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2018 (12) TMI 276 - ITAT MUMBAI Transfer pricing adjustment on account of corporate support services received from AE - allocation of intra group services to be borne by the assessee from its AE in 16 worldwide localities - assessee’s allocation is based upon a global agreement between the AEs in this regard. Various allocation keys, i.e., asset, revenue, number of employee, depending upon the nature has been used with allocation is supported by a CPA certificate - Revenue’s contented that necessary evidence in this regard for... ... ...
2018 (10) TMI 681 - AUTHORITY FOR ADVANCE RULING, MAHARASHTRA Classification of education services rendered by appellant - Appellant is approved by National Skill Development Corporation - National Skill Development Programme - whether merit classification under HSN 9992 or otherwise? - exemption under N/N. 12/2017 Central tax (Rate) dated 28th June 2017. Whether educational courses offered by the Applicant which have been approved by National Skill Development Corporation (NSDC) would be construed as in relation to National Skill Development Programme imp... ... ...
2018 (4) TMI 1120 - ITAT DELHI Addition On account of commission income on providing accommodation entries - rates of commission charges - Appellant has failed to file evidence that VAT charged @4% from the beneficiaries on accommodation bills were actually refunded to the beneficiaries or deposited with the trade tax department - Held that:- Beneficiaries claimed these expenses as deduction while computing their income and also claimed VAT as set off while filing their income tax and VAT returns. Beneficiaries in turn paid c... ... ...
2018 (4) TMI 503 - ITAT KOLKATA Determination of Arm’s Length Price (ALP) for Management Support Services - assessee benchmarked the Intra Group Services transactions by using the Transactional Net Margin Method (TNMM) as the Most Appropriate Method (MAM)- Held that:- There is no change in the facts and circumstances during the year under appeal with regard to MSSA when compared to that in the earlier years and hence respectfully following the judicial precedents relied upon hereinabove, we hold that the determination of ALP f... ... ...
2018 (3) TMI 211 - ITAT KOLKATA Determination of Arm’s Length Price (ALP) for Management Support Services - Held that:- Determination of ALP for Management Support Services at Rs. NIL is unwarranted and accordingly the upward adjustment made by the ld TPO in the sum of Rs. 339,17,83,606/- is deleted. Determination of Arm’s Length Price (ALP) for AMP expenses - Held that:- We find that the ld TPO, ld AO and the ld DRP had categorically accepted the basic fact that the assessee is a manufacturer and also engaged in distribution ... ... ...
2018 (3) TMI 1189 - ITAT DELHI Addition u/s 14A - Held that:- CIT (A) has mentioned that assessee‘s investments have been made in-group concern for exercising control and management of such concerns and in the relevant assessment year, the assessee has not derived any exempt income. This fact is not disputed by the revenue. Therefore, as there is no exempt income earned by the assessee during the year, respectfully following the decision of the Hon‘ble Delhi High Court in case of Cheminvest versus CIT (2015 (9) TMI 238 - DELH... ... ...
The circular announces the launch of the Indian Customs EDI System (ICES 1.5) at a specific inland container depot in Pune, Maharashtra, managed by a private company. The system aims to streamline import and export processes by enabling electronic data interchange for customs declarations. Importers, exporters, and customs brokers are advised to ensure their Import Export Codes (IE Codes) are registered with the system. The circular outlines procedures for filing import and export documents, payment of duties, and handling of various customs processes, including the registration of bank accounts for duty payments and claims. It also details the responsibilities of customs officers and the operational hours of the terminal. The circular emphasizes compliance with customs regulations and provides instructions for handling specific scenarios, such as high sea sales, provisional assessments, and export under various schemes.
2017 (12) TMI 1117 - ITAT KOLKATA TPA - comparable selection criteria - Held that:- Assessee is engaged in cutting edge product without appreciating that the products are not conceptualized in India and hence the role of PSC is limited to only that of a routine captive service provider, thus companies functionally dissimilar with that of assessee need to be deselected from final list. Depreciation claimed by the assessee @ 30% on moulds on the ground that these are used in plastic factories - Held that:- AR has just verbally sub... ... ...
2016 (11) TMI 66 - ITAT MUMBAI Depreciation at the rate of 60% on the courseware - Held that:- We find that the assessee is engaged in the business of imparting computer training and education on customized basis as per the requirements of the customers. The assessee developed various types of educational software/special courses keeping in view of the requirements of each institution/customer and these courses are designed and developed keeping in view of the requirements which varies from customer to customer, from industry... ... ...
Year End Review: Highlights of the Achievements of the Ministry of Finance The Ministry of Finance has implemented various initiatives in the fiscal year to enhance revenue collection, streamline taxation policies, and improve economic growth. Key achievements include a significant decline in inflation rates, with the Wholesale Price Index (WPI) dropping to -3.8% in October 2015. Measures to control inflation involved delisting certain food items from the APMC Act and adjusting import duties. The Reserve Bank of India (RBI) reduced the policy rate by 125 basis points to spur growth. Banking reforms included the establishment of Payment Banks and Small Finance Banks to boost financial inclusion. Additionally, the government launched the National Investment and Infrastructure Fund (NIIF) and promoted Public Private Partnerships (PPPs) for infrastructure development. The Ministry also focused on financial stability, tax-free bonds issuance, and international cooperation through initiatives like the BRICS New Development Bank and AIIB membership.
