IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI H BENCH, MUMBAI. Before Shri Pramod Kumar (Accountant Member) and Shri R S Padvekar (Judicial Member)

Size: px
Start display at page:

Download "IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI H BENCH, MUMBAI. Before Shri Pramod Kumar (Accountant Member) and Shri R S Padvekar (Judicial Member)"

Transcription

1 Page 1 of 11 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI H BENCH, MUMBAI Before Shri Pramod Kumar (Accountant Member) and Shri R S Padvekar (Judicial Member) ITA No. 5098/Mum/2010 Assistant Commissioner of Income Tax Circle 8 (3), Mumbai...Appellant Vs. Tara Ultimo Private Limited Plot Nos. 29 and 30(P), Sub Plot A SEEPZ, Andheri (East), Mumbai PAN : AABCT3846M Respondent Appearances: G S Rao, for the appellant B V Jhaveri, for the respondent Date of hearing : August 25, 2011 Date of pronouncement : September 7, 2011 Per Pramod Kumar: O R D E R 1. By way of this appeal, the Assessing Officer has challenged correctness of CIT(A) s order dated 29 th March 2010, in the matter of assessment under section 143(3) of the Income Tax Act, 1961 for the assessment year , mainly on the following ground : On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in deleting the addition of Rs 8,27,30,858 made by the Assessing Officer under section 92CA(3) by way of applying TNMM method with regard to the transactions with Associated Enterprises, without appreciating facts and circumstances of the case. 2. The assessee before us is engaged in the business of manufacturer and exporter of studded diamond and gold jewellery. During the relevant previous year, the

2 Page 2 of 11 assessee exported goods worth Rs 29,92,83,448 to its associated enterprises abroad, out of a total turnover of Rs 107,57,89,057. As its transactions with AEs were in excess of Rs 5 crores, the Assessing Officer referred the ascertainment of arm s length price to the Transfer Pricing Officer. In the proceedings before the TPO, it was contended by the assessee that he has adopted cost plus method (CPM) of ascertaining the ALP so far as sale of finished goods is concerned. As per details given by the assessee, the assessee has earned a gross profit margin (i.e. gross profit/ sales) of 18.65% in transactions with unrelated parties, as against a margin of 21.75% on transactions with AEs. The TPO, however, noted that the assessee has not given detailed calculations of the margins, that the cost plus method requires strict comparability and the nature of transactions with AEs are functionally different, on account of variations in terms and conditions and risk factors, and that the assessee has used sales/ GP as the profit level indicator which is not correct indicator. He thus required the assessee to show cause as to why cost plus method not be rejected, but, in reply, the assessee merely submitted the gross profit rate computations. Accordingly, the TPO rejected the cost plus method for computing sales price of the finished goods. The TPO further noted that the assessee has purchased diamonds from its AEs and, for the purposes of benchmarking these transactions, said to have applied Comparable Uncontrolled Price (CUP) method. It was noted by the TPO that the assessee has mentioned that the diamonds are purchased at the market price and are hence at arm s length and added that however, the assessee has not provided any data, such as third party invoices, as evidence of CUP method A show cause notice was issued to the assessee was to why CUP method for ascertaining ALP of import of diamonds, on these facts, not be rejected, but as there was no compliance by the assessee and as the assessee did not provide any further evidence to substantiate the use of CUP method, the TPO also rejected the stand of the assessee so far import of diamonds from AEs was concerned. It was also observed that the assessee has sold diamonds to AEs abroad. With respect to these transactions, the stand of the assessee was that it imports diamonds for making jewellery but as these diamonds are sometimes more than requirements of the assessee, these diamonds are returned to the AEs at the market price, and, as such, CUP method is applied to ascertainment of

