Transfer Pricing

Sound of Poem (Place of Effective Management): Latest Update

Income Tax - With respect to opening WDV in case of the foreign company whose PoEM is determined in India and which is assessed to tax in the home jurisdiction, the final notification provides for 2 cases:...

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CBDT issues Final Notification on POEM – Section 115JH of Act

Income Tax - The CBDT has issued the Final Notification No. 29/2018 dated 22 June 2018 (applicable from AY 2017-18) for exception, modification and adaptation in respect of a foreign company said to be resident in India due to its place of effective management (POEM) being in India, under Section 115JH of the Income-tax Act, 1961 (the Act). […]...

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Analysis of Draft Notification on foreign company resident in India U/s. 115JH

Income Tax - Draft Notification of exception, modification and adaptation in respect of foreign company said to be resident in India under section 115JH of the Act The Central Board of Direct Taxes (CBDT) on June 15, 2017 issued a Draft Notification (notification) vide F No. 370142/19/2017-TPL for exception, modification and adaptation in respect of f...

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Specified Domestic Transaction- Penalty for Concealment of Income

Income Tax - The provisions of transfer pricing are designed to keep a check on the practice of reducing the tax liability by entering into transactions at prices higher/lower than market prices with one or more associated entity....

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Safe Harbor Rules – Transfer Pricing

Income Tax - The revised SHRs apply for AY 2017-18 and two immediately following AYs i.e. upto AY 2019-20. The earlier SHRs were applicable from AY 2013-14 and four immediately following AYs i.e. upto AY 2017-18. For AY 2017-18, the taxpayer can choose from old or new rules whichever are more beneficial....

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Introduce threshold limit of Rs. 25 crore for SDT documentation requirements: ICAI

Income Tax - The Finance Act 2012 has introduced DTP in spite of existing provisions under the Act which empower the Assessing Officer (AO) to re-compute the income of assessees availing profit-linked deductions if there are transactions with related parties or other undertakings of the same assessee...

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Acceptance of Transfer Pricing MAP and bilateral APA – Reg.

Income Tax - Clarification of India’s position on the acceptance of MAP and bilateral APA in cases of countries where Article 9(2) of OECD Model Tax Commentary is absent...

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Guidance Note on Transfer Pricing Report U/s. 92E of Income Tax Act, 1961

Income Tax - ICAI has released the 6th Edition (November 2017) of the Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). This Guidance Note was previously revised in February, 2013 , August 2013 and October 2016. The ICAI has revised Guidance note on Report under Section 92E of the Income Tax […]...

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Fighting Tax Crime: The Ten Global Principles

Income Tax - This report sets out the 10 essential principles for effectively fighting tax crimes. It covers the legal, institutional, administrative, and operational aspects necessary for putting in place an efficient system for fighting tax crimes and other financial crimes. It draws on the insights and experience of jurisdictions around the world. ...

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Effective Inter-Agency Co-Operation in Fighting Tax Crimes and Other Financial Crimes (Third Edition)

Income Tax - This report describes the current position in 51 countries as to the law and practice for domestic inter-agency co-operation in fighting tax crimes and other financial crimes including, for the first time, co-operation with authorities responsible for the investigation and prosecution of corruption. It identifies successful practices base...

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In absence of Comparables production loss shown by Assessee must be accepted

ACIT Vs Johnson & Johnson Ltd ( ITAT Mumbai) - Production loss depends on number of factors and in absence of any comparable to show that loss shown by the assessee is excessive, the contention of the assessee has to be accepted...

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Indian subsidiary does not constitutes a PE in India: ITAT Delhi

M/s. Nokia Networks OY vs. JCIT (ITAT Delhi) - Whether the Indian subsidiary of the assessee constitutes Permanent Establishment (PE) of the assessee in India on account of ‘signing, networking, planning and negotiation of offshore supply contracts in India’? If yes, whether any profit is attributable to the same, and the quantum thereof?...

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Transfer pricing provisions do not apply to non-genuine or sham transactions

M/s Mitchell Drilling India Vs DCIT Circle-6(1) (ITAT Delhi) - Mitchell Drilling India Private Limited vs. DCIT (ITAT Delhi) It is elementary that the ALP is determined of an `international transaction’, which has been defined in section 92B of the Act. The term `transaction’, for the purposes of the Chapter–X containing transfer pricing provisions, has ...

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For Similar Transactions with Related and Unrelated Parties if Price is Comparable, It is taken to be at ALP

Axis Risk Consulting Services Private Limited.Vs DCIT (ITAT Delhi) - Axis Risk Consulting Services Private Limited. Vs DCIT (ITAT Delhi) the only dispute before us is with regard to the adjustment by way of imputing interest @ 17.22% by the TPO on account of receivables from the AE. Here in this case, it is an undisputed fact that the assessee has also rendered simil...

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For imposition of penalty law in force at the time when the return was filed would be applicable

ITO v. Nihon Parkerizing (India) (P.) Ltd. (ITAT Delhi) - Hon’ble ITAT upheld the position of law as iterated by CIT (A) that it is an established law applicable for imposition of penalty that law, as in force, at the time of filing of Return would be applicable. ...

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Draft Amendment To Transfer Pricing Rule 10CB related to Computation of Interest Income U/s 92CE

F. No. 370142/12/2017-TPL - (19/06/2018) - Amendment in Rule 10CB of Income-tax Rules, 1962 in respect of computation of interest income pursuant to secondary adjustment made under section 92CE of Income-tax Act, 1961 – Comments and suggestions ...

