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Flash

Union Budget aims to curb pending litigation through new 'Vivad-se-Vishwas' Scheme 2024

Tax World reacts to Union Budget 2024!

FM proposes tax incentives for IFSC, applies from April 2025

Time-limit to avail ITC for returns filed during initial-years of GST implementation relaxed

No more Indexation benefit for capital gains; ‘Draconian’, say experts

FM proposes rationalisation of Charitable Trusts provisions, Applies from Oct. 1

ENA used in manufacture of alcoholic liquor for human consumption outside GST ambit

FM proposes retrospective amendment in transitional credit provision allowing ISD to transition credit

Buy back taxation undergoes overhaul, to be taxed as dividend

FM proposes capital gains regime overhaul, provisions effective today

First on Taxsutra

Search Judgment Aftermath - Revenue seeks SC's clarification vis-a-vis Sec.148 proceedings

First on Taxsutra

SC holds 'substantial question of law' lies before HC on comparable selection & ALP…

First on Taxsutra

SC decisively sets aside/reverses Karnataka HC judgment on comparables matter, allows Revenue appeal…

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Adjustments
- Accounting Policies
- Capacity
- Credit period
- Depreciation
- Others
- Risk
- Working Capital
ALP computation
- Arithmetic Mean - Arms Length range
- Benefit of +/- 5%
- Berry Ratio
- Entity level v. transaction level
- Margin computation dispute
- Operating/Non operating Income and Expenses
  - Foreign exchange gain / loss
- Pass through costs
- Profit level indicator (eg sales or costs)
  - Cash PLI
- Segmental results
- Single Year vs Multiple Year
- Suomoto adjustment by assessee
Appellate Authority - Powers, Jurisdiction etc.
- Admission of additional evidence
- Admission of additional ground
- DRP / CIT(A) order binding on AO
- Miscellaneous Application / Miscellaneous Petition
- Non-speaking DRP/ CIT(A) orders
- Power to remand matter back to AO/TPO
- Scope and powers
Appellate Authority - Powers, Jurisdiction etc.
Applicability of TP-provisions to income covered under the Tonnage Tax Scheme
Arms length principle under tax holiday provisions
Benchmarking
- Availability of Data
- Captive service provider
- Companies held to be functionally similar
- Concept of 'tested party'
- Controlled transaction as comparable
- Domestic and International transactions
- Filters
  - Bad debts filter
  - Employee cost
  - Financial year
  - Foreign exchange earnings
  - Onsite vs. Offshore Revenue Filter
  - Other filters
  - R&D filter
  - Related party transaction
  - Turnover
- Foreign comparables
- Functional similarity / dissimilarity
  - Exclusion of comparable due to unreliable financial results
  - Fluctuations in profit margins & comparability
  - Govt. owned undertakings
  - High end services vis--vis Low end services
  - High end services vis-à-vis Low end services
  - Impact on comparability of events like merger, acquisition, spin off
  - KPO vs BPO
  - Loss Making comparables
  - Outsourcing of work
  - Ownership of Intangible & comparability
  - Relevance of product similarity for comparability
  - Secret comparables
  - Software product companies vs. Software service companies
  - Super normal profit comparables
- Industry Rates
- Internal vs. External comparables
- Location Saving / Locational Advantage
- Relevance of FAR
- Reliance on Government Guidelines (RBI, FIPB, Commerce Ministry Press Notes, etc)
- Rulings having discussion on comparability of specific companies
