"17 April 2013" Archive

A company not in dominant position if there are number of Companies providing similar services

R.V. Ram Gopal Vs Competition Commission of India (Competition Appalate Tribunal)Appeal No. 114 of 2012 13/03/2013

Learned counsel very earnestly argued that the CCI was incorrect in firstly deciding upon the relevant market and secondly on the aspect of the respondent being a dominant player in the market. The learned counsel wanted to rely on the prospectus of the respondent which, in our view, would be an irrelevant document to decide the dominance...

No anti-competitive act by Apple in granting exclusive selling right of iPhone to few mobile operators -CCI

Sonam Sharma Vs Apple Inc. USA (Competition Commission of India)

In this case, it is found that a consumer interested in buying an iPhone is tied to one of the two mobile networks i.e. Airtel or Vodafone. It is worth noting that at the time of launch of iPhone in India, Apple did not have an outlet to sell its iPhone, a high-end smartphone. Instead of investing money on creating sales and service outle...

Comparables cannot be rejected simply because they are loss or high profit making comparables

American Express Services India Ltd. Vs. DCIT (ITAT Delhi)

Coming to the issue regarding ICC International, we find that assessee has demonstrated, as noted earlier, that it had earned super profits during the year because of increase in supply on account of government scheme. We find that TPO has considered the assessee's objection regarding exclusion of high margin comparables in para 8.7 of hi...

In ALP computation TPO to consider forex gain which is part of operating income of Assessee

M/s. S. Narendra Vs Addl. Commissioner of Income Tax– 16(3) (ITAT Mumbai)

The proposition that gain on foreign exchange if it relates to the business of the assessee is part and parcel of operating income is well established by the afore-mentioned decisions of the coordinate benches. In the present case, nothing has been brought on record to suggest that the gain made by the assessee on fluctuation of foreign e...

In case of gifted asset period of holding of donor to be considered to work out indexed cost of acquisition

Shri Vishwanath Sharma Vs ACIT, CC (ITAT Chandigarh)

In this context, it is pertinent to refer to the decision of the Hon'ble ITAT, Chandigarh Bench, in the case of Dy. CIT v. Smt.Baljinder Kaur [2009] 29 SOT 9 (URO), wherein it has been held that it is a well settled proposition that the concept of 'fair market value' envisages existence of hypothetical seller and hypothetical buyer, in a ...

In Computation of ALP, company having large related party transactions or being functionally different from assessee cannot be taken as comparable

Sandstone Capital Advisors Pvt Ltd Vs The Asst Commr of Income Tax 3(3) (ITAT Mumbai)

The first comparable taken by the TPO is CRISL Research and Information Services Ltd. The said comparable is common as the assessee has also selected the same in its original TP study. Though CRISL Ltd is basically a rating agency; however, since the segment results relating to the research activity has been taken into consideration; ther...

Tribunal allows only fifty per cent of expenditure incurred to earn investment income

Anil Kumar Nehru Vs Asst. CIT (ITAT Mumbai)

The next question that arises is that as to the allocation, if so, of the expenditure, when the returns as per the investment strategy adopted is toward and, consequently, bound to be earned under different income heads, being 'capital gains' and 'income from other sources' in the instant case, and while being allowable in one case (the l...

No reopening if there was no failure on part of the petitioner to disclose true and full material facts during original assessment

Vodafone West Ltd. Vs Assistant Commissioner of Income Tax (Gujarat High Court)

In this case Assessing Officer proposed to reopen the assessment beyond a period of four years from the end of relevant assessment year, while there was full and true disclosure on part of the petitioner during original assessment. With respect to the first issue of discount/commission, the Assessing Officer called for the details of such...

SEBI : Notification regarding establishment of Local Office of Board at Lucknow

Notification No. LAD-NRO/GN/2013-14/04/5655 17/04/2013

No. LAD-NRO/GN/2013-14/04/5655.– In exercise of the powers conferred by sub-section (4) of section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board has established its Local Office at Lucknow under the administrative control of its Northern Regional Office at New Delhi....

SEBI : Redress of investor grievances through SEBI Complaints Redressn System (SCORES).

CIR/OIAE/1/2013 17/04/2013

Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market....

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