We see that whenever there is any TP litigation in relation to valuation of assets or shares, following are the issues that are raised by the IRD while evaluating the valuation report:
Why Rates of Income tax to be announced in February 2020 budget will be applicable for Income Earned in Financial Year (F.Y.) 2020-21 and not for F.Y. 2019-20?
♣ AMP refers to Advertisement, Marketing and Promotion Expenses.♣ AMP Expenses are usually incurred by the company in for increasing the revenue of the company and enhancing the value of the companies brand value.
Any person may make on or after the date of commencement of this Scheme but before 30.09.2016 as notified by the Central Government in the Official Gazette vide notification no. 32/2016 dated: 19th May, 2016 , a declaration in respect of any income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year beginning on the 1st day of April, 2017 :
The entire role of the assessee and the activity performed by him for which he was remunerated, have a direct and proximate link with the game of cricket. In the given facts of this case, one cannot visualise earning of this income, de-horse the assessee having been a cricketer and a sportsman and nor can it be visualised independent of the game of cricket.
