Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

M/s. Essilor India Pvt. Ltd. Versus Deputy Commissioner of Income-tax, Circle 11 (3) , Bangalore

2016 (3) TMI 959 - ITAT BANGALORE

Transfer pricing adjustment - determination of ALP - treatment to transaction of expenditure on AMP as a separate transaction - Held that:- TP adjustment can be made by deducing from the difference between AMP expenditure incurred by assessee-company and AMP expenditure of comparable entity, if there is no explicit arrangement between the assessee-company and its foreign AE for incurring such expenditure. The fact that the benefit of such AMP expenditure would also enure to its foreign AE is not .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

g the above legal position to the facts of the present case, it is not a case of revenue that there existed an arrangement and agreement between the assessee-company and its foreign AE to incur AMP expenditure to promote brand value of its products on behalf of the foreign AE, merely because the assessee-company incurred more expenditure on AMP compared to the expenditure incurred by comparable companies, it cannot be inferred that there existed international transaction between assessee-company .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

iture was not considered as a part of the operating cost. This goes to show that the AMP expenditure was not subsumed in the operating profitability of the assessee-company. Therefore, in order to determine the ALP of international transaction with its AE, it is sine qua non that the AMP expenditure should be considered as a part of the operating cost. Therefore, we restore the issue of determination of ALP, on the above lines, to the file of the AO/TPO. - Decided partly in favour of assessee - .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ssessment years 2009-10 and 2010-11. The appeal in IT(TP)A No.29/Bang/2014 is directed against the assessment order dated 29/11/2013 passed u/s 143(3) r.w.s. 144C of the Act for the assessment year 2009-10 and appeal in IT(TP)A No.227/Bang/2015 is directed against the assessment order dated 30/12/2014 passed u/s 143(3) r.w.s.144C of the Act for the assessment year 2010-11. 2. Since common issues are involved in both the appeals, we dispose of the same by this common and consolidated order for th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

pellant are more than the AMP expenses incurred by the comparable entities. 3) That the learned lower authorities erred in law and on facts in presuming that the transaction of brand promotion has taken place without bringing on record any tangible and reliable evidences and such a finding of the learned lower authorities is perverse as being not supported by any materials on record. 4) That the learned TPO erred in law and on facts in determining the arm's length price of an alleged transac .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

S. 14A is attracted even though the Assessing Officer has not recorded any satisfaction as to why the claim of the appellant that no expenditure has been incurred is not correct. 7) Without prejudice to above grounds, the learned lower authorities erred in law and on facts in disallowing a sum of ₹ 60,98,343/- even though the actual dividend received is only ₹ 49,30,000/-. 8) That the learned assessing officer erred in law and on facts in levying the interest u/s 234C of the Act at .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

is a company duly incorporated under the provisions of the Companies Act, 1956. It is engaged in the business of trading in finished, semi-finished opthalmic lenses, optical meters and processing of semi-finished ophthalmic lenses. It is wholly owned subsidiary of Essilor International SA, France [hereinafter referred to as AE ]. The license to use quoting technology is granted by AE. In consideration for granting the right to use the technology, the assessee-company is charged a royalty of 0.6 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

During the previous year relevant to assessment year 2009-10 assessee-company paid the above amount to its AE. The assessee-company sought to justify the consideration paid for the international transactions entered into with the AE to be at ALP. The assessee-company submitted a transfer pricing report adopting operating profit margin to the turnover as the Profit Level Indicator ( PLI ) for the transfer pricing studies. The assessee-company applied the Transactional Net Margin Method (TNMM) wh .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the arithmetic average of the operating profit margins of the said comparables was computed at (-)3.31%. Therefore, according to the assessee-company, since its PLI was more than the average PLI of the comparables, it was claimed that these transactions with its AE are at arm s length price (ALP). 8. AO referred the matter to TPO. The TPO, by an order dated 11/1/2013 passed u/s 92CA(3) of the Act, computed the TP adjustment at ₹ 10,65,96,361/-. While doing so, the TPO held that the assesse .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

