S. 92C : Transfer pricing – Arms’ length price – Availment of support services from AE had benefitted business of assessee – Thus, ALP of management fee paid to AE could not be determined at nil.
S. 92C : Transfer pricing – Arms’ length price – Availment of support services from AE had benefitted business of assessee – Thus, ALP of management fee paid to AE could not be determined at nil.
S. 92C : Transfer pricing – AMP expenditures incurred for creating awareness about the product is purely business expenditures and thus, outside the purview of international transactions. Hence, no TP adjustment on account of AMP expenses are required to be made.[ S.92B]
S. 92C : Transfer pricing – Arm’s length price – Working capital adjustment is to be allowed on actual without making adjustment to average working capital component of comparables . [ S.10A, 92CA ]
S. 90: Double taxation relief – Credit for foreign taxes on income eligible for deduction u/s 10A/10AA – Allowed as per the treaties-DTAA- India -USA [ S. 10A, 10AA, 90(1)(a)(ii), 91 ]
S. 90: Double taxation relief – Most Favourable Nation clause – Applied automatically – No separate notification.- Not assessabke as fees for technical services – DTAA -India – Sweden [ S.9(1)(vii), Art , 12 (4)(a) ]
S. 80P: Deductions – Income of co-operative societies (Credit Societies) – interest earned on short term deposits eligible for deduction .[ S. 80P (2) (d)]
S. 80P: Co-operative societies – Deposit only from Members – Determination based on Charter documents – Not based on mere admission – Deduction allowable.[ S.80P(2)(a)(i), 269SS, 271D]
S. 68: Unexplained cash credit-Not providing an opportunity to cross examine the witness-violation of principles of natural justice-when all the requisite documents and information is provided by the assesse onus shifts to the Revenue to cross verify the details furnish-otherwise no addition can be made [ S. 132, 147 , 148 ]
S.68 : Cash credit -Share capital- Manipulated accounts by way of bogus/fictitious entries, transactions did not involve actual cash inflow, it was unrealizable for assessee to discharge onus of establishing identity and creditworthiness of parties and genuineness of transaction, addition cannot be made as cash credits – maxim is “Lex non cogitadimpossibilia” – theory of impossibility of performance applied – Addition was deleted .
S. 54F : Capital gains – Investment in a residential house – Joint Ownership cannot come in way of claiming exemption [ S.45 ]