S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-AMP expenses in respect of products of AE-Comparables chosen by TPO had a net margin lower than that registered by assessee, no upward adjustment was required to be made. [S.92CA, 260A]
S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax- International transaction-Transfer Pricing Officer is not empowered to hold transaction as sham transaction-The questions of law with respect to the powers and jurisdiction of Transfer Pricing Officer are kept open for being considered in an appropriate case. [S.92CA, Art. 136]
S. 90 :Double taxation relief-A notification under section 90(1) would be a mandatory condition to give effect to a DTAA, or any protocol changing its terms or conditions, which would have effect of altering existing provisions of law; for a party to claim benefit of a same treatment clause, based on entry of DTAA between India and another state which is member of OECD, relevant date would be entering into treaty with India and not a later date, when, after entering into DTAA with India, such country becomes an OECD member, in terms of India’s practice-OECD Model Convention-art, 24-Writ petition is dismissed. [ITR. 128, Art. 226]
S. 80IC : Special category states-Manufacture of books-Eligible for deduction-Order of Tribunal is affirmed. [S.260A]
S. 80IB(10 :Housing projects-Delay in audit-Order of Tribunal allowing the claim of the assessee is affirmed. [S.80AC, 139(1)]
S. 80HHC : Export business-Interest income-Failure to establish nexus with export business-Order of Tribunal denying the exemption is affirmed by High Court-SLP of assessee is dismissed. [Art. 136]
S. 80G : Donation-No specific time frame mandated for carrying out charitable activities under section 800G(vi) of the Act-Order of Tribunal directing the Commissioner to grant approval is affirmed by High Court-SLP of Revenue is dismissed.- Leaving question of law open.[S. 80G(vi), Art.136]
S. 80G : Donation-No specific time frame mandated for carrying out charitable activities under section 800G(vi) of the Act-Order of Tribunal directing the Commissioner to grant approval is affirmed by High Court-SLP of Revenue is dismissed.[S. 80G(vi), Art.136]
S. 69B : Amounts of investments not fully disclosed in books of account-Undisclosed investments-Order of Tribunal deleting the addition is affirmed.[S. 133(6), 147, 148,250(4), 260A]
S. 69A : Unexplained money-Non-resident-Books of account not maintained-Transfer to NRO account-Only source of income in India is from interest on bank account and interest on income tax refund and he was not obliged to maintain any books of account in India-Order of Tribunal deleting the addition is affirmed. [S. 260A]