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...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
ITAT affirmed that fees received for turnkey offshore supply and management services do not constitute "Fees for Technical Services" under the Act or the India-UK DTAA because the services did not "make available" technical knowledge or skills to the recipient; the services were managerial, annually renewable, and passed arm's-length scrutiny, so taxation as FTS was unwarranted. Relying on similarity of legal and factual matrix with a prior assessment year, ITAT also held there was no permanent establishment or dependent agent PE (PE/DAPE) in India. Both grounds were decided in favor of the taxpayer, overturning the assessing authority's imposition of Indian taxing rights.
ITAT affirmed that fees received for turnkey offshore supply and management services do not constitute "Fees for Technical Services" under the Act or the India-UK DTAA because the services did not "make available" technical knowledge or skills to the recipient; the services were managerial, annually renewable, and passed arm's-length scrutiny, so taxation as FTS was unwarranted. Relying on similarity of legal and factual matrix with a prior assessment year, ITAT also held there was no permanent establishment or dependent agent PE (PE/DAPE) in India. Both grounds were decided in favor of the taxpayer, overturning the assessing authority's imposition of Indian taxing rights.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
