Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Effective Teleservices P. Ltd. v. DCIT (2023) 103 ITR 74 (SN)(Ahd) (Trib)

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-No further adjustment required of interest on outstanding receivables where working capital adjustment takes the same into account while benchmarking the main international transaction.

Star India P. Ltd. v. Asst. CIT (2023) 151 taxmann.com 77/ 105 ITR 1 (SB) (Mum) (Trib)

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Most appropriate method-Acquisition of bundle of sports broadcasting rights-No comparable uncontrolled transaction prices available-Unique intangible asset-“other method” more appropriate. [S.92]

Dy. CIT v H. K. Ispat P. Ltd. (2023) 103 ITR 12 (SN)(Ahd) (Trib)

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Purchases From AE-Sales By AE To Non-Related Parties-In one Month at price significantly higher than in other months-Difference in prices due to qualitative difference between ingots sold by AE to assessee and those sold to third parties-Substantial evidence to prove quality of products sold-No rationale in making adjustment only for one month-Reversal of adjustment is proper. [S.92CA]

Dy. CIT v. Harman Connected Services Corporation India Pvt. Ltd. (2023)101 ITR 3 (SN)(Bang) (Trib)

S. 92C : Transfer pricing-Arm’s length price-Selection of comparable-Turnover filter-Turnover of assessee 332 crores-DRP is justified in directing turnover of 200 crores to 2000 crores-Multiple of 10 times turnover could not be adopted. [S.92CA]

Technip Energies Italy v. DCIT (2023) 150 taxmann.com 525 / 104 ITR 592/225 TTJ 562 Delhi) (Trib)

S. 92BA : Transfer pricing-Specified domestic transaction-Arm’s length price-Avoidance of tax-International transaction-Business profits-AO failed to demonstrate as to how payments / expenditure was unreasonable / more than FMV-Addition is deleted. [S.9(1))(i), 40A(2)(a), 40A(2)(b), 44BBB,,144C]

Schindler China Elevator Co. Ltd. v. Asst. CIT (IT) (2023)103 ITR 567/200 ITD 259 ( (Mum) (Trib)

S. 90 : Double taxation relief-Non-resident-agreement with group entity in India-assesee supplying material as per agreement-roles of every member of the consortium agreed upon-assessee did not carry out operations in India-Held sums not taxable in India-DTAA-India-Chaina. [S.2(31)]

Amitsingh Baid Mehta v. ADIT (2023) 202 ITD 548 (Chennai) (Trib.)

S. 90 :Double taxation relief-Filing of Form 67 is a procedural/ directory requirement-Non-filing of Form 67 within the prescribed due date would not extinguish the substantive right of claiming credit of foreign tax credit.[S.90A, R. 128,Form No 67]

Priya Savina Murzello v. Dy. CIT [2023] 200 ITD 69 (Mum (Trib.)

S. 90 : Double taxation relief-Credit for foreign tax paid-Delay in filing Form No. 67-Directed the Assessing Officer to decide the claim of the foreign tax credit on merits, after accepting the Form No. 67 and other related documents filed by the assessee-DTAA-India-Netherland [S. 90A ,154, Form,67 R. 128(9) Art. 23]

Syndicate Bank Staff Co-Operative Society Ltd. v. Dy. CIT (2023)101 ITR 46 (SN.)(Bang) (Trib)

S. 80P : Co-operative societies-Delay in filing of return-Failure to file the return on due date-Not entitle to deduction-Adjustment made while processing return of income is valid-Not entitled to deduction-Liable to pay fee of Rs 5000. [S. 80 (P) (2) (A) (i), 80AC, 139 (1), 139(4), 143 (1) (a) ,234F]

Ambaradi Seva Sahkari Mandali Ltd. v. DCIT (Rajkot)(Trib)

S. 80P : Co-operative societies-Belated return-Denial of deduction is not valid.[S. 139(1), 139 (4), 143(1)(a)(ii).]