Transfer pricing adjustments for software services, corporate guarantees, expense characterisation and foreign tax credit affirmed under arm's length ...
Scientific Research approval for Sikshya O Anusandhan under section 35(1)(ii) granted subject to reporting, certification, and compliance requirements...
Clause substitution in the trust deed was validly made and the trust beneficiaries comprise only relatives of the settlor; therefore the trust falls within the relatives-only exception to the gift-tax provision and the addition under Section 56(2)(x) relating to shares is deleted. Separately, an advance tax amount erroneously deposited in the trust PAN was not recorded in the earlier year, was later claimed as refund and accounted as a liability to the settlor; on these facts the amount is a repayable liability and not a gratuitous receipt, so the addition under the same provision is disallowed.
Clause substitution in the trust deed was validly made and the trust beneficiaries comprise only relatives of the settlor; therefore the trust falls within the relatives-only exception to the gift-tax provision and the addition under Section 56(2)(x) relating to shares is deleted. Separately, an advance tax amount erroneously deposited in the trust PAN was not recorded in the earlier year, was later claimed as refund and accounted as a liability to the settlor; on these facts the amount is a repayable liability and not a gratuitous receipt, so the addition under the same provision is disallowed.
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