Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
A single-member Delaware LLC was held to satisfy the India-US DTAA residence test because its income was taxable in the hands of its US corporate member and the residence State had the legal power to tax it, so treaty benefits were available. Applying the "liable to tax" principle to fiscally transparent entities, the Tribunal treated the LLC as a US resident for treaty purposes. It further held that offshore repair and overhaul receipts did not meet Article 12(4)(b)'s "make available" test, because no technical knowledge, skill or process was shown to have been transferred for independent use by the Indian recipient. The addition was deleted.
A single-member Delaware LLC was held to satisfy the India-US DTAA residence test because its income was taxable in the hands of its US corporate member and the residence State had the legal power to tax it, so treaty benefits were available. Applying the "liable to tax" principle to fiscally transparent entities, the Tribunal treated the LLC as a US resident for treaty purposes. It further held that offshore repair and overhaul receipts did not meet Article 12(4)(b)'s "make available" test, because no technical knowledge, skill or process was shown to have been transferred for independent use by the Indian recipient. The addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
