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2024 (3) TMI 942 - AT - Income TaxTP Adjustment - bilateral Advance Pricing Agreement (APA) between India and the USA - international transaction pertaining to receipt of information technology enabled services and payment towards K-Net charges - whether international transactions between the Applicant and its AEs as Covered Transactions? - HELD THAT:- As the year under consideration is covered under the APA [bilateral Advance Pricing Agreement [APA] between India and USA, the assessee filed its modified return of income which we have been told has been processed. Since the modified return of income is now available with the AO, we deem it fit to restore the impugned quarrel to the file of the Assessing Officer. The Assessing Officer is directed to consider the modified return of income in light of APA and decide the issue afresh after affording reasonable and adequate opportunity of being heard to the assessee. Accordingly, Ground No. 1 with all its sub-grounds is allowed for statistical purposes. Foreign Tax Credit - HELD THAT:- HCL Comnet Systems And Services Ltd [2023 (11) TMI 1238 - DELHI HIGH COURT] has decided the issue in favour of the assessee as relying on Wipro Ltd. case [2015 (10) TMI 826 - KARNATAKA HIGH COURT] Short credit of TDS - HELD THAT:- We are of the considered view that this issue needs verification and we direct the Assessing Officer to verify the details of TDS and allow credit as per provisions of law. Ground No. 5 is allowed for statistical purposes.
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