3.3% of the turnover. Therefore, the TPO adopted 3.3% of the turnover to bench mark the transaction of the AMP with its AE. The TPO had also worked out the operating margin on the total operating cost at 20.22% after excluding the additional expenditure incurred on AMP of ₹ 8,86,67,743/- from the total operating cost. He has also applied the mark up on the AMP expenditure at 20.22% and finally, ALP was computed as under: Particulars Amount (Rs.) Operating Revenue Services (excluding other .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

) 10,65,96,361 9. Therefore, the TPO proposed adjustment of ₹ 10,65,96,361/- u/s 92CA on account of AMP expenditure. However, the TPO held that other international taxations entered into by the assessee-company with its AE are to be at arm s length and therefore, not proposed any addition. 10. Pursuant to the TPO order, draft assessment order dated 31/1/2013 was passed by the AO, wherein the following disallowances were proposed (i) adjustment on account of transfer pricing of Rs.10,65,96, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e assesseecompany and its AE, the question of promotion of brand or sharing the advertisement expenditure does not arise. (ii) It cannot be presumed that there is an international transaction within the meaning of sec.92B of the Act. (iii)The burden of proof lies on the TPO to prove the existence of international transaction and not on the assessee-company. Without prejudice to the above, it was claimed that the entire expenditure incurred on the advertisement and sales promotion cannot be added .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ssee-company, had set aside the issue to the file of the TPO to examine the case in the light of the decision of the Special Bench of ITAT in the case of LG Electronics India Pvt. Ltd., 140 ITD 41)(Del)(SB) and determine the cost of services provided by the assessee-company to its AE in the form of AMP expenditure incurred for promoting the brands of AE after determining the cost of the services so provided, to determine the margin on these services by applying the cost plus method, as prescribe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

P following the decision of the Hon ble Apex Court in the case of Rotork Controls P. Ltd. reported in 314 ITR 62. On the issue of product launch expenditure, the DRP held that the expenditure was in the nature of revenue and directed the AO to allow the same. On the issue of disallowance u/s 14A of ₹ 60,98,834/-, the disallowance was confirmed by the DRP on the ground that the assessee-company had failed to maintain separate accounts in respect of tax exempt income. 14. Being aggrieved, th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s advertisement marketing expenditure. It was further submitted that these expenses only incurred in connection with the sales. Therefore, it should be treated as selling expenses. On the issue of disallowance u/s 14A of the Act, it was contended that no expenditure was incurred to earn the dividend income and without rendering finding as to the correctness of the claim of the assessee-company, the disallowance should not have been made. 15. On the other hand, ld.CIT(DR) vehemently contested the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

any and the investments were made in the subsidiary company in the business interests of the assessee-company and out of commercial expediency. Therefore, the disallowance should be confirmed. 16. We have heard the rival submissions and perused the material on record. We shall now deal with grounds relating to TP adjustments made by the TPO/AO as confirmed by the ld.DRP on AMP expenditure. The issue that arises for consideration is whether the advertisement, marketing and promotion expenses incu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

med the existence of international transaction on AMP expenditure following the law laid down by the Special bench of Tribunal in the case of LG Electronics India (P) Ltd. & others (sura). However, ld.DRP remitted the matter to the file of TPO for determination of ALP in the light of law laid down therein. The correctness of the decision of the Special bench of the Tribunal in the case of LG Electronics India (P) Ltd., (supra) was considered by the Hon ble Delhi High Court in the case of Son .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

er AMP Expenses incurred by the assessee in India can be treated and categorized as an international transaction under Section 92B of the Income Tax Act, 1961? (iii) Whether under Chapter X of the Income Tax Act, 1961, a transfer pricing adjustment can be made by the Transfer Pricing Officer/ Assessing Officer in respect of expenditure treated as AMP Expenses and if so in which circumstances? (iv) If answer to question Nos.2 and 3 is in favour of the Revenue, whether the Income Tax Appellate Tri .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Bench in Sony Ericsson (supra) are as under: (i) The Court concurred with the majority of the Special Bench of the ITAT in the LG Electronics case qua the applicability of 92CA(2B) and how it cured the defect inherent in 92CA(2A). The issue concerning retrospective insertion of 92CA(2B) was decided in favour of the Revenue. (ii) AMP expenses were held to be international transaction as this was not denied as such by the assessees. (iii) Chapter X and Section 37(1) of the Act operated independen .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ions as per the scheme of Chapter X and the TP Rules. Thus, the word transaction would include a series of closely linked transactions. (vi) The TPO/AO could overrule the method adopted by the Assessee for determining the ALP and select the most appropriate method. The reasons for selecting or adopting a particular method would depend upon functional analysis comparison, which required availability of data of comparables performing of similar or suitable functional tasks in a comparable business .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