- Separate and combined transactions
- Updation of comparables
- Use of Customs Data
Concept of tested party
COVID-19
Definitions
- Associated Enterprise
- International Transaction
Delayed pronouncement of order due to Covid-19 lockdown
DIN on departmental communication
Domestic TP (Pre 2012 period)
E-assessment
Functional Classification
- Contract Manufacturing
- Contract R&D
- Distributor
- Retail traders
- Sogo shosha (acting as trading intermediaries)
Functional similarity or dissimilarity
Functional similarity/ dissimilarity
International transactions
- Commission
- Cost Allocations
- Cost Sharing Arrangements
- Deemed International transactions
- Employee Stock Option Plans
- Guarantee
- Intangibles - Trademarks, Copyrights, etc.
- Inter-company balance receivables
- Interest
  - FCCD Interest
- Issue of shares
- Loan
- Management Charges
- Marketing intangible/ AMP adjustment
  - AMP-Intensity Adjustment
- Other intra-group services
- Profits attributable to PE
- Provision of Freight forwarding/ Logistics services
- Provision of Information Technology Enabled Services (ITeS)
- Provision of Investment advisory services
- Provision of marketing support services
- Provision of software development service
- Purchase of fixed asset
- Reimbursements
- Royalty
- Sale of Shares
- Transfer of business to AE
- Treatment of CCD/FCCD/OFCD
- Treatment of share application money as loan
Methods
- Comparable Uncontrolled Price Method (CUP)
- Cost Plus Method
- Cost Plus Method more appropriate than TNMM
- CUP more appropriate than TNMM
- Profit Split Method
- Resale Price Method
- Ruling relevant for other method (6th method)
- TNMM more appropriate than CUP
- Transaction Net Margin Method
- Transactional Net Margin Method
Opportunity of being heard
Other
Penalty
- Concealment Penalty
- Penalty for non-filing / delay in filing particulars, audit report
Powers / Jurisdiction of Appellate Authority
- Condonation of delay
Provision of Business Support Services
Provision of software development services
Reference to Safe Harbour Rules
Rulings having discussion on comparability of specific comparables
shareholder services
Specified domestic transaction (SDT)
Substantial question of law on comparables
TNMM
TP adjustment & MAT provisions
Transfer pricing
Transfer Pricing applicability
- Base erosion plea u/s 92(3)
- Pre-2002 provisions
- Pre-condition for invoking Chapter X & Intent
- Reference to TPO
- TP applicability & existence of income/ taxable income
Transfer Pricing assessments
- Aggregation of Transactions
- assessment post merger/amalgamation
- Consideration of APA/MAP
- Final assessment without draft order
- Granting opportunity of being heard
- Miscellenous petition / application
- Powers / Jurisdiction of Assessing Authorities
  - Adjustments by TPO on issues not referred by AO
  - Questioning commercial expediency / Proving Benefit test
  - TPOs order binding on AO
- Reassessment u/s 147 in reference to transfer pricing provisions
- Relevance of International Material (OECD Guidelines, International case laws)
  - Reference to BEPS Action Plans
- Remand for fresh consideration
- Resolution under MAP/APA
- Retraction of comparables
- Revision u/s 263 w.r.t transfer pricing
- Right of assessee to seek correction of own mistakes
- Right to contest comparable when not contested before earlier forum
- Rule of Consistency
- Secondary adjustment
- Stay of demand
- Threshold limit of Rs 5 crores
- Time limit for completing the assessment
- TP and Search Proceedings

