It is seen that the assessee has itself accepted that TNMM is similar to CPM excepting that CPM is based on gross margins whereas TNMM is based on net margins. The assessee has also accepted that if proper selection criteria are adhered to application of TNMM would also result in the fact that the price at which the assessee has undertaken the international transactions are at arm’s length.
A perusal of the statutory provisions makes it clear that it does not provide a blanket deduction i.e. in order to succeed in a claim of deduction; the concerned assessee has to derive profits and gains from any business referred to in sub-section (4). Further, sub-section (4) prescribes applicability of clause i.e. the case in which the deduction provision would apply. It is in this sub-section that the legislature has enumerated the nature of the undertakings, their activities in contributing raising of infrastructure.
In continuation of the Ministry’s General Circular Nos: 16/2012 dated 06.07.2012, 34/2012 dated 25.10.2012 and 39/2012 dated 12.12.2012 on the subject cited above, it is stated that the time limit to file the financial statements in the XBRL mode without any additional fee/penalty has been extended up to 15th February 2013 or within 30 days from the due date of AGM of the company, whichever is later.
Section 529(1) provides for, ‘the respective rights of secured and unsecured creditors……’. It does not classify the secured creditors on the basis of the first chargeholder or the second chargeholder or so on. Similarly, in proviso to clause (c) of sub-section (1) of section 529
The undersigned is directed to refer to Ministry’s letter F.No. 497/57/87-Cus-VI, dated 05.01.1998 whereby it was clarified firearms imported as baggage are not allowed to be transferred to any person for consideration or otherwise during the lifetime of the importer and to state that this issue has been re-examined in the context of a reference requesting permission to dispose an imported firearm on ground of old age.
By the statutory provision, the legislature has authorized the Central Government to classify and revise rates/freight with respect to carriage of passenger and goods. The impugned rate instructions/circulars issued by OP were uniformly applicable for all the entities who wanted to avail the services of Indian railways for transporting their goods.
Since assessee had not removed defects/objections within a reasonable period therefrom and had taken more than 6 years to remove defects, memorandum of appeal was rightly rejected being barred by limitation.
Deeming of income accruing or arising in India are those situations where income has not actually accrued or arisen in India but still it will be deemed to accrue or arise in India. Hence, both the situations are mutually exclusive. If one case is falling within the ambit of income accrued and arisen in India, it cannot fall within the ambit of income deemed to accrue or arise in India and vice versa.
After considering the rival submissions and examining the record, there is no bona fide reason for excluding the above amount from the computation of income by assessee. As seen from the computation statement, assessee has not even claimed the tax credit for the amount deducted in Korea as the same has to be given credit in the hands of the principal company in Japan.
Passing of an order under Section 158BC rests on the previous approval of the Commissioner. On a reading of Section 158BG, particularly the proviso, reveal the mandatory nature of such an approval, that the proviso reads as ‘provided that no such order shall be passed without the previous approval of the Commissioner …’. In the background of the above-said provisions, in keeping the law declared by the Apex Court in Sahara India (Firm)’s case (supra) that with civil consequences flowing out of such an approval, we have no hesitation in accepting the plea of the assessee that in the face of such an approval granted to the order passed under Section 158BC, there can be no assumption of jurisdiction by an authority of the same rank under Section 263 of the Act.
