S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Marketing intangibles-Deletion of addition by Tribunal-Order of Tribunal is affirmed. [S. 260A]
PCIT v.Organon (India) Pvt. Ltd. (2023)457 ITR 540/150 taxmann.com 280// 332 CTR 324/ 224 DTR 124 (Cal)(HC)
Digest of case laws
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This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Exclusion of comparables based on occurrence of financial events and functional dissimilarities is correct.[S.92CA, 260A]
CIT v. GE India Business Services Pvt. Ltd. (2023) 457 ITR 486 /152 taxmann.com 517 / 335 CTR 814(Delhi)(HC)S. 80P : Co-operative societies-Binding precedent-Not following the decision of Supreme Court-Assessment order is not valid-Alternative remedy-Not absolute bar.[S.80P(ii)(d), Art.226]
Cherthala Taluk Agricultural Credit Co-Operative Society v. ITO (2023)457 ITR 727 (Ker)(HC) Uzhuva Service Co-Operative Bank Ltd v. ITO (2023)457 ITR 727 (Ker)(HC) Muttom Service Co-operative Bank Ltd v. ITO (2023)457 ITR 727 (Ker)(HC)S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Audit report-Not filed along with the return-Amendment with effect from 1-4-2020-Not raised before the Tribunal-Cannot be raised first time before High Court.[S. 44AB, 80IA(4)(v), 80IA(7) 80AC, 260A, Form No 10CCB]
Winro Commercial (India) Ltd. v. PCIT (2023)457 ITR 418 / 330 CTR 598/ 221 DTR 425 /147 taxmann.com 123 (Cal)(HC)S. 69C : Unexplained expenditure-Bogus purchases-Purchases through banks-Material purchased was consumed in executing contract-Order of Tribunal restriction of addition to profit element at 12.5 percent alleged bogus purchases is affirmed. [S.44AB, 260A]
PCIT v. Tirupati Earth Neerprima JV(2023)457 ITR 521/154 taxmann.com 197 (Bom)(HC)S. 68 : Cash credits-Long-term capital gains-Penny stock-Accommodation entries-Deletion of addition by the Tribunal is affirmed-No substantial question of law. [S. 45, 115BBE, 260A]
PCIT v. Karuna Garg (2023)457 ITR 591 (Delhi)(HC)S. 45 : Capital gains-Non-Resident-Sale of debt instruments in India-Certificate of Singapore Tax Authorities that income from foreign exchange transactions in India be taxable in Singapore-Entitled to exemption-DTAA-India-Singapore.[Art, 13(4), 24]
CIT (IT) v. Citicorp Investment Bank (Singapore) Ltd. (2023)457 ITR 203 /151 taxmann.com 501 (Bom)(HC)S. 44BB : Mineral oils-Computation-Presumptive tax-Non-resident-Service tax collected-Not includible in gross receipt. [S.44BB(2)]
CIT (IT) v. B. J. Services Co. Me Ltd (2022) 145 taxmann.com 430/ (2023)457 ITR 80 (Uttarakhand)(HC) Editorial :SLP dismissed, CIT v. Transocean Offshore International Ventures Ltd (2023] 459 ITR 609/ 157 taxmann.com 203 (SC)S. 44BB : Mineral oils-Computation-Presumptive tax-Non-resident-Service tax collected-Not includible in gross receipt-SLP of Revenue is dismissed [S.44BB(2)]
CIT v. Transocean Offshore International Ventures Ltd (2023] 459 ITR 609/ 157 taxmann.com 203 /(2024) 296 Taxman 570 (SC) Editorial : CIT (IT) v. B. J. Services Co. Me Ltd (2022) 145 taxmann.com 430/ (2023) 457 ITR 80 (Uttarakhand)(HC)S. 44 : Insurance business-Computation of profits-The rules contained in the First Schedule appended to the Act will determine the manner in which the profits and gains of insurance business are to be ascertained. [S.14, 28, 43B, 199]
Sahara India Life Insurance Co. Ltd. v. ACIT (2023)457 ITR 548/150 taxmann.com 23(Delhi)(HC)