Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
The ITAT held that the taxpayer's receipts for repair and maintenance of aircraft engines from Indian customers do not constitute Fees for Technical Services (FTS) under the India-Canada DTAA (and India-Singapore DTAA) because the Department failed to establish that technical knowledge, skills or know-how were transferred so as to "make available" technology to the recipient. The Tribunal found no enduring benefit or ability of the recipient to use the technology independently post-contract. Applying the same reasoning to all similar repair and maintenance receipts for the year, the ITAT concluded those receipts are not taxable as FTS in the taxpayer's hands.
The ITAT held that the taxpayer's receipts for repair and maintenance of aircraft engines from Indian customers do not constitute Fees for Technical Services (FTS) under the India-Canada DTAA (and India-Singapore DTAA) because the Department failed to establish that technical knowledge, skills or know-how were transferred so as to "make available" technology to the recipient. The Tribunal found no enduring benefit or ability of the recipient to use the technology independently post-contract. Applying the same reasoning to all similar repair and maintenance receipts for the year, the ITAT concluded those receipts are not taxable as FTS in the taxpayer's hands.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
