International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
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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