Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT determined that for benchmarking outstanding receivables from Associated Enterprises (AEs), the applicable interest rate should be LIBOR, not domestic prime lending rates. The tribunal found the average LIBOR rate for 1-4-2005 to 31-3-2006 was 4.42%, and since the assessee charged 6% interest, which exceeded LIBOR, no additional transfer pricing adjustment was warranted. The decision emphasized that international transactions with AEs must be evaluated using international benchmark rates like LIBOR or EURIBOR, rather than domestic lending rates, ensuring arm's length pricing principles are consistently applied in cross-border financial transactions.
ITAT determined that for benchmarking outstanding receivables from Associated Enterprises (AEs), the applicable interest rate should be LIBOR, not domestic prime lending rates. The tribunal found the average LIBOR rate for 1-4-2005 to 31-3-2006 was 4.42%, and since the assessee charged 6% interest, which exceeded LIBOR, no additional transfer pricing adjustment was warranted. The decision emphasized that international transactions with AEs must be evaluated using international benchmark rates like LIBOR or EURIBOR, rather than domestic lending rates, ensuring arm's length pricing principles are consistently applied in cross-border financial transactions.
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