Home Highlights April 2013 Year 2013 This

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1. Transfer Pricing Adjustment - Adjustment on account of notional interest on the receivables - when the assessee is having their own funds and not paying interest on any...

2. Transfer pricing adjustment - No interest having been charged by the assessee to the non-AE outstandings, its transaction of outstanding receivables with AE without...

3. TP adjustment - notional interest - short term advances made by the assessee to its associated enterprises - The assessee being unable to establish with evidence the...

4. Adjustment of part income-tax refund received by the assessee against the total outstanding refund, comprising of principal/ tax and interest - quantum of interest to...

5. Interest on delayed refund - seizure of cash / currency during search - The Commissioner (Appeals) has committed an error while holding that since there is no provision...

6. TP Adjustment - Notional Interest on Outstanding Receivables - While acknowledging that receivables from AEs constitute an international transaction, the tribunal held...

7. Interest charged u/s 234B - Deposit of amount pursuant to search and seizure proceedings - Provisions of section 132B of the Act governs the manner of utilisation of...

8. TP Adjustment - non granting of adjustment on import duty - as necessary consumption of the material is only booked in the profit and loss account for which the...

9. TP Adjustment - Benchmarking of interest receivable on loan - when the assessee has charged higher interest on loan to subsidiary compared to the prevailing interest...

10. Validity of Intimation passed u/s 143(1) - Rectification of arithmetical error or prima facie incorrect claim - CPC is entitled to make adjustments as per 1st proviso of...

11. Income from the nature of interest received by the assessee in DRDO/ISRO accounts (for short ‘FD A/cs’) - the assessee, DRDO/ISRO are either Government Departments or...

12. Assessee is entitled to adjustment of seized amount towards advance tax liability from the date of making the application in that regard. The Tribunal has rightly held...

13. Accrual of income - addition on account of accrued interest on NPA account as income - the assessee had adequately established that the interest received during the year...

14. Addition on account of interest income - if assessee does not pay interest for a period of exceeding six months then interest income should not be recognized in its...

15. Interest u/s 234 B - Advance tax - Adjustment / Credit for cash as seized - there is no prohibition to adjust the seized cash with self assessment tax. What is...