Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
CBDT clarifies the safe harbour regime for foreign companies selling raw diamonds in Special Notified Zones. 'Raw diamonds' must satisfy all rule 99(f) conditions simultaneously; sorted diamonds are excluded, and a Kimberley Process Certificate alone is insufficient. A foreign company declaring at least 4% profit under the regime is accepted at foreign-company tax rates with surcharge, but cannot claim deductions. Treaty-based tax credit, if any, depends on the applicable DTAA and domestic law of the home jurisdiction. The option is invalid if availed on incorrect or concealed facts. The assessee need not be incorporated in India, must itself carry on the business, TDS applies, and non-opted assessees remain taxable under the ordinary law and DTAA.
CBDT clarifies the safe harbour regime for foreign companies selling raw diamonds in Special Notified Zones. 'Raw diamonds' must satisfy all rule 99(f) conditions simultaneously; sorted diamonds are excluded, and a Kimberley Process Certificate alone is insufficient. A foreign company declaring at least 4% profit under the regime is accepted at foreign-company tax rates with surcharge, but cannot claim deductions. Treaty-based tax credit, if any, depends on the applicable DTAA and domestic law of the home jurisdiction. The option is invalid if availed on incorrect or concealed facts. The assessee need not be incorporated in India, must itself carry on the business, TDS applies, and non-opted assessees remain taxable under the ordinary law and DTAA.
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