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DATE: October 17, 2014 (Date of pronouncement)
DATE: October 20, 2014 (Date of publication)
AY: 2009-10
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Foreign exchange fluctuation gain arising on realization of trade debtor’s, payment to creditors etc is operational income. Tests for distinguishing secondment contract with technical services agreement

(i) The TPO had considered foreign exchange fluctuation gains to be non-operational in nature. This view was confirmed by the DRP stating that the foreign exchange fluctuations had nothing to do with the business operations of a tax payer. The …

Cisco Systems Services B.E vs. ADIT (IT) (ITAT Bangalore) Read More »

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DATE: November 23, 2012 (Date of pronouncement)
DATE: October 20, 2014 (Date of publication)
AY: 2007-08
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Transfer Pricing: Turnover filter is an important criteria in choosing comparables

(i) The ICAI TP Guidelines note on this aspect lay down in para 15.4 that a transaction entered into by a Rs. 1,000 crore company cannot be compared with the transaction entered into by a Rs. 10 crore company. The …

Trilogy E-Business Software India vs. DCIT (ITAT Bangalore) Read More »

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DATE: October 13, 2014 (Date of pronouncement)
DATE: October 18, 2014 (Date of publication)
AY: 2005-06
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Adjustment for capacity underutilization has to be in the results of the comparables and not the tested party. A 100% captive unit has to show that underutilization was for reasons beyond its control

The CIT(A) granted impugned relief by making adjustments, on account of capacity underutilization, in the results shown by the tested party and thus computing hypothetical financial results which the tested party would have achieved in perfect conditions. Such an exercise …

DCIT vs. EDAG Engineers & Design India Pvt Ltd (ITAT Delhi) Read More »

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DATE: October 13, 2014 (Date of pronouncement)
DATE: October 18, 2014 (Date of publication)
AY: 2003-04
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In computing operating profits, expenditure of other years has to be excluded. Forex gains and losses have to be treated at par

There is a categorical finding by the CIT(A) that superannuation contribution of Rs 5,88,254 pertains to the assessment year 2000-01 and 2001-02. This finding remains uncontroverted. In this view of the matter, there cannot indeed be any rationale in taking …

ITO vs. EDAG Engineers & Design India Pvt Ltd (ITAT Delhi) Read More »

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DATE: September 30, 2014 (Date of pronouncement)
DATE: October 18, 2014 (Date of publication)
AY: 2007-08
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Failure to pass draft assessment order after TPO's order renders proceedings void. SCN cannot be equated with draft assessment order

Even though a transfer pricing adjustment under section 92CA(1) was made to the income of the assesse, and accordingly the assessee is covered by the provisions of Section 144C(15), the Assessing Officer did not furnish to the assessee a draft …

Capsugel Healthcare Limited vs. ACIT (ITAT Delhi) Read More »

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DATE: April 29, 2014 (Date of pronouncement)
DATE: October 18, 2014 (Date of publication)
AY: 2009-2010
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CITATION:
Non-passing of draft assessment order after adjustments made by the TPO renders proceedings null & void

Under Section 144C(1) of the Act, with effect from 1st October 2009, the Assessing Officer has to mandatorily issue a draft assessment order if there is a proposed variation to the return which are prejudicial to the eligible assessee. The …

Vijay Television Private Limited vs. DRP (Madras High Court) Read More »