Transfer pricing comparables and operating income principles applied to software development services, with exclusions, inclusions, and tax credit ver...
Transfer pricing on performance guarantees and overdue receivables deleted where warranty obligations were embedded and working capital adjustment alr...
A company remains a separate juristic entity from its shareholders, and share ownership does not itself confer ownership of the company's assets or income. On the facts, the shareholders had invested through permitted banking channels, while the company borrowed funds, acquired the properties, earned rental income and realised capital gains on sale. The Revenue could not, in the absence of statutory authority, assess the company's rental income, capital gains and other income in the hands of the shareholders by invoking substance over form or piercing the corporate veil. Fiscal liability must rest on the statute, and the Tribunal's view was affirmed; the additions were held unsustainable and the Revenue's appeals were dismissed.
A company remains a separate juristic entity from its shareholders, and share ownership does not itself confer ownership of the company's assets or income. On the facts, the shareholders had invested through permitted banking channels, while the company borrowed funds, acquired the properties, earned rental income and realised capital gains on sale. The Revenue could not, in the absence of statutory authority, assess the company's rental income, capital gains and other income in the hands of the shareholders by invoking substance over form or piercing the corporate veil. Fiscal liability must rest on the statute, and the Tribunal's view was affirmed; the additions were held unsustainable and the Revenue's appeals were dismissed.
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