Transfer pricing comparables and operating income principles applied to software development services, with exclusions, inclusions, and tax credit ver...
Transfer pricing on performance guarantees and overdue receivables deleted where warranty obligations were embedded and working capital adjustment alr...
The ITAT affirmed that the assessee, a foreign company incorporated in the British Virgin Islands, qualified as an "eligible assessee" under section 144C(15)(b) and thus the AO was statutorily obliged to issue a draft assessment under section 144C(1). The AO proceeded to pass final assessment orders without issuing the mandated draft, rendering the final orders vitiated for non-compliance with the mandatory pre-draft procedure. The CIT(A)'s decision setting aside the impugned final assessments was upheld, and the Revenue's appeal was dismissed. The matter is remitted for fresh proceedings in accordance with the statutory scheme under section 144C.
The ITAT affirmed that the assessee, a foreign company incorporated in the British Virgin Islands, qualified as an "eligible assessee" under section 144C(15)(b) and thus the AO was statutorily obliged to issue a draft assessment under section 144C(1). The AO proceeded to pass final assessment orders without issuing the mandated draft, rendering the final orders vitiated for non-compliance with the mandatory pre-draft procedure. The CIT(A)'s decision setting aside the impugned final assessments was upheld, and the Revenue's appeal was dismissed. The matter is remitted for fresh proceedings in accordance with the statutory scheme under section 144C.
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