefore, the provisions contained in the DTAA are applicable.
DCIT Vs. M/s. Bellad & Co. (ITAT Bangalore) – The assessee is a partnership firm dealing in automobiles and Sony products and also into generation of electricity from windmills. The assessee filed its return of income for AY 2007-08 declaring income of Rs.11,52,410/- after setting off of depreciation loss pertaining to windmill installed during the financial year relevant to assessment year under appeal. The AO, in the assessment completed, disallowed loss of Rs. 1,22,30,626/-.
Kotak Securities Limited vs. DCIT (ITAT Mumbai) – When we look at the connotations of expression ‘commission or brokerage’ in its cognate sense, as in the light of the principle of noscitur a sociis as we are obliged to, in our considered view, scope of expression ‘commission’, for this purpose, will be confined to ‘an allowance, recompense or reward made to agents, factors and brokers and others for effecting sales and carrying out business transactions’ and shall not extend to the payments, such as ‘bank guarantee commission’, which are in the nature of fees for services rendered or product offered by the recipient of such payments on principal to principal basis.
A prosecution witness in 2G spectrum case was today accused by CBI in a Delhi court of resiling from his statement to save the three Reliance ADA Group officials who are facing trial in the case. Nilesh Doshi, a chartered accountant, was accused by CBI of making a “false statement” as a witness in the court to save the company’s top executives Gautam Doshi, Surendra Pipara and Hari Nair who have been chargesheeted for criminal conspiracy and other penal offences in the 2G scam.
