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12422300Section 92C Transfer pricing Determination of ALP Selection of comparables Functional dissimilarity ... -- Assessee rendered software development services to its AE abroad. TPO considered Genesys International Corporation Ltd. as comparable to assessee|s case. Held: Genesys International Corporation Ltd. was engaged in providing Geographical Information Services comprising of Photogrammetry, Remote Sensing, Cartography, Data Conversion, state of the art terrestrial and 3D geocontent, including location based and other computer based related services. Presence of intangible assets was indicative of th......
2021 TaxPub(DT) 0530 (Bang-Trib) CSG Systems International (I) (P) Ltd. v. Jt. CIT In favour of Assessee, Bang-Trib, IT(TP)A Nos. 1081/Bang/2019 and 1007/Bang/2019, 13-Jan-2021

12381600Section 92C Transfer pricing Computation of arm|s length price ALP adjustment made to group service fees paid by the assessee to its AE Remand of matter ... -- Assessee was engaged in the business of manufacturing articles and providing services. Assessment was taken up for scrutiny by issuance of notice under section 143(2). During the course of scrutiny assessment, AO referred the matter to TPO for determining the ALP of the international transactions entered by assessee with its AEs. TPO passed order under section 92CA proposing TP adjustment to group service fees paid by assessee to its AEs. TPO was of the view that assessee was not able to justify......
2021 TaxPub(DT) 0288 (Bang-Trib) Disa India Ltd. v. ITO Matter Remanded, Bang-Trib, IT(TP)A No. 2196/Bang/2017, 12-Jan-2021

12344300Section 92C Transfer pricing Determination of ALP Selection of comparables ... -- Assessee rendered business facilitation services to its AE abroad. TPO suggested ALP adjustment. Assessee submitted that if ICRA Online Ltd alone was included in the final list of comparables chosen by the TPO, assessee would be well within + 5% tolerance range permitted in the statute and hence, no adjustment would be required to be made to international transaction of assessee. Held: Considering argument of assessee that it would be well within the +5% tolerance range after inclusion of ICRA O......
2021 TaxPub(DT) 0147 (Mum-Trib) Basell Polyolefins India (P) Ltd. v. Asstt. CIT In favour of Assessee, Mum-Trib, ITA No. 1689/Mum/2017, 30-Dec-2020

12328400Section 144C Assessment Transfer pricing AO passed final assessment order, pursuant to remand by ITAT, without passing draft assesment order ... -- Assessee entered into international transactions with its AE. AO made reference to the TPO. AO passed, draft assessment order under section 144C(1) on 31-12-2010 and assessee filed objections before Dispute Resolution Panel (DRP). Thereafter, assessment under section 143(3)/144 Completed in pursuance to directions issued by the DRP, wherein addition was made on account of excess claim of deduction under section 10A and transfer pricing adjustment made by TPO. Being aggrieved, assessee filed a......
2021 TaxPub(DT) 0069 (Del-HC) Pr. CIT v. Headstrong Services India (P) Ltd. In favour of Assessee, Del-HC, ITA No. 77/2019, 24-Dec-2020

12327000Section 92B Transfer pricing International transaction Determination of ALP Notional interest on outstanding receivables from AE ... -- Assessee entered into transactions with its AE abroad. TPO suggested ALP adjustment on account of notional interest on outstanding receivables from AE, considering domestic PLR as arm|s length interest rate. Assessee|s case was that interest on receivables was not an international transaction from AE, considering domestic PLR as arm|s length interest rate. Assessee|s case was that interest on receivables was not an international transaction. Held: Year under consideration was assessment year 201......
2021 TaxPub(DT) 0055 (Hyd-Trib) ADP (P) Ltd. v. Dy. CIT Partly in favour of Assessee, Hyd-Trib, ITA No. 2233/Hyd/2018, 18-Dec-2020

12304900Section 144C(5) Assessment Transfer pricing Validity Framing of final assessment order without awaiting for direction of DRP as regards objections filed by assessee to draft assessment order ... -- AO passed draft assessment order under section 144C on 28-12-019. Assessee filed objections before Dispute Resolution Panel (DRP) on 4-1-2020 and intimation was given by AO regarding the objections filed before the DRP on 27-1-2020. AO passed final assessment order under section 143(3) on 27-1-2020. Assessee|s case was that AO could not have framed final assessment order on 27-1-2020. Held: Draft assessment order as per section 144C(1) was passed on 28-12-2019 and assessee had time of 30 days ......
2020 TaxPub(DT) 5579 (Kol-Trib) Century Plyboards (India) Ltd. v. Asstt. CIT In favour of Assessee, Kol-Trib, ITA No. 278/Kol/2020, 18-Dec-2020

12293300Section 92C Transfer pricing Determination of ALP Interest paid to its AE on debentures Re-characterization of transaction of debt into equity ... -- Assessee-company claimed deduction of interest paid on debentures to its AE. TPO made upward adjustment of interest paid holding that debentures issued by assessee were, in essence, equity and no interest was payable on the same. Held: Both borrowing and raising of equity share capital are well-recognized modes of funding business requirements. Every businessman has to take several circumstances into consideration before deciding as to whether he needs to borrow or issue capital. There is no leg......
2020 TaxPub(DT) 5492 (Pune-Trib) Amanora Future Towers (P) Ltd. v. Dy. CIT Matter Remanded, Pune-Trib, 2013-14, ITA No. 772/PUN/2018, 18-Dec-2020

12328000Section 92C Transfer pricing Determination of ALP Interest paid to AE ... -- Assessee claimed deduction of interest paid to its AE abroad on FCBs assesssee had calculated rate of interest at 7.50%, however, TPO scaled down the same to 5.67%. Held: Rate of interest should be determined on the basis of rate of interest prevailing at the time of availing of loan. Tribunal had recorded the finding that assessee has obtained loan in the year 2001 and issue had been considered by TPO for assessment years 2004-05 and 2005-06 and also for assessment year 2008-09. TPO after consi......
2021 TaxPub(DT) 0065 (Karn-HC) CIT v. GE India Technology Centre (P) Ltd. In favour of Assessee, Karn-HC, ITA No. 282 of 2013, 17-Dec-2020

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