3 Page 3 of 11 the ALP. However, once again, the assessee did not give any details about comparable prices or evidenced the export price being the same as comparable uncontrolled price. No documentation whatsoever was produced to justify ascertainment of price as per comparable uncontrolled price. It was in this backdrop that the TPO rejected assessee s claim for the ascertainment of arm s length price by CPM so far as exports are concerned and ascertainment of arm s length price by CUP so far as imports and exports of diamonds are concerned. The TPO required the assessee to show cause as to why, given the above position, the arm s length price of international transactions by the assessee not be adopted on the basis of transaction net margin method (TNMM), and confronted the assessee with comparable figures of profit level indicator as operational profit / total cost in eighteen cases which averaged to 7.25%. As the assessee once again reiterated his arguments, without meeting the points raised by the TPO, the stand of the assessee was rejected. Accordingly, TPO proceeded to make an adjustment of Rs 8,27,30,858 in the arm s length price of assessee s international transactions, and the sales to AEs was taken as the balancing figure. As the assesse s transaction value of sales to AEs was not within + 5% margin of the ALP determined by the Assessing Officer, the adjustment of 5% was also declined. When assessee was confronted by this determination of ALP, in the course of the assessment proceedings, the assessee, inter alia, submitted as follows:..the Additional Commissioner of Income Tax (Transfer Pricing) is not justified in rejecting the basis of purchase of diamonds under CUP method without any basis and material to prove that CUP is not applicable. The assessee had proved beyond doubt that the diamonds were purchased at the market price and hence are at arm s length. The Additional Commissioner has merely, without giving any opportunity, rejected the CUP method without any evidence. He has merely stated that the assessee has not proved any further evidence to substantiate the use of CUP method and simply stated that in view of the same, the transaction is considered not to be at arm s length and the analysis undertaken by the assessee is being rejected. In case of studded jewellery, the Additional Commissioner of Transfer Pricing-III is not justified in rejecting the calculations of sales price under cost plus method without any justification, basis and evidence to prove to the contrary 3. The submissions so made by the assessee, being general in nature and not meeting the specific points raised by the TPO, were rejected by the Assessing

4 Page 4 of 11 Officer. Accordingly, the Assessing Officer proceeded to make an adjustment of Rs 8,27,30,858 to arm s length price of international transactions with associated enterprises. It appears that the adjustment so made was later subjected to rectification proceedings under section 154 and the matter travelled before a coordinate bench of this Tribunal which has partly remitted the matter back to the Assessing Officer so far quantification of adjustment is concerned. Be that as it may, in the meantime, the assessee carried the grievance, against the impugned ALP adjustment, before the learned CIT(A) and the precise grounds of appeal before the learned CIT(A) were as follows: 1. On the facts and in the circumstances of the case and in law, the ACIT erred in rejecting the CUP Method in regard to purchase and sale of diamonds with the Associated Enterprises used in the manufacturing and export of jewellery by the appellant. 2. The AO ought to have accepted the CUP Method to determine the arm s length price with the Associated Enterprises for the purchase and sale of diamonds used in the jewellery manufactured and exported by the appellant as the cup method is the most appropriate method in the circumstances of the appellant s case and it is based on cogent evidence. 3. On the facts and in the circumstances of the case and in law, the AO erred in rejecting the cost plus method to determine the arm s length price with the Associated Enterprises for the jewellery manufactured and exported by the appellant. 4. The AO ought to have determined the arm s length price by applying the cost plus method as the same is the most appropriate method in the circumstances of the appellant s case and it is based on cogent evidence. 5. The AO erred in applying the Transactional Net Margin Method to determine the arm s length price with the Associated Enterprises in respect of both purchase and sale of diamonds as well as sale of jewellery though the nature of the two transactions are entirely different. 6. The AO failed to appreciate that the Transactional Net Margin Method is not the most appropriate method in the circumstances of the appellant s case and, therefore, the same ought not to have been applied. 7. The AO erred in making adjustment of Rs.8,27,30,858 by applying the Transactional net Margin Method to the total transactions of the appellant to determine the arm s length price with the Associated Enterprises.

