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If TPO does not reject a comparable on the ground of functional incomparability then neither the AO or the revenue can take a plea of functional incomparability of the comparables chosen by the assessee in its TP Study. We are, therefore, of the view that the assessee’s operative margin has to be held as within the range of 5% of the arithmetic mean of 18.97% of comparable companies and the same has to be accepted as ALP. For the reasons given above, the addition made by the AO and confirmed by the DRP is directed to be deleted.
we are of the view that the principle of mutuality is fully applicable and the interest earned on the fixed deposits with the bank and other institutions is fully covered within the parameters of mutuality. We fully endorse the view taken by CIT(A) in the case of Hill Properties Ltd. ITA No. 6223, 6249/Mum/09, that the principle of mutuality cannot be destroyed simply because the funds were not parked with members but with third parties who are not members of the Society.
Delhi High Court has recently in a batch of appeals filed by the Income Tax Department against Escorts Heart Institute & Research Centre Ltd and their employee directors held, inter alia, that the assignment of the Keyman insurance policies taken by the Company in respect of the Directors, at the surrender value fixed by the insurer did not give rise to a taxable benefit in the hands of the Directors. Hence the difference between the premium paid by the Company and the surrender value was not taxable in the hands of the Directors.
How to get the case status? The litigant or the lawyer who sends the SMS should know case number of the case for which the case status to be known and then he/she should follow the steps given below for sending the SMS.
Finance Minister Shri Mukherjee informed that the tax changes proposed are not substantive but clarificatory in nature as the changes reiterated only the intent of the legislation. During the meeting, it was also pointed out that as per Section 149 of the Income Tax Act, no tax cases can be opened beyond 6 years.
TDS on Salary Calculator for Financial Year 2012-13 / Assessment year 2013-14. The Calculator attached is in excel format which can calculate TDS liability of up to 50 employees. Calculator have facility to prepare and print computation of Income for all the Employees.
As regards consultancy services, the question is whether such services are made available in the context of the DTAC between India and France read with the DTAC between India and US relied on by the applicant. It is seen that the advice and assistance rendered by the French Company to the applicant are not transient in nature and are capable of being used by the applicant on its own. It is true that some of the consultancy services rendered may not have that quality of permanency and may be a one time assistance, but advice on business strategy, on general management, on marketing and commercial matters,
Automatic Due Date Reminder Calender for Financial Year 2012-13-This Calender contains due dates of all the statutory and other Reports to be presented to Management and Banks.
The matter came up in appeal before ITAT in the assessee’s own case and other cases in ITAs No. 453,454,456/M/2010 & 458 & 455/M/2010. During the continuance of these appeals, Hon’ble Bombay High Court came up with the decision in Godrej & Boyce Manufacturing Co. Ltd. V/s DCIT, reported in 328 ITR 81 (Bom), wherein the Hon’ble Bombay High Court held that the operation of Rule 8D shall only be from 2008-09 onwards, and not being retrospective.
Coming to the issue as to whether the AADT with Malasia would disentitle the deduction we agree with the submissions of the assessee that the whole world income is taxable in the hands of the assessee under the provisions of the Act and when it is done so, section 90(2) mandates that the provisions of this Act shall apply to the extent they are more beneficial to the assessee.