Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Exclusion of limitation period: pandemic suspension plus debtor acknowledgement can extend limitation, requiring fresh factfinding on guarantee invoca...
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
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