5 Page 5 of The order of the AO is bad in law and without jurisdiction inasmuch as neither the Transfer Pricing Officer nor the AO gave any details of the Companies on whose data they relied on to apply the Transactional Net Margin Method in the case of the appellant. 9. The order of the AO is bad in law and without jurisdiction inasmuch as neither the Transfer Pricing Officer nor the AO gave sufficient opportunity of being heard to the assessee in view of the fact that the assessment was getting time barred on 31 st December, In the course of proceedings before the Commissioner (Appeals), all the submissions of the assessee were sent back to Assessing Officer for his comments, and, to that extent, lack of effective opportunity to the assessee for presenting his case, even if any, was made good. On merits, learned Commissioner (Appeals) upheld the grievances of the assessee and, while doing so, reasoned as follows: 2.7 I have perused the assessment order/tpo s order and remand report, examined the submissions made by the appellant. I am of the opinion that appellant company was not given sufficient time for submitting the additional details asked by the TPO and the order was passed in haste. In this case, the appellant company has submitted detailed records of raw material cost of each item of jewellery exported on wholesale basis by it to the AEs as well as non AEs carrying on business in USA. The appellant company has furnished style wise and invoice wise cost sheets showing break up of raw material and consumables used in jewellery sold to AEs and non AEs. The method followed by the company is one of the prescribed methods. Even though jewellery items being sold generally vary in a variety of ways such as cartage, type of raw materials used, style/design and sizes, the margins to be applied on cost depends on company policies. The TPO has considered TNMM without using external comparables of 18 companies whose exact nature of business, details of manufacturing units, method and manner of receiving and executing the orders, product mix etc can differ substantially more so when it concerns diamond industry. 2.8 Taking into account the above facts, I am of the opinion that the cost plus method adopted by the appellant company using internal comparables is correct as the appellant company is maintaining total cost details of the AEs and non AEs. As per details submitted by the AR of the appellant company, the assessee company has earned average gross margin on its AE transactions, whereas the assessee company has earned average gross margin of 14.80% on its non AE transactions. As the average margin earned from AE transactions is more than average margin earned from non AE transactions, no (ALP) adjustment is required to be made. Ground Nos. 1 to 9 are allowed. 5. The Assessing Officer is aggrieved of the relief so granted by the learned CIT(A), and is in appeal before us.

6 Page 6 of We have heard the rival contentions, perused the material on record and duly considered factual matrix of the case as also the applicable legal position. 7. A plain look at the sequence of events shows that the first appellate authority completely missed the vital fundamental fact that TNMM was resorted to in this case not only because assessee s determination of ALP in respect of sales of finished goods to the AEs, which was stated to be on CPM basis, was rejected, but also because assessee s determination of ALP in respect of purchases of diamonds from the AEs and sales of diamonds to AEs, which was stated to be on CUP basis, was rejected. However, by giving finding on only the determination of ALP of sales to AEs which, for the reasons we will set out in a short while, is incorrect anyway, the CIT(A) has rejected the impugned ALP adjustment, which was recommended by the TPO in respect of all the transactions undertaken by the assessee and adopted by the Assessing Officer on account of adjustment made to the arm s length price of international transactions with the associated enterprises. The ALP adjustments were thus not only in respect of sales of finished goods to the AEs, but also in respect of imports of diamonds from the AEs and export of diamonds to the AEs. In a way, learned CIT(A) has been superficial in his approach in examining only one aspect of the matter, i.e. sales of finished goods to the AEs, and not even dealing with the issue regarding determination of ALP of diamonds imported and diamonds exportedwhich were specifically raised in ground nos. 1 and 2 of the assessee. Learned CIT(A) does not deal with these grounds, nor assessee makes any specific submissions on these issues as indeed he did before us, and yet learned CIT(A) allows these grounds of appeal. In the CIT(A) s impugned order, there is not even a whisper about the CIT(A) s satisfaction of ALP determined by the assessee in respect of imports of diamonds from AEs and export of diamonds from AEs, and in this 379 page paper book filed before us by the assessee, there is not one piece of documentation in support of the comparable uncontrolled price (CUP) of the diamonds imported or exported. As a matter of fact, the assessee has not been able to produce any document whatsoever, at any stage of proceedings, in support of the ALP of diamonds imported or diamonds exported by the assessee. The assessee s claim is that these transactions