Consolidated FDI Policy The Consolidated FDI Policy Circular of 2015, effective from May 12, 2015, outlines the Indian government's framework to attract foreign direct investment (FDI) to enhance domestic capital, technology, and skills. The policy is designed to be transparent and predictable, with updates reflecting regulatory changes. It distinguishes FDI from portfolio investments, emphasizing a lasting interest in an enterprise. The document details definitions, general conditions, and entry routes for FDI, specifying the sectors open to foreign investment, the percentage caps, and the conditions applicable. It also includes procedural instructions for reporting and compliance, emphasizing adherence to FEMA regulations. The policy aims to streamline FDI processes while ensuring compliance with sectoral laws and conditions.
Master Circular on Foreign Investment in India The Master Circular on Foreign Investment in India, issued by the Reserve Bank of India, consolidates the regulatory framework for foreign investments under the Foreign Exchange Management Act, 1999. It outlines the guidelines for Foreign Direct Investment (FDI), including entry routes, eligibility, types of instruments, pricing, and prohibited sectors. The circular also covers investments in partnership firms or proprietary concerns, Portfolio Investment Scheme, and other foreign investments. Reporting requirements for various investment transactions are detailed, and the circular is set to be updated annually. This document serves as a comprehensive guide for authorized dealer banks and investors regarding foreign investment regulations in India.
Service Tax on Import of Service in India – Section 66A The article discusses the complexities surrounding the import of services in India under Section 66A of the Finance Act, 1994, and the associated rules. It highlights the obligation of the service recipient to pay service tax on imported services. The article explains that a business with permanent establishments in different countries is treated as separate entities for tax purposes. For instance, if an Indian company has a branch in the USA, it is not liable for service tax in India for services received by its U.S. branch. Conversely, an Indian company without a foreign office must pay service tax on services received from abroad.
2025 (2) TMI 379 - DELHI HIGH COURT Professional Misconduct - Constitutional validity of Section 132 (4) of the Companies Act, 2013 - power of NFRA to initiate disciplinary proceedings not just against individual partners and CAs but also auditing firms in respect of any audit - validity of Rules 3, 8, 10 and 11 of the National Financial Reporting Authority Rules, 2018 - seeking an appropriate declaration to the effect that Section 132 (4) of the Companies Act as well as Rules 3, 8 10 and 11 of the NFRA Rules be held not to apply ... ... ...
ICEGATE: Indian Customs EDI Gateway ICEGATE, developed by the Central Board of Indirect Taxes and Customs, is India's electronic data interchange platform for customs processes. It facilitates electronic filing, integration with the Indian Customs EDI System, and online payment of duties, enhancing trade efficiency. ICEGATE acts as a single window for document submission to various government agencies, offers real-time tracking, and integrates with a Risk Management System to streamline customs clearance. The platform reduces paperwork, speeds up goods clearance, and ensures data security, supporting India's trade facilitation goals by automating customs operations and enhancing transparency and compliance.
2025 (3) TMI 1277 - MADRAS HIGH COURT Validity of assessment order passed u/s 143(3) r.w.s. 144B - violation of principles of natural justice due to non-consideration of the petitioner s application u/s 144A - HELD THAT:- The procedure u/s 144B of the Income Tax Act, 1961 makes it clear that there are adequate safeguards during assessment. Clause (iii) Sub- Section (1) Section 144B of the Income Tax Act, 1961 mandates that the assessment will be completed in accordance with the procedure laid down under section 144B of the Income Ta... ... ...
2024 (8) TMI 92 - CESTAT CHENNAI CENVAT Credit - service tax paid by them on the invoices issued by automobile dealers - it is the case of the department that the dealers have been providing insurance services to the appellants illegally against the provisions of Insurance Act, 1938 and IRDA Regulations - rejection on the ground that computer generated invoices are not signed - rejection of credit on the ground that the invoices issued by M/s. TVS Sundaram Motors (service provider) contains a different description of the servic... ... ...
Functionality for Verification of High Risk Refund Cases for Investigation wing users at Insight The circular from the Directorate of Income Tax (Systems) outlines the procedure for verifying high-risk refund cases identified through email clusters. Investigation officers are tasked with examining clusters of suspicious Income Tax Returns (ITRs) using the Insight portal. The process involves identifying a key person associated with common email IDs, verifying claims of deductions and expenses, and determining the genuineness of refund claims. Officers must complete investigations within three months and submit feedback within four months. The circular provides detailed guidelines and steps for using the Insight portal to manage and report on these cases.
2024 (8) TMI 796 - SECURITIES AND EXCHANGE BOARD OF INDIA Collective Investment Scheme ( CIS ) - Scheme / arrangement operated through the Growpital platform - whether the Entities have prima facie violated any provisions of SEBI Act , CIS Regulations and SEBI -PFUTP Regulations - HELD THAT:- Prima facie the instant scheme / arrangement offered / operated through the Growpital platform falls within the definition of CIS. The activities of Growpital, as brought out from the various materials described above, show that prima facie a CIS is being operated... ... ...
2023 (8) TMI 471 - CESTAT CHENNAI CENVAT Credit - Whether the appellant is eligible to avail credit of the service tax paid by them on the invoices issued by automobile dealers? - Difference of opinion between Judicial member and Technical member. As PER MS. SULEKHA BEEVI, C.S. (Judicial Member) CENVAT Credit - invoices on which credit is taken do not reflect the true description of the services provided by the dealers to the appellant - credit availed based on unsigned invoices issued (in respect of M/s. Honda Motors India Ltd.... ... ...
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