CESTAT Chennai held that royalty payment not connected with the condition of sale is not includible in the assessable value. Hence, invocation of rule 10(1)(c) of the Customs Valuation Rules, 2007 not justified.
Competition Commission of India finds FPBAI guilty of price-fixing and market control, imposing penalties on the association and its key office-bearers.
The Competition Commission of India has ordered an investigation into allegations by Grasim Industries (Birla Paints) of Asian Paints abusing its dominant position in the decorative paints market.
ITAT Delhi held that Bright Line Test doesn’t have statutory mandate and cannot be applied for determining Arm’s Length Price [ALP] of Advertisement, Marketing and Promotion [AMP] expense. Accordingly, appeal allowed to that extent.
The Appellants submitted that there were multiple violations of Section 30(2) of the Code, which prohibits the CoC from approving a plan that violates many laws and many provisions of the Code and Regulations.
AO treated this amount as fees for technical services (FTS) taxable in India, and Dispute Resolution Panel (DRP) upheld the assessment. DRP looked into whether the payment made by an Indian company, FSTI, to Ethiopian Airlines (EA) was taxable in India as FTS.
ITAT Raipur held that addition of commission @1% on bogus sales transacted upheld as no plausible explanation provided by the assessee. Accordingly, appeal dismissed and order of CIT(A) upheld.
ITAT Pune held that delay of 02 seconds in filing income tax return [ITR] is to be condoned and return is to be treated as filed in time as delay was caused due to technical glitch and last hour rush in website. Accordingly, claim of carry forward business loss allowed.
The Supreme Court has ordered a status quo on NCLT proceedings involving JSW Steel Limited and Sanjay Singhal, pending a review petition against a prior judgment.
CESTAT Chennai held that royalty fixed at percentage of net sales is not includible in transaction value of goods imported under rule 10(1)(c) of the Customs Valuation Rules, 2007 as royalty paid is not related to imported goods. Accordingly, appeal of assessee allowed.