7 Page 7 of 11 have taken place at the prevailing market prices, but then there has to be something more than his words to substantiate this claim. Coming to the impact of these undisputed facts regarding assessee s inability to furnish any documentation in support of determination of ALP of diamond imports and diamond exports, it is only elementary that in a situation where international transactions with AEs have three significant areas of impact on the overall profitability (i.e. sales of finished goods to AEs, sales of raw materials to AEs and purchase of raw materials of AEs), and when ALP cannot be reasonably determined by CUP or any other direct method (i.e. cost plus method and resale price method) in respect of even one of these areas, the application of TNMM or other indirect method ( i.e. profit split method) is inevitable and it cannot be rejected. Once it is clear that there is no documentation available for determination of ALP, under CUP or any other direct method, of diamond imports and diamond exports, and even if we assume that the sales is at an ALP, it is inevitable that TNMM has to be applied anyway, unless, of course, profit split method is found to be appropriate. On a conceptual note, when arm s length prices of the transactions with AEs cannot be reasonably ascertained, the profit earned by the assessee entering into these transactions is to be estimated, and that is precisely what TNMM does. When TNMM is applied in the context of sales of finished goods to AEs, it is this figure which is taken as variable figure and it bears the impact of higher margins, and when TNMM is applied in the context of purchases of raw materials from AEs, it is the figure of purchases of raw material from AEs which is taken as variable figure and it bears the impact of higher margins. Beyond that, the cause of invoking TNMM does not make much material difference. As we say so, we are alive to the fact that there is a school of thought, which appears to have been subscribed to by the coordinate benches, that the impact of TNMM has to be restricted on a proportionate basis to the transactions and not to the overall profits even when entity is engaged in the same business, we see no need to deal with this issue in any greater detail, as, in the present case, we are not required to adjudicate on that aspect of the matter. Suffice to say that, whatever be the approach adopted, merely because the sales to AEs have been held to be at ALP, and without vacating the findings of imports and exports of diamonds to the AEs not having been established to be at ALP, the application of

8 Page 8 of 11 TNMM on the facts of this case could not have been vacated. Learned CIT(A) did not vacate the findings of the TPO so far as rejection of CUP in the case of diamond imports and diamond exports was concerned, nor was assessee able to produce any material whatsoever to support his grievance against the stand of the TPO and the AO on this issue, yet the CIT(A) deleted the adjustment made on the basis on application of TNMM in determination of ALP in respect of international transactions entered into by the assessee with AEs. The CIT (A) was thus clearly in error in deleting the impugned ALP adjustment in principle. Learned counsel, relying upon an observation made by a coordinate bench in the case of DCIT Vs Indo American Jewellery Ltd (41 SOT 1), contends that since the assessee is enjoying tax benefits under section 10A, there cannot be any motives in shifting income to a jurisdiction which results in higher taxability, and, therefore, no ALP adjustments can be made. We see no merits in this approach. Firstly, the observations made by the coordinate bench is only an obiter dicta, which, as held by Hon ble Bombay High Court in the case of CIT Vs. Thana Electricity Supply Co Ltd (206 ITR 727), does not have a binding force, though it may have some persuasive efficacy. What is more important, however, is the fact that a five member bench of this Tribunal, in the case of Aztech Software & technology Services Ltd Vs ACIT (107 ITD SB 141), has held that it is not necessary to demonstrate tax avoidance motives before transfer pricing provisions can be enforced. The views so expressed by the larger bench bind us, and, respectfully following the same, we reject the technical objection raised by the learned counsel. 8. We now come to the question whether cost plus method, as claimed by the assessee and as applied by the assessee on the facts of this case, is sustainable in law. Let us begin by taking a look at the relevant statutory provision under Rule 10 B which provides as follows: (c) cost plus method, by which, (i) the direct and indirect costs of production incurred by the enterprise in respect of property transferred or services provided to an associated enterprise, are determined; (ii) the amount of a normal gross profit mark-up to such costs (computed according to the same accounting norms) arising from the transfer or provision of the same or similar property or

