Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The ITAT upheld the TP adjustment for software development services to AE. L&T Infotech was considered comparable, rejecting appellant's argument. Persistent Systems Ltd's exclusion request was denied as it was part of the final comparables list. Imputing interest on receivables should use prevailing Indian rates or LIBOR with markup. The case law supports market-determined rates for benchmarking. Disallowance of employee PF contribution was upheld u/s 36(1)(va) u/s 2(24)(x) based on Checkmate Services case, stating belated remittance is not deductible even if paid before the return filing due date.
The ITAT upheld the TP adjustment for software development services to AE. L&T Infotech was considered comparable, rejecting appellant's argument. Persistent Systems Ltd's exclusion request was denied as it was part of the final comparables list. Imputing interest on receivables should use prevailing Indian rates or LIBOR with markup. The case law supports market-determined rates for benchmarking. Disallowance of employee PF contribution was upheld u/s 36(1)(va) u/s 2(24)(x) based on Checkmate Services case, stating belated remittance is not deductible even if paid before the return filing due date.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
