From the above second proviso to Section 92C(2), it is evident that if the variation between the arm’s length price and the price at which international transaction was actually undertaken does not exceed the specified percentage, then only the price at which the international transaction has actually been undertaken shall be deemed to be arm’s length price. Thus, the benefit of tolerance margin would be available only if the variation is within the tolerance margin. Once the variation exceeded the tolerance margin, then there would be no benefit even up to tolerance margin. Then, the ALP as worked out under Section 92C(1) shall be taken as ALP without any benefit of tolerance margin.
Dear Friends, Ethics is all about our becoming and feeling responsible about everything that is around us. We are responsible only when we appreciate everything that is ethical and denounce all that is not ethical around us. I would like our membership to ensure that they always go for the stricter interpretation, foregoing the liberal […]
Supreme Court in Suraj Lamp and Industries (P) Ltd. (2) vs State of Haryana reported has not said that in no case a conveyance can be registered by taking recourse to a GPA.
The Ministry examines the effects of dumped goods on the domestic industry, and not cheap goods. Dumping takes place if the export price of a product is less than the normal value prevailing in the exporter’s country. In order to offset the adverse effects of dumped imports, Domestic Industry can avail the trade defence measures […]
The Office of Controller General of Patents, Designs and Trade Marks has taken the following steps to strengthen the process and creations of Intellectual Property Rights. (i) The filing of Patents and Trademarks applications has been made online.
The Ministry has been examining some of the issues raised by stakeholders with regard to clarifications on the provisions of the Limited Liability Partnership (LLP) Act, 2008 with regard to conversion of a partnership firm into LLP.
The Special Judge for CBI cases, Visakhapatnam has convicted Sri Akella Venkata Subramanya Sastry, the then Income Tax Officer, Eluru, West Godavari District (Andhra Pradesh) U/s 13(2) r/w 13(1) (e) of P.C Act 1988 in Disproportionate Assets case and sentenced him to undergo Five Years Rigorous Imprisonment with fine of Rs.10,000/-. The Special Judge […]
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the
The demand uploaded by AO’s on the CPC Portal together with demand in IRLA is way short of the total demand reported in CAP-I. And the demands uploaded, are sometimes incorrect or non-existent leading to grievances and causing aberrations in projection of total collection figures.
at least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling For this purpose.