9 Page 9 of 11 services by the enterprise, or by an unrelated enterprise, in a comparable uncontrolled transaction, or a number of such transactions, is determined; (iii) the normal gross profit mark-up referred to in sub-clause (ii) is adjusted to take into account the functional and other differences, if any, between the international transaction and the comparable uncontrolled transactions, or between the enterprises entering into such transactions, which could materially affect such profit mark-up in the open market; (iv) the costs referred to in sub-clause (i) are increased by the adjusted profit mark-up arrived at under sub-clause (iii); (v) the sum so arrived at is taken to be an arms length price in relation to the supply of the property or provision of services by the enterprise; 9. The application of Cost Plus Method thus provides for (i) ascertaining the direct and indirect costs of property transferred, or services rendered, to the associated enterprises; (ii) ascertaining the normal mark up of profit over aggregate of direct costs and indirect costs in respect of same or similar property or services, or a series of transactions of same or similar property or services, to the unrelated enterprises; (iii) adjusting the normal mark up, or gross profit, for differences, if any, in the material factors (to give simple examples of such variations, these variations could be risk profile, credit period, market differences, nature of goods of services etc etc); (iv) applying the mark up or gross profit so arrived at on the aggregate of direct and indirect costs. The way this rule works, the benchmark gross profit is to be applied on each transaction with the AEs, while, for computing the benchmark, one could take into account a series of same or similar transactions. In other words, while setting the benchmark, one can take into account several transactions with unrelated enterprise on what can be termed as global basis, essentially in respect of same or similar property or services though, the benchmark so arrived at cannot be applied on the global basis i.e. the average of gross profit earned from same or similar transactions with AEs. The application of CPM has to be on transaction basis rather than on global basis, and this fundamental scheme of cost plus method is also evident from the plain wordings of Rule 10 B as well. Any other view of the matter will result in incongruities. For example, if our average mark up to unrelated enterprises is 20%, and we charge a mark-up of 2% in one transaction with AE and 38% in another transaction with the AE, both these transactions, by applying the mark up on global

10 Page 10 of 11 basis, will meet the test of ALP whereas in the first case, the mark up charged is certainly not a mark-up resulting in an ALP. In this particular case, for example, the normal mark up in transactions with has been computed at 16.31%, and the average of mark up on sales to AEs having been taken at 17.08%, entire sales to AEs has been taken at ALP, but, the mark up in the many cases is clearly less than benchmark. To give one example, at page 221 of the paper-book, margin of 14.15% (4 invoices), 13.95%, 13.81%, 14% ( 4 invoices), 14.14% ( 2 invoices), and 14.16% is given by assessee s own computation, and, on the same page, on one invoice, the assessee has shown a margin as high as 27%. The cost plus method, therefore, has not been correctly applied. In any case, one of the most important input, i.e. diamond, has been imported at a price for which no ALP documentation is available and the price of imports have been taken into account in computation of costs as well. The costs of inputs have not been verified either. No efforts are made to show that the terms of sale to the AEs and all other relevant factors are materially similar vis-a-vis the transactions with independent enterprises. The CPM is applied by comparing gross profit on sales, whereas the method requires comparison of mark up on costs on transactions with AEs vis-à-vis mark up on costs on transactions with non AEs. In view of these discussions, the CIT(A) was in error in upholding assessee s computation of ALP by cost plus method. 10. We have also noted that the assessee was duly confronted with comparable cases for application of transaction net margin method, but the assessee did not have anything to say beyond his rather vague and generalized objections to the application of TNMM and insistence that the CUP and CPM method adopted by him should not be disturbed. Even in proceedings before us, no specific submissions have been made in this regard, nor any document, in support of his stand on comparable cases being incorrect, have been filed before us in the paper-book. There is no discussion whatsoever about precise comparability of the cases selected for TNMM, nor is there any application of suitable filters, even if any. Given these facts, what weighed heavily with us was the option of confirming the stand of the Assessing Officer in principle and proceeding to deal with corollaries thereto, but, realizing that proceedings at the

11 Page 11 of 11 first appellate stage have been conducted in a manner which leaves a lot to be desired, we deem it fit and proper to remit the matter to the file of the CIT(A) for adjudication de novo in the light of our above observations and in the light of whatever additional material the assessee is able to produce in support of his grievances, in accordance with the law, by way of a speaking order and after giving a reasonable opportunity of hearing to the assessee. We, therefore, vacate the impugned relief granted by the CIT(A) but remit the matter to him for fresh adjudication in the light of our above observations. 11. In the result, the appeal is allowed for statistical purposes in the terms indicated above. Pronounced in the open court today on 7 th day of September, Sd/- (R S Padvekar ) (Pramod Kumar) Judicial Member Accountant Member Mumbai; 7 th day of September, Copy forwarded to : 1. The appellant 2. The respondent 3. Commissioner, Mumbai 4. Commissioner (Appeals), Mumbai 5. Departmental Representative, bench, Mumbai 6. Guard File True Copy sd/- By Order etc. Assistant Registrar Income Tax Appellate Tribunal Mumbai benches, Mumbai