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Draft notification proposing amendment to rule 44E, Form 34C, 34D & 34DA

F.No.370142/34/2016-TPL (Part) - (10/04/2018) - Draft notification proposing an amendment to rule 44E, Form 34C, 34D and 34DA as per BEPS action item 5, for improving transparency in relation to tax rulings– comments and suggestions...

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CBDT notifies rules for Country-By-Country Report and Master File rules

Notification No. 92/2017 / S.O. 3497(E) - (31/10/2017) - Information and documents to be kept and maintained under proviso to sub-section (I) of section 92D and to be furnished in terms of sub-section (4) of section 92D. 10DA. (1) Every person, being a constituent entity of an international group shall,-...

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Country-by-Country reporting & furnishing of master file- Draft TP rules

F. No. 370142/25/2017-TPL - (06/10/2017) - It is proposed to insert rulac 10DA, 10DB and form nos. 3CEBA to 3CEBE in the Income-tax Rules, 1962 (`the Rules'), laying down the guidelines for maintaining and furnishing of transfer pricing documentation in the Master File and Country-by-Country report. In this regard, the following guidelines a...

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CBDT Amends Form No. 3CEFA related to Application for Opting for Safe Harbour

Notification No. 62/2017-Income Tax - (18/07/2017) - These rules may be called the Income-tax (21st Amendment) Rules, 2017.They shall come into force and shall be deemed to have come into force from the 1st day of April, 2017. In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CEFA, in paragraph 2, under the heading Eligible International Tra...

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Recent Posts in "Transfer Pricing"

Sound of Poem (Place of Effective Management): Latest Update

With respect to opening WDV in case of the foreign company whose PoEM is determined in India and which is assessed to tax in the home jurisdiction, the final notification provides for 2 cases:...

Read More
Posted Under: Income Tax |

In absence of Comparables production loss shown by Assessee must be accepted

ACIT Vs Johnson & Johnson Ltd ( ITAT Mumbai)

Production loss depends on number of factors and in absence of any comparable to show that loss shown by the assessee is excessive, the contention of the assessee has to be accepted...

Read More

CBDT issues Final Notification on POEM – Section 115JH of Act

The CBDT has issued the Final Notification No. 29/2018 dated 22 June 2018 (applicable from AY 2017-18) for exception, modification and adaptation in respect of a foreign company said to be resident in India due to its place of effective management (POEM) being in India, under Section 115JH of the Income-tax Act, 1961 (the Act). […]...

Read More
Posted Under: Income Tax |

Analysis of Draft Notification on foreign company resident in India U/s. 115JH

Draft Notification of exception, modification and adaptation in respect of foreign company said to be resident in India under section 115JH of the Act The Central Board of Direct Taxes (CBDT) on June 15, 2017 issued a Draft Notification (notification) vide F No. 370142/19/2017-TPL for exception, modification and adaptation in respect of f...

Read More
Posted Under: Income Tax |

Draft Amendment To Transfer Pricing Rule 10CB related to Computation of Interest Income U/s 92CE

F. No. 370142/12/2017-TPL (19/06/2018)

Amendment in Rule 10CB of Income-tax Rules, 1962 in respect of computation of interest income pursuant to secondary adjustment made under section 92CE of Income-tax Act, 1961 – Comments and suggestions ...

Read More

Indian subsidiary does not constitutes a PE in India: ITAT Delhi

M/s. Nokia Networks OY vs. JCIT (ITAT Delhi)

Whether the Indian subsidiary of the assessee constitutes Permanent Establishment (PE) of the assessee in India on account of ‘signing, networking, planning and negotiation of offshore supply contracts in India’? If yes, whether any profit is attributable to the same, and the quantum thereof?...

Read More

Transfer pricing provisions do not apply to non-genuine or sham transactions

M/s Mitchell Drilling India Vs DCIT Circle-6(1) (ITAT Delhi)

Mitchell Drilling India Private Limited vs. DCIT (ITAT Delhi) It is elementary that the ALP is determined of an `international transaction’, which has been defined in section 92B of the Act. The term `transaction’, for the purposes of the Chapter–X containing transfer pricing provisions, has been defined in clause (v) of section 92...

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For Similar Transactions with Related and Unrelated Parties if Price is Comparable, It is taken to be at ALP

Axis Risk Consulting Services Private Limited.Vs DCIT (ITAT Delhi)

Axis Risk Consulting Services Private Limited. Vs DCIT (ITAT Delhi) the only dispute before us is with regard to the adjustment by way of imputing interest @ 17.22% by the TPO on account of receivables from the AE. Here in this case, it is an undisputed fact that the assessee has also rendered similar services […]...

Read More

Specified Domestic Transaction- Penalty for Concealment of Income

The provisions of transfer pricing are designed to keep a check on the practice of reducing the tax liability by entering into transactions at prices higher/lower than market prices with one or more associated entity....

Read More
Posted Under: Income Tax | ,

Safe Harbor Rules – Transfer Pricing

The revised SHRs apply for AY 2017-18 and two immediately following AYs i.e. upto AY 2019-20. The earlier SHRs were applicable from AY 2013-14 and four immediately following AYs i.e. upto AY 2017-18. For AY 2017-18, the taxpayer can choose from old or new rules whichever are more beneficial....

Read More
Posted Under: Income Tax |
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