Supervisory permanent establishment requires project-wise duration and qualifying construction nexus; offshore supplies and salary reimbursements rema...
Transfer-pricing comparability permits fresh objections and filters where software service comparables are functionally unsuitable for arm's-length pr...
Territorial rendering requirement excludes China-based management and consultancy services from fees for technical services under the India-China DTAA...
The High Court quashed the impugned notice u/s 148A(b), order u/s 148A(d), and consequential notice u/s 148, holding that the interest income derived from Non-convertible Debentures floated by Genpact India Private Limited was appropriately offered to tax u/s 194LD. The Court observed a manifest variation between the initial reasons recorded for reassessment and the final order disposing of objections. Furthermore, even if the payment were assumed to be dividend, the liability to pay tax would be on the company declaring or paying the dividend, not the recipient. The Court also noted that issues emanating from the CIT(IT)'s order u/s 263 are pending adjudication in another appeal, which cannot sustain the reassessment proceedings impugned herein.
The High Court quashed the impugned notice u/s 148A(b), order u/s 148A(d), and consequential notice u/s 148, holding that the interest income derived from Non-convertible Debentures floated by Genpact India Private Limited was appropriately offered to tax u/s 194LD. The Court observed a manifest variation between the initial reasons recorded for reassessment and the final order disposing of objections. Furthermore, even if the payment were assumed to be dividend, the liability to pay tax would be on the company declaring or paying the dividend, not the recipient. The Court also noted that issues emanating from the CIT(IT)'s order u/s 263 are pending adjudication in another appeal, which cannot sustain the reassessment proceedings impugned herein.
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