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PCIT vs. Gulbrandsen Chemicals Pvt. Ltd (Gujarat High Court)
Transfer Pricing: (i) The OECD guidelines recognise that barring exceptional cases, the tax administration should not disregard the actual transaction or substitute other transactions for them. The examination of a controlled transaction should ordinarily be based on the transaction as it has been actually undertaken and structured by the associated enterprises. The guidelines discourage restructuring of legitimate business transactions (ii) The finding by the Tribunal regarding the adoption of TNMM as the Most Appropriate Method of arriving at ALP cannot be termed as perverse or contrary to the evidence on record. Difference of opinion as to the appropriateness of one or the other method cannot be gone into in a s. 260A appeal The significance of the aforesaid guidelines lies in the fact that they recognise that barring exceptional cases, the tax administration should not disregard the actual transaction or substitute other transactions for them and the examination of a controlled transaction should ordinarily be based on the transaction as it has been actually undertaken and structured by the associated enterprises. It is of further significance that the guidelines discourage restructuring of legitimate business transactions. The reason for characterisation of such restructuring as an arbitrary exercise, as given in the guidelines, is that it has the potential to create double taxation if the other tax administration does not share the same view as to how the transaction should be structured
TCS On Sale Of Goods w.e.f. 01.10.2020
Advocate V. P. Gupta has argued that sub-section (1H) of section 206C of the Income-tax Act, 1961, which comes into effect on 1st October 2020, will not serve any purpose but will instead raise a number of difficulties in implementation. The ld. author has requested the CBDT to either withdraw the statutory provision or to at least clarify the issues identified by himStay Of Recovery Of An Income Tax Demand Under Section 220(6) Of The Income-tax Act, 1961 – A Comprehensive Guide With Comments
Advocate Arjun Gupta has prepared a comprehensive guide in which the entire law relating to the grant of stay of demand has been explained. All possible scenarios have been visualized by the ld. author. He has referred to all the CBDT Circulars and judicial pronouncements and also provided valuable comments to explain the law clearlyITAT Cancels Bench Non-sitting Days For 2020
The ITAT has issued a directive dated 17th September 2020 stating that as several court functioning days of the ITAT have been lost in the year 2020 due to the ongoing pandemic situation and the nation-wide lockdown, the remaining period of the bench non-sitting days during the Calendar year 2020 may be treated as cancelled with immediate effect See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Presumptive Taxation – Showing Higher Income Than Benchmark Given – A Choice Or An Obligation?
CAs Pankaj Agrwal and Sandeep Kumar Jain have dealt with the interesting issue whether a professional is entitled to rely on Section 44ADA of the Income-tax Act, 1961 and declare his income as being 50% of the gross receipts even though the actual income is in fact higher. They have also considered whether there is a risk of the Department claiming in in later years that the difference between the actual income (reflected by investments) and returned income is "undisclosed income"
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