No TDS U/s. 194C on finished goods supplied as per specification of Assessee

Brief of the case: In these two appeal in the matter of Pfizer Ltd. Vs. ACIT, Mumbai Bench of the ITAT have decided various issues, like;

ITA No.8739/M/2011, for A.Y. 2007-08

• Adjustment of Rs.1,88,83,489/- in relation to the assessee’s international transactions of provision of support services
• Denial of (+/_) 5% range benefit available under proviso to section 92C(2)
• Taxation of Rs.5,98,81,000/- being rental income from leased properties, as profit and gains of business or profession, instead of income from house property.
• Disallowance u/s.40(a)(ia) of the Act, being the payments made to manufactures towards purchase of finished goods
• Re-computation of capital gain in reference with the report of DVO.

ITA No.583/Mum/2013, for AY 2008-09

• Adjustment to ALP on account of interest on outstanding receivable.
• Taxation of Rs.6,21,49,000/- being rental income from leased properties as ‘Profits and Gains of Business or Profession’, instead of ‘Income from House Property’.
• Disallowance u/s 40(a)(ia), on account of payments made to manufactures towards purchase of finished goods.
• Disallowance u/s 40(a)(ia) on account of payments made towards clinical trial expenditure.
• Treatment of profit on sale of right to use the trademark/license pertaining to consumer health brands treated as short term capital gains instead of long term capital gains.
• Addition made on account of mismatch of individual transaction statement transactions with insurance companies.

Adjustment of Rs.1,88,83,489/- in relation to the assessee’s international transactions of provision of support services