Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
ITAT held that receipts characterised as fees for technical services could not be taxed in India under the residuary Article 22 of the India-Thailand DTAA merely because the treaty lacks a specific FTS article; such income was treated as business income, and in the absence of a permanent establishment in India, the related addition was deleted. It remitted the section 234A interest issue to the Assessing Officer for verification of the actual filing date and directed that no interest would arise if the return was filed within the prescribed or extended time, with section 234B interest consequential. The challenge to initiation of penalty under section 270A was dismissed as premature.
ITAT held that receipts characterised as fees for technical services could not be taxed in India under the residuary Article 22 of the India-Thailand DTAA merely because the treaty lacks a specific FTS article; such income was treated as business income, and in the absence of a permanent establishment in India, the related addition was deleted. It remitted the section 234A interest issue to the Assessing Officer for verification of the actual filing date and directed that no interest would arise if the return was filed within the prescribed or extended time, with section 234B interest consequential. The challenge to initiation of penalty under section 270A was dismissed as premature.
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