in the net profit of the inter-linked transaction. The TNMM proceeded on the assumption that functions, assets and risks being broadly similar and once suitable adjustments have been made, all things get taken into account and stand reconciled when computing the net profit margin. Once the comparables pass the functional analysis test and adjustments have been made, then the profit margin as declared when matches with the comparables would result in affirmation of the transfer price as the arm s .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ll be no segregation of a bundled transaction. Set off of transactions segregated as a single transaction is just and equitable and not prohibited by Section 92(3). Set-off is also recognized by international tax experts and commentaries. (x) Segregation of bundled transactions shall be done only if exceptions laid down in CIT v. EKL Appliances Ltd. [2012] 345 ITR 241 (Del) are justified. Re-categorisation and segregation of transactions are different exercises; former would require separate com .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

position was misunderstood by the majority of the Special Bench in the LG Electronics Case. (xiii) The RP Method loses its accuracy and reliability where the reseller adds substantially to the value of the product or the goods are further processed or incorporated into a more sophisticated product or when the product/service is transformed. RP Method may require fewer adjustments on account of product differences in comparison to the CUP Method because minor product differences are less likely t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ine, once functional comparability with or without adjustment is accepted. (xv) The task of arm s length pricing in the case of tested party may become difficult when a number of transactions are interconnected and compensated but a transaction is bifurcated and segregated. CP Method, when applied to the segregated transaction, must pass the criteria of most appropriate method. If and when such determination of gross profit with reference to AMP transaction is required, it must be undertaken in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

trade or volume discount or incentive as brand building exercise would be contrary to common sense and would be highly exaggerated. Direct marketing and sale related expenses or discounts/concessions would not form part of the AMP expenses. (xvii) The prime lending rate cannot be the basis for computing markup under Rule 10B(1)(c) of the Rules, as the case set up by the Revenue pertains to mark-up on AMP expenses as an international transaction. Mark up as per sub-clause (ii) to Rule 10B(1)(c) .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

as erroneous. On the basis of the legal ratio expounded in this decision, facts have to be ascertained and applied. If required and necessary, the assessed and the Revenue should be asked to furnish details or tables. The ITAT, in the first instance, would try and dispose of the appeals, rather than passing an order of remand to the AO /TPO. An endeavour should be to ascertain and satisfy whether the gross/net profit margin would duly account for AMP expenses. When figures and calculations as pe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

861/Del/2010, 4924/Del/2011, 6580/Del/2013 and 6382/Del/2012 for the said four AYs in question. The above four appeals were disposed of by the common impugned order dated 23rd May 2014 by the ITAT. 18. It is important to note that in the cases dealt by the Hon ble Delhi High Court along with Sony Ericsson Mobile Communication India (P) Ltd.(supra), the assessees were distributors of products manufactured by the foreign AE. The said assessees themselves were not manufacturers. More over none of t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

venue is not clear from the material on record. That apart, the assessee-company has been throughout contesting before all the authorities the very existence of international transaction on account of incurring AMP expenditure between assessee-company and its AE and therefore, the contentions that the law laid down by the Hon ble Delhi High Court in Sony Ericsson Mobile Communication India (P) Ltd. (supra) should be applied to the case on hand, is not correct. Therefore, the submission of the le .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

