CA, CS, CMA : With the introduction and the subsequent adoption of Ind AS by many Indian companies, the emphasis on valuation has increased. The...
Income Tax : The Delhi High Court in case of Bharti Mishra held that section 54F prescribes appropriation of sale consideration within one year...
Income Tax : Even in case of substituted third proviso to Section 254(2A) of the Act which restricts the power of the ITAT to grant stay beyond...
Income Tax : ITAT Mumbai held in the case of Hiralal Chunilal Jain vs. ITO that addition for alleged Bogus Purchase not sustainable as AO had m...
Income Tax : Pr. CIT vs. Toll Global Forwarding India Pvt Ltd (Delhi High Court) CUP method can be applied by a comparing a pricing formulae, r...
Income Tax : Madras High Court quashes prosecution proceedings initiated under the Black Money (Undisclosed Foreign Income and Assets) and Impo...
Income Tax : The Delhi High Court in case of Bharti Mishra held that section 54F prescribes appropriation of sale consideration within one year...
Income Tax : Whether the usage of foreign Associated Enterprise (AE) brand name on the cars manufactured and sold by the tax payer amounted to ...
Fema / RBI : The assessee did not benchmark the royalty payment separately. On enquiry by the TPO, it relied on RBI approval given in 1995 and ...
Income Tax : The Tribunal granted 100 percent stay of demand because (a) the assessed income was more than 10 times the returned income. (Instr...
With the introduction and the subsequent adoption of Ind AS by many Indian companies, the emphasis on valuation has increased. The basis of value is closely related to the purpose of a given valuation exercise and can often vary. Selecting an appropriate basis of value is critical. For example, Fair Value is generally used for […]
Madras High Court quashes prosecution proceedings initiated under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 for non-disclosure/incomplete disclosure of foreign assets in the Return of Income.
The Delhi High Court in case of Bharti Mishra held that section 54F prescribes appropriation of sale consideration within one year before the date of transfer of original asset, two years from the date of transfer or construction of new property within three years from the date of transfer. However, the Act does not prescribe any condition as to the date of commencement of construction of house property which may be commenced even before the date of transfer of original asset.
Whether the usage of foreign Associated Enterprise (AE) brand name on the cars manufactured and sold by the tax payer amounted to rendering of brand promotion service, and whether it constituted an international transaction under section 92B of the Income-tax Act, 1961(Act).
The assessee did not benchmark the royalty payment separately. On enquiry by the TPO, it relied on RBI approval given in 1995 and also on the fact that the assessee earned a gross profit of 41.6%. TPO applied Press Note 9 (2000 series) and restricted it to 1% on the plea that the payment was for use of trademark without transfer of technology.
The Tribunal granted 100 percent stay of demand because (a) the assessed income was more than 10 times the returned income. (Instruction 96 of 1969 was relied upon) & (b) The stand taken by the AO was at variance with the stand taken by TPO.
Only those payments, which have been made by the assessee for any purpose which is an ‘offence’ or which is ‘prohibited by law’, shall alone would be hit by the explanation to section 37
The assessee may not have been successful in getting customers or earning the business income, but if the assessee has done requisite preparations and if the assessee can be said to be in a position to cater to its customers
Infosys & Wipro are no doubt large and distinct companies where the area of development of subject services is different and as such the profit earned there from cannot be a bench-marked or equated with the assessee.
It is open to a company to buy back its own shares by following the procedure prescribed under section 77A/Section 68 or by following the procedure prescribed under section 391 read with Sections 100 to 104 of the 1956, Act.
