Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
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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