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR. [Coram: Pramod Kumar AM and A.D. Jain JM]

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR. [Coram: Pramod Kumar AM and A.D. Jain JM] IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR [Coram: Pramod Kumar AM and A.D. Jain JM] I.T.A. No.90 /Asr/2015 Page 1 of 7 I.T.A. No.90/Asr /2015 Assessment year: 2013-14 Sibia Healthcare

More information

IN THE INCOME TAX APPELLATE TRIBUNAL I, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM AND SHRI SANJAY GARG, JM. ( Assessment Year :2007-08)

IN THE INCOME TAX APPELLATE TRIBUNAL I, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM AND SHRI SANJAY GARG, JM. ( Assessment Year :2007-08) , IN THE INCOME TAX APPELLATE TRIBUNAL I, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM AND SHRI SANJAY GARG, JM ITA No.8426/Mum/2010 ( Assessment Year :2007-08) Jasmit Singh Tibb, Dr. Charat Vs. ITO 20(1)93),

More information

Recent Important Judgements On Disallowance u/s 14A & Rule 8D By K.C. Singhal, Tax Consultant, Former Vice President, ITAT

Recent Important Judgements On Disallowance u/s 14A & Rule 8D By K.C. Singhal, Tax Consultant, Former Vice President, ITAT 1 By K.C. Singhal, Tax Consultant, Former Vice President, ITAT Disallowance u/s 14A of the Income Tax Act 1961 has always been the subject matter of dispute before the tax authorities, Appellate Tribunal

More information

TDS not deductible on freight chargers shown separately in Goods Purchase Bill

TDS not deductible on freight chargers shown separately in Goods Purchase Bill TDS not deductible on freight chargers shown separately in Goods Purchase Bill CIT v. Bhagwati Steels - (Punjab & Haryana HC) - In the instant case, it was held that the payment of freight charges by the

More information

IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.2714 OF 2009. The Commissioner of Income Tax 20 Vs.

IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.2714 OF 2009. The Commissioner of Income Tax 20 Vs. 1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.2714 OF 2009 The Commissioner of Income Tax 20..Appellant. Vs. M/s.B.N. Exports..Respondent.... Ms Suchitra Kamble for the Appellant.

More information

Delhi High Court rules that higher or abnormal profits / losses cannot be a factor for exclusion of a comparable

Delhi High Court rules that higher or abnormal profits / losses cannot be a factor for exclusion of a comparable KPMG FLASH NEWS KPMG in India 30 April 2015 Delhi High Court rules that higher or abnormal profits / losses cannot be a factor for exclusion of a comparable Background Recently, the Delhi High Court (High

More information

* IN THE HIGH COURT OF DELHI AT NEW DELHI. % Date of Decision : 1 st March, 2012. DG HOUSING PROJECTS LTD... Respondent Through Mr. Kapil Goel, Adv.

* IN THE HIGH COURT OF DELHI AT NEW DELHI. % Date of Decision : 1 st March, 2012. DG HOUSING PROJECTS LTD... Respondent Through Mr. Kapil Goel, Adv. $~6 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of Decision : 1 st March, 2012. + ITA 179/2011 INCOME TAX OFFICER... Appellant Through Mr. Kamal Sawhney, sr. standing counsel with Mr. Amit Shrivastava,

More information

IN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT, 1961 ITA 1069/2011 DATE OF DECISION : FEBRUARY 22, 2012....

IN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT, 1961 ITA 1069/2011 DATE OF DECISION : FEBRUARY 22, 2012.... IN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT, 1961 ITA 1069/2011 DATE OF DECISION : FEBRUARY 22, 2012 CIT Through Mr. Kamal Sawhney, Sr. Standing Counsel & Mr. Amit Shrivastava, Advocate....

