S. 92C : Transfer pricing-Arm’s length price-Capital Utilization-Functioning at lower capacity than average-Adjustment for underutilization required-Import of raw material-Loss due to foreign exchange rates fluctuation-Foreign exchange rates fluctuation adjustment to be considered-Matter remanded to TPO. [S.92CA]

S. 92C : Transfer pricing-Arm’s length price-Reconciliation of revenue-Matter remanded.

S. 92C : Transfer pricing-Arm’s length price-Selection of comparables-Turnover more than 200 crores-Assessee company making less than 200 crores in current year-Margin of current year alone to be taken. [S. 92A]

S. 91 : Double taxation relief-Countries which no agreement exists-Foreign tax credit-Delay in filing Form 67-Entitle to claim Foreign tax credit. [S. 139(5), R. 128(9) Form, 67]

S. 90 : Double taxation relief-Not made arrangements for declaration of dividends out of income earned in India-Income was to be charged at a higher rate of tax in India vis-à-vis domestic company and same could not be treated as discrimination on account of fact that assessee belonged to other Contracting State, i.e. Korea-DTAA-India-Korea. [S. 9(1)(i), Art, 25]

S. 90 : Double Taxation Avoidance-Effective Management situated in Germany-Fee levied at Indian Airports-Not Income Derived From Operation Of Aircraft-Taxable In India As Business Profits DTAA-India-Germany. [Art, 7, 8]

S. 90 : Double taxation relief-Non-Resident-Royalty-Fees for Technical services-Rate of tax-Most favoured nation clause-Protocol-Agreement was signed on same day of signing of protocol-No requirement of separate Notification for implementing most favoured nation clause-Not justified in denying benefit of straight rate of tax at 10 Per Cent. as per DTAA-Additional charging of surcharge and education Cess-Not justified-DTAA-India-Portugal [S 90(1) 115A, Art, 12]

S. 90 : Double taxation relief-Credit for tax paid abroad-Foreign tax credit-Sales of units eligible for deduction under S. 10AA-DTAA-Taxes paid Australia and Canada, benefit of tax paid in Australia and Canada cannot be allowed against Indian income-tax-Taxes paid by the assessee in Japan, Switzerland and Malaysia are eligible for credit DTAA-India-Australia-Belgium-Canada-Japan-Malaysia, Switzerland [S. 10AA,37(1), 90(1)(a)(i), 90(1)(a)(ii), Art, 24, 23, 23, 23, 24, 23]

S. 90 : Double taxation relief-Beneficial ownership-long term capital gains-Transfer of shares of CMS Info Systems Ltd–Matter remanded to the file of the Assessing Officer-DTAA-India-Mauritius [Art. 13(4)]

S. 89 : Relief for income-tax-Arrears or advance of salary-Compensation received by assessee was only salary received in advance and not as termination compensation and, therefore, relief claimed by assessee under section 89(1) read with sub-rule (2) of rule 21A was to be allowed. [R. 21A]