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...
This circular clarifies the availability of input tax credit (ITC) on demo vehicles used by authorized dealers of motor vehicles. Key points are: ITC is available on demo vehicles used for demonstrating features to potential buyers as they promote further supply of such vehicles. However, ITC is blocked if demo vehicles are used for staff transportation. For dealers acting as agents providing marketing services, ITC is blocked as they are not making further supply. Capitalization of demo vehicles doesn't impact ITC eligibility, but depreciation claimed under Income Tax Act will block ITC. On subsequent sale of capitalized demo vehicle, reversal provisions apply. The circular aims to ensure uniform implementation across field formations.
This circular clarifies the availability of input tax credit (ITC) on demo vehicles used by authorized dealers of motor vehicles. Key points are: ITC is available on demo vehicles used for demonstrating features to potential buyers as they promote further supply of such vehicles. However, ITC is blocked if demo vehicles are used for staff transportation. For dealers acting as agents providing marketing services, ITC is blocked as they are not making further supply. Capitalization of demo vehicles doesn't impact ITC eligibility, but depreciation claimed under Income Tax Act will block ITC. On subsequent sale of capitalized demo vehicle, reversal provisions apply. The circular aims to ensure uniform implementation across field formations.
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