More information

Income-tax PAN S. 206AA TDS from Payments to Non-Residents

Income-tax PAN S. 206AA TDS from Payments to Non-Residents Income-tax PAN S. 206AA TDS from Payments to Non-Residents CA Rashmin C. Sanghvi What is the legal position on S.206AA! In this article, arguments on both sides Tax Payer & Tax Commissioner (CIT) are presented

More information

Capital gains arising from sale of shares of Sri Lankan Company are not taxable in India under India-Sri Lanka tax treaty

Capital gains arising from sale of shares of Sri Lankan Company are not taxable in India under India-Sri Lanka tax treaty KPMG FLASH NEWS KPMG IN INDIA Capital gains arising from sale of shares of Sri Lankan Company are not taxable in India under India-Sri Lanka tax treaty 13 August 2012 Background Recently, the Chennai Bench

More information

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI. Versus. + ITA 675/2014 BAUSCH & LOMB EYECARE (INDIA) PVT. LTD... Appellant. Versus

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI. Versus. + ITA 675/2014 BAUSCH & LOMB EYECARE (INDIA) PVT. LTD... Appellant. Versus $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 643/2014 Reserved on: September 22, 2015 Decided on: December 23, 2015 BAUSCH & LOMB EYECARE (INDIA) PVT. LTD.... Appellant Through: Mr Nageshwar Rao

More information

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1489 OF 2013

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1489 OF 2013 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1489 OF 2013 M/s R.W. Promotions P. Ltd., Mumbai Vs...Appellant 6.ITXA.1489.13.odt Assistant Commissioner

More information

Sharing insights. News Alert 18 September, 2012

Sharing insights. News Alert 18 September, 2012 www.pwc.com/in Sharing insights News Alert 18 September, 2012 Determination of taxable income of a life insurance company in accordance with section 44 of, read with Rule 2 in the First Schedule to, the

More information

Section 14A Judicial Pronouncements. Chirag Ramesh Jobanputra

Section 14A Judicial Pronouncements. Chirag Ramesh Jobanputra Section 14A Judicial Pronouncements Chirag Ramesh Jobanputra Issues for discussion Claim for exemption Investment vs. Stock-in-trade 14A vs. 115JB Significance of claim in books of account Own funds vs.

More information

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI R-73 + ITA 159/2002. versus

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI R-73 + ITA 159/2002. versus $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI R-73 + ITA 159/2002 DIRECTOR OF INCOME TAX... Appellant Through: Mr Rohit Madan, Mr Zoheb Hossain and Mr Akash Vajpai, Advocates. versus ROYAL JORDANIAN AIRLINES...

More information

DIRECT TAX UPDATE. June, 2014. 1. Transfer Pricing

DIRECT TAX UPDATE. June, 2014. 1. Transfer Pricing June, 2014 DIRECT TAX UPDATE 1. Transfer Pricing KNAV is a firm of International Accountants, Tax and Business Advisors. Presence in INDIA USA UK FRANCE NETHERLANDS SWITZERLAND CANADA E: admin@knavcpa.com

More information

Real Estate Developers & Contractors - Recent Trends in Accounting and Taxation

Real Estate Developers & Contractors - Recent Trends in Accounting and Taxation Real Estate Developers & Contractors - Recent Trends in Accounting and Taxation -By K.K. Chhaparia, F.C.A, A.C.S., DISA(ICAI) An important issue which has recently been a subject matter of litigation in

More information

ITA Nos. 1443/Del/2012 &5243/Del/2011 Asstt. Yrs. 2006-07 & 2008-09

ITA Nos. 1443/Del/2012 &5243/Del/2011 Asstt. Yrs. 2006-07 & 2008-09 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH F NEW DELHI BEFORE SHRI R.P. TOLANI AND SHRI J.S. REDDY ITA Nos. 1443/Del/2012 &5243/Del/2011 Asstt. Yrs. 2006-07 & 2008-09 Convergys Customer Management

More information

CENTRAL INFORMATION COMMISSION Club Building (Near Post Office) Old JNU Campus, New Delhi-110067 Tel: +91-11-26105682. File No.CIC/DS/A/2011/001995/RM

CENTRAL INFORMATION COMMISSION Club Building (Near Post Office) Old JNU Campus, New Delhi-110067 Tel: +91-11-26105682. File No.CIC/DS/A/2011/001995/RM CENTRAL INFORMATION COMMISSION Club Building (Near Post Office) Old JNU Campus, New Delhi-110067 Tel: +91-11-26105682 File No.CIC/DS/A/2011/001995/RM Appellant: Mr. Rakesh Kumar Gupta, New Delhi Public

