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...
The assessee filed a belated Form No. 67 for claiming Foreign Tax Credit (FTC). The issue was whether the procedural requirement of filing Form No. 67 was directory or mandatory. The Tribunal held that since the provisions of the Double Taxation Avoidance Agreement (DTAA) override Section 90 of the Income Tax Act and are more beneficial to the assessee, and Rule 128(a) does not preclude claiming FTC in case of delay in filing Form No. 67 as FTC is a vested right, there was no justification for not allowing FTC. The Tribunal directed the Assessing Officer to allow FTC in accordance with the India-Thailand DTAA, as the assessee had filed Form No. 67 as evidence of foreign taxes paid. The assessee's appeal was allowed.
The assessee filed a belated Form No. 67 for claiming Foreign Tax Credit (FTC). The issue was whether the procedural requirement of filing Form No. 67 was directory or mandatory. The Tribunal held that since the provisions of the Double Taxation Avoidance Agreement (DTAA) override Section 90 of the Income Tax Act and are more beneficial to the assessee, and Rule 128(a) does not preclude claiming FTC in case of delay in filing Form No. 67 as FTC is a vested right, there was no justification for not allowing FTC. The Tribunal directed the Assessing Officer to allow FTC in accordance with the India-Thailand DTAA, as the assessee had filed Form No. 67 as evidence of foreign taxes paid. The assessee's appeal was allowed.
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