Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Transfer pricing adjustment for corporate guarantees was governed by precedent in the taxpayer's own case, requiring guarantee commission to be benchmarked at 0.5% per annum for performance, lease and finance guarantees, and the adjustment was restricted accordingly. Overseas "State taxes" were held deductible unless eligible for relief under s. 90, since "tax" in s. 2(43) for s. 40(a)(ii) covers only tax chargeable under the Act; AO was directed to verify treaty relief and allow deduction if none. Payments for imported software were not "royalty" for internal-use software and no TDS was required; contrary treatment for trading software was not sustained. Disallowance under s. 14A r/w r. 8D was deleted for lack of recorded satisfaction; tax sparing credit under India-Singapore DTAA was allowed on FIFO method. - ITAT
Transfer pricing adjustment for corporate guarantees was governed by precedent in the taxpayer's own case, requiring guarantee commission to be benchmarked at 0.5% per annum for performance, lease and finance guarantees, and the adjustment was restricted accordingly. Overseas "State taxes" were held deductible unless eligible for relief under s. 90, since "tax" in s. 2(43) for s. 40(a)(ii) covers only tax chargeable under the Act; AO was directed to verify treaty relief and allow deduction if none. Payments for imported software were not "royalty" for internal-use software and no TDS was required; contrary treatment for trading software was not sustained. Disallowance under s. 14A r/w r. 8D was deleted for lack of recorded satisfaction; tax sparing credit under India-Singapore DTAA was allowed on FIFO method. - ITAT
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