Number

Applevel

Year

Rulings

Income tax Appellate Tribunal Latest

ITAT: Deletes TP-adjustment w.r.t share purchase, upholds US-assessee's DCF over NAV method

Jul 19, 2024

Income tax Appellate Tribunal

ITAT: Upholds AE as tested party, notes TPO wrongly applied Forex Filter

Jul 17, 2024

High Court

HC: Limitation period u/s.263(2) applies to matter remanded to TPO, instead of 263(3)

Jul 16, 2024

High Court

HC: Quashes Sec.148 notice, notes mere material compliance with formalities of giving reasons for escapement…

Jul 15, 2024

Trending Topics :

Budget 2024
Charitable Trusts
AMP adjustment
MAM selection
Corporate Guarantee and Outstanding Receivables

News

News Latest

Finance Bill, 2024 - Clinical Analysis of 90+ Direct Tax Amendments

Jul 24, 2024

News

Union Budget aims to curb pending litigation through new 'Vivad-se-Vishwas' Scheme 2024

Jul 23, 2024

News

Tax World reacts to Union Budget 2024!

Jul 23, 2024

News

FM proposes tax incentives for IFSC, applies from April 2025

Jul 23, 2024

Experts' Corner

Expert Columns

CA Akshay Kenkre

Founder – TransPrice tax

Analysis of Budget 2024 Proposals on Buyback of Shares

Jul 26, 2024

Expert Columns

Dr. Hasnain Shroff

Chartered Accountant

Pivoting towards coherent Indian Transfer Pricing Regulations

Jul 22, 2024

Tax Ring

Delhi HC's 'Wholesome Approach' on APA - Welcome Verdict?...
Jul 07, 2023
Mumbai ITAT's judgment in Gemological Institute of America Inc case - ...
May 12, 2021

Updates

Income tax Appellate Tribunal Latest

ITAT: Remits TP-adjustment w.r.t non-Korean AEs, whether similar to MAP covered Korean-AE transactions

Jul 26, 2024

Income tax Appellate Tribunal

ITAT: Holds final assessment orders as time-barred; Follows precedents

Jul 26, 2024

Income tax Appellate Tribunal

ITAT: Determines corporate guarantee fee at 0.50%, interest on receivables at LIBOR+200 points

Jul 26, 2024

Income tax Appellate Tribunal

ITAT: Expenses incurred between the period of AE-agreement termination & closure of business not…

Jul 25, 2024

Litigation Tracker

Bombay HC to hear appeal against ITAT's characterizing assessee's business as marketing support

Jul 16, 2024

HC: Admits Assessee’s appeal on comparable-selection and working capital adjustment

Jul 11, 2024

HC: Admits question on interest-free-loan plea for Reliance Industries; Upholds ITAT-order on guarantee, SDT…

Jun 27, 2024

HC: Admits taxpayer's appeal involving questions of law on stewardship activities, CUP method

Jun 25, 2024

Kaleidoscope

Reflections on Indian TP controversies – “Working Capital Adjustment”

Jul 09, 2024

Reflections on Indian TP controversies – "Profit Split Method”

Aug 04, 2023

BEPS

Stakeholders express concern over ‘twin-tests' in Draft Rules for Domestic Legislation on Scope under…
Apr 26, 2022
Stakeholders on Implementation Framework for Global Minimum Tax seek simplification, dispute resolution…
Apr 18, 2022

Taxsutra TV

Mr. Vijay Iyer bats for a more effective dispute resolution mechanism, easier compliances, effective tax rates

Jan 30, 2022

Rishabh Kumar Sawansukha, Vice President – Taxation, Snapdeal

Nov 19, 2015

Book Reviews

Tangible Guide to Intangibles

Transfer Pricing Demystified

Taxsutra Insights

Reflections on Indian TP controversies - "Corporate Guarantee"

Jun 11, 2024

Synopsis of Indian APA Regime and Judicial Precedents

May 09, 2024

First on Taxsutra

Search Judgment Aftermath - Revenue seeks SC's clarification vis-a-vis Sec.148 proceedings

First on Taxsutra

SC holds 'substantial question of law' lies before HC on comparable selection & ALP…

First on Taxsutra

SC decisively sets aside/reverses Karnataka HC judgment on comparables matter, allows Revenue appeal…

Experts' Corner

Expert Columns

CA Akshay Kenkre

Founder – TransPrice tax

Analysis of Budget 2024 Proposals on Buyback of Shares

Jul 26, 2024

Expert Columns

Dr. Hasnain Shroff

Chartered Accountant

Pivoting towards coherent Indian Transfer Pricing Regulations

Jul 22, 2024

Global TP Battleground

Australian Federal Court ruling on Commercial Rationality - An Analysis

Apr 15, 2024

UK ruling on Intra-group Loans issued for Acquisition purposes - An Analysis

Sep 28, 2022

Tax Ring

Delhi HC's 'Wholesome Approach' on APA - Welcome Verdict?...
Jul 07, 2023
Mumbai ITAT's judgment in Gemological Institute of America Inc case - ...
May 12, 2021

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Home
Direct Tax
- All
- Rulings
  - Rulings
  - Weekly Case Digest
- Litigation Tracker
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- Experts' Corner
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- Special Coverage
- Media
  - Taxsutra TV
  - Podcast
- IBFD
Transfer Pricing
- All
- Rulings
  - Rulings
  - Updates
- Litigation Tracker
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  - All
  - News
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GST
- All
- Rulings
- Litigation Tracker
- News
- Experts' Corner
- Tax Ring
- Insights
- GST Council Meetings
- Media
  - Gstsutra TV
  - Podcast
- Book Reviews
Indirect Tax
LawStreetIndia
Library
Databases
- Atoll
- Taxsutra Database
Reservoir
Greentick