A comparable couldn't be rejected merely on ground that TPO didn't have opportunity to analyze annual reports

Posted on Tuesday January 16, 2018

IT/ILT: When there is no dispute as to functional profile or other financial parameters of assessee and a comparable, merely because TPO had no occasion to consider said company in TP proceedings, DRP should not have rejected same without referring to merits of matters

Period of 3 yrs to sell confiscated property to be reckoned from end of FY when assessee lost right to file appeal

Posted on Tuesday January 16, 2018

IT : Where assessee challenged sale of confiscated property on ground that it took place after prescribed period of three years as per Rule 68B, in view of fact that sale was conducted within three years from date when order of DRT became final after expiry of period prescribed for filing an appeal, objection raised by assessee was to be set aside

Insolvency resolution process was to be admitted as corporate debtor failed to repay its debt: NCLT

Posted on Tuesday January 16, 2018

Insolvency and Bankruptcy Code: Where in respect of debt recoverable from corporate debtor, financial creditor had furnished records and evidence of default and corporate debtor had expressed its no objection for initiating insolvency process in respect of it, application filed by financial creditor under section 7 being complete was to be admitted


Royalty on use of brand name was taxable in hands of 'Dabur' even if it acquired 100% shareholdings of payer co.

Posted on Tuesday January 16, 2018

IT/ILT: Where assessee charged royalty from foreign entity by allowing it to use its brand name, in such a case, even though assessee acquired entire shareholding of said company subsequently, yet unless at entity level there was a complete re-organization so as to result in a complete identity of two concerns, royalty arising out of use of brand name had to be treated as an international transaction

Profits of all units were to be aggregated if single agreement was entered into to provide services from diff. units

Posted on Tuesday January 16, 2018

IT/ILT : Where there exists one single agreement for providing varied types of IT related services from distinct units of assessee, then for transfer pricing purposes, it is appropriate to consider profitability from all such units and all nature of services in aggregate

No sec. 68 additions as amount introduced as capital by partner was duly reflected in his books of account

Posted on Tuesday January 16, 2018

IT: Where AO made addition to assessee-firm's income under sec. 68 in respect capital introduced by one partner of firm, in view of fact that amount received by assessee-firm had been duly reflected in books of account maintained by concerned partner and he had also confirmed such contribution, impugned addition was to be set aside


Assessment made after 11 years could be set aside if it was not in conformity with CST (Pondicherry) rules: HC

Posted on Tuesday January 16, 2018

GST/CST & VAT: Central Sales Tax - Assessment cannot be carried forward at any time

Circular No. 5/2010 providing for computation of margins of comparables as per safe harbour rules has no retro-effect

Posted on Tuesday January 16, 2018

IT/ILT : Where assessee was rendering software development services to AE as a captive service provider, a company having huge turnover and high brand value, could not be accepted as comparable

Land deemed belonging to assessee if exp. incurred for making it suitable for sale was duly supported by doc.

Posted on Monday January 15, 2018

IT: Where assessee a real estate developer claimed expenditure incurred for making land suitable for sale and expenditure was supported by documents seized at time of search, benefit of presumption under section 132(4A) would be available to assessee and there would be no need for further proof under section 37, since Assessing Officer did not endeavour to carry out investigation into genuineness of expenditure made


Delhi HC upholds constitutional validity of second proviso to section 5(1) of Money Laundering Act

Posted on Monday January 15, 2018

PMLA : Second proviso to section 5(1) is not disproportionate so as to render it arbitrary Second proviso to section 5(1) is not violative of article 14 of Constitution of India, expression 'reasons to believe' has to meet safeguards inbuilt in second proviso to section 5(1) read with section 5(1)

Delay in filing of ITR condoned as assessee was searching his brother swept away while crossing flooded river

Posted on Monday January 15, 2018

IT : Car by which assessee's elder brother was crossing a flooded bridge, was swept away in river due to force of flood water a month before date of for filing return - Case of assessee was that for months, he was repeatedly visiting site of accident for conducting searches for tracing his brother -Thus, audit under section 44AB was delayed and, ultimately, it could be completed only on 20-2-2008 and return was filed - Whether state of mind of petitioner due to tragic event had to be appreciated

Functionally comparable co. couldn't be rejected merely because data for entire financial year was unavailable

Posted on Monday January 15, 2018

IT/ILT : A functionally comparable company, cannot be rejected merely because date for entire financial year was unavailable, when data can be reasonably extrapolated

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970


Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970


Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970


Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

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