CTR 1), (ii) CIT vs. Whirlpool of India Ltd. (129 DTR (169), (iii) Bausch & Lomb Eyecare (India) (P) Ltd. Vs. Addl.CIT (129 DTR 201) and (iv) Yum Restaurants (India) Pvt. Ltd. Vs. ITO (ITA No.349/2015 dated 13/01/2016) and (v) Honda SeilProducts In the above-mentioned decisions, the issue of the very existence of international transaction on incurring AMP expenditure and the method of determination of ALP was the subject matter of appeal before the Hon ble Delhi High Court. The Hon ble Delh .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

or promoting brand of foreign AE. One more aspect highlighted by the Hon ble High Court is that in the absence of machinery provisions, bringing an imagined transaction to tax was not possible. While coming to this conclusion, the Hon ble High Court had placed reliance on the decisions of the Hon ble Apex Court in the cases of CIT vs. B.C.Srinivasa Setty (128 ITR 294) and PNB Finance Ltd. Vs. CIT (307 ITR 75). The Hon ble Delhi High Court after referring to its earlier decision in the case of Ma .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ma facie the existence of international transaction involving AMP between the Assessee and its AE. 52. At the outset, it must be pointed out that these cases were heard together with another batch of cases, two of which have already been decided by this Court. The two decisions are the judgement dated 11th December 2015 in ITA No. 110/2014 (Maruti Suzuki India Ltd. v. Commissioner of Income Tax) and the judgment dated 22nd December 2015 in ITA No. 610 of 2014 (The Commissioner of Income Tax-LTU .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

kes it clear that the transfer pricing adjustment is made by substituting the ALP for the price of the transaction. To begin with there has to be an international transaction with a certain disclosed price. The transfer pricing adjustment envisages the substitution of the price of such international transaction with the ALP. 54. Under Sections 92B to 92F, the pre-requisite for commencing the TP exercise is to show the existence of an international transaction. The next step is to determine the p .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nd 92E , "international transaction" means a transaction between two or more associated enterprises, either or both of whom are non-residents, in the nature of purchase, sale or lease of tangible or intangible property, or provision of services, or lending or borrowing money, or any other transaction having a bearing on the profits, income, losses or assets of such enterprises, and shall include a mutual agreement or arrangement between two or more associated enterprises for the alloca .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nsaction between such other person and the associated enterprise, or the terms of the relevant transaction are determined in substance between such other person and the associated enterprise. 56. Thus, under Section 92B(1) an 'international transaction' means- (a) a transaction between two or more AEs, either or both of whom are non-resident (b) the transaction is in the nature of purchase, sale or lease of tangible or intangible property or provision of service or lending or borrowing m .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

art of clause (b) to contend that the AMP spend of BLI is "any other transaction having a bearing" on its "profits, incomes or losses", for a 'transaction' there has to be two parties. Therefore for the purposes of the means part of clause (b) and the 'includes part of clause (c), the Revenue has to show that there exists an 'agreement' or 'arrangement' or 'understanding' between BLI and B&L, USA whereby BLI is obliged to spend excessiv .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ce or benefit has been provided by one party to the other would by itself constitute a transaction irrespective of whether the consideration for the same has been paid or remains payable or there is a mutual agreement to not charge any compensation for the service or benefit." This was negatived by the Court by pointing out: "Even if the word 'transaction' is given its widest connotation, and need not involve any transfer of money or a written agreement as suggested by the Reve .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

part of Section 92B (1) what has to be definitely shown is the existence of transaction whereby MSIL has been obliged to incur AMP of a certain level for SMC for the purposes of promoting the brand of SMC." 59. In Whirlpool of India Ltd. (supra), the Court interpreted the expression "acted in concert" and in that context referred to the decision of the Supreme Court in Daiichi Sankyo Company Ltd. v. Jayaram Chigurupati 2010(6) MANU/SC/0454/2010, which arose in the context of acqu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ommon objective and purpose of substantial acquisition of shares etc. of a certain target company. There can be no "persons acting in concert" unless there is a shared common objective or purpose between two or more persons of substantial acquisition of shares etc. of the target company. For, de hors the element of the shared common objective or purpose the idea of "person acting in concert" is as meaningless as criminal conspiracy without any agreement to commit a criminal o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

formal; the acquisition of shares etc. may be direct or indirect or the persons acting in concert may cooperate in actual acquisition of shares etc. or they may agree to cooperate in such acquisition. Nonetheless, the element of the shared common objective or purpose is the sine qua non for the relationship of "persons acting in concert" to come into being. 60. The transfer pricing adjustment is not expected to be made by deducing from the difference between the 'excessive' AMP .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Assessee that a distinction is required to be drawn between a 'function' and a 'transaction' and that every expenditure forming part of the function cannot be construed as a 'transaction'. Further, the Revenue's attempt at recharacterising the AMP expenditure incurred as a transaction by itself when it has neither been identified as such by the Assessee or legislatively recognised in the Explanation to Section 92 B runs counter to legal position explained in CIT v. E .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

no explicit arrangement, the fact that the benefit of such AMP expenses would also enure to the AE is itself sufficient to infer the existence of an international transaction has been negatived by the Court in Maruti Suzuki India Ltd. (supra) as under: "68. The above submissions proceed purely on surmises and conjectures and if accepted as such will lead to sending the tax authorities themselves on a wild-goose chase of what can at best be described as a 'mirage'. First of all, ther .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ncontrolled conditions it implicitly brings into play the BLT. In other words, it emphasises that where the price is something other than what would be paid or charged by one entity from another in uncontrolled situations then that would be the ALP. The Court does not see this as a machinery provision particularly in light of the fact that the BLT has been expressly negatived by the Court in Sony Ericsson. Therefore, the existence of an international transaction will have to be established de ho .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

er ask whether it is an ALP. If the answer to that is in the negative the TP adjustment should follow. The objective of Chapter X is to make adjustments to the price of an international transaction which the AEs involved may seek to shift from one jurisdiction to another. An 'assumed' price cannot form the reason for making an ALP adjustment." 71. Since a quantitative adjustment is not permissible for the purposes of a TP adjustment under Chapter X, equally it cannot be permitted in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ch is that it wants every instance of an AMP spend by an Indian entity which happens to use the brand of a foreign AE to be presumed to involve an international transaction. And this, notwithstanding that this is not one of the deemed international transactions listed under the Explanation to Section 92B of the Act. The problem does not stop here. Even if a transaction involving an AMP spend for a foreign AE is able to be located in some agreement, written (for e.g., the sample agreements produc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

2) (a) under which certain types of expenditure incurred by way of payment to related parties is not deductible where the AO "is of the opinion that such expenditure is excessive or unreasonable having regard to the fair market value of the goods." In such event, "so much of the expenditure as is so considered by him to be excessive or unreasonable shall not be allowed as a deduction." The AO in such an instance deploys the 'best judgment' assessment as a device to di .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

other imponderables not limited to the nature of the industry, the geographical peculiarities, economic trends both international and domestic, the consumption patterns, market behaviour and so on. A simplistic approach using one of the modes similar to the ones contemplated by Section 92C may not only be legally impermissible but will lend itself to arbitrariness. What is then needed is a clear statutory scheme encapsulating the legislative policy and mandate which provides the necessary checks .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

if such price is nil, Chapter X provisions cannot be invoked to undertake a TP adjustment exercise. 65. As already mentioned, merely because there is an incidental benefit to the foreign AE, it cannot be said that the AMP expenses incurred by the Indian entity was for promoting the brand of the foreign AE. As mentioned in Sassoon J David (supra) "the fact that somebody other than the Assessee is also benefitted by the expenditure should not come in the way of an expenditure being allowed b .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n AE for incurring such expenditure. The fact that the benefit of such AMP expenditure would also enure to its foreign AE is not sufficient to infer existence of international transaction. The onus lies on the revenue to prove the existence of international transaction involving AMP expenditure between the assesseecompany and its foreign AE. We also hold that that in the absence of machinery provisions to ascertain the price incurred by the assessee-company to promote the brand values of the pro .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rred by comparable companies, it cannot be inferred that there existed international transaction between assessee-company and its foreign AE. Therefore, the question of determination of ALP on such transaction does not arise. However, the transaction of expenditure on AMP should be treated as a part of aggregate of bundle of transactions on which TNMM should be applied in order to determine the ALP of its transactions with its AE. In other words, the transaction of expenditure on AMP cannot be t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version