More information

If AE was treated as the tested party, the considering the relevant difference between

If AE was treated as the tested party, the considering the relevant difference between 14 April 2016 Tested party shall be selected with reference to the entity which has undertaken the transaction. Market determined interest rate applicable to currency in which loan has to be repaid shall

More information

IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION. CIVIL APPEAL NO. 5669 OF 2012 (Arising out of SLP (C) No.9516 of 2010) VERSUS JUDGMENT

IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION. CIVIL APPEAL NO. 5669 OF 2012 (Arising out of SLP (C) No.9516 of 2010) VERSUS JUDGMENT IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION REPORTABLE CIVIL APPEAL NO. 5669 OF 2012 (Arising out of SLP (C) No.9516 of 2010) The Oriental Insurance Co.Ltd....APPELLANT(S) VERSUS Siby George

More information

CHAPTER III THE INCIDENCE, LEVY AND RATE OF TAX. 9. There shall be levied in accordance with the provisions of this Act,

CHAPTER III THE INCIDENCE, LEVY AND RATE OF TAX. 9. There shall be levied in accordance with the provisions of this Act, CHAPTER III THE INCIDENCE, LEVY AND RATE OF TAX Charge to tax and incidence. 9. There shall be levied in accordance with the provisions of this Act, (a) a Value Added Tax hereinafter called VAT on the

More information

IN THE SUPREME COURT OF APPEAL OF SOUTH AFRICA Case No: 491/97

IN THE SUPREME COURT OF APPEAL OF SOUTH AFRICA Case No: 491/97 REPORTABLE IN THE SUPREME COURT OF APPEAL OF SOUTH AFRICA Case No: 491/97 In the matter of: SOUTH AFRICAN CLOTHING INDUSTRIES (PTY) LTD t/a PRESTIGE LINGERIE Appellant and THE DIRECTOR, DEPARTMENT OF TRADE

More information

Surana & Surana National Corporate Law Moot Court Competition JSS Law College, Mysore 10-12 February 2012

Surana & Surana National Corporate Law Moot Court Competition JSS Law College, Mysore 10-12 February 2012 Surana & Surana National Corporate Law Moot Court Competition JSS Law College, Mysore 10-12 February 2012 Disclaimer: This problem is not an attempt to imitate or to preempt the outcome of any case lis

More information

WORKING DRAFT. Chapter 5 - Transfer Pricing Methods (Transactional Profit Methods) 1. Introduction

WORKING DRAFT. Chapter 5 - Transfer Pricing Methods (Transactional Profit Methods) 1. Introduction This is a working draft of a Chapter of the Practical Manual on Transfer Pricing for Developing Countries and should not at this stage be regarded as necessarily reflecting finalised views of the UN Committee

More information

Transfer Pricing issues surrounding the Advertisement, Marketing and Promotion expenses Source: International Taxation, Volume7 August, 2012

Transfer Pricing issues surrounding the Advertisement, Marketing and Promotion expenses Source: International Taxation, Volume7 August, 2012 Transfer Pricing issues surrounding the Advertisement, Marketing and Promotion expenses Source: International Taxation, Volume7 August, 2012 Author: Amod Khare and Pavan Kakade The Indian Transfer Pricing

More information

58. Philippines. www.pwc.com/internationaltp

58. Philippines. www.pwc.com/internationaltp 58. Philippines Introduction The Philippines statutory transfer pricing rule is patterned after what is now Section 482 of the US Tax Code. It was codified in 1939 and has remained unchanged since. Court

More information

Settlement of Tax Cases

Settlement of Tax Cases 22 Settlement of Tax Cases Question 1 X & Co Ltd. had made an application to the Settlement Commission. The issue in the said application related to cash credits in the books of account. The Commission

More information

Insurance Key Direct Tax Issues

Insurance Key Direct Tax Issues CA. Prakash Shah Insurance Key Direct Tax Issues Introduction Presently, only domestic companies are allowed to carry on the business of insurance in India. Foreign insurance companies can, however, set

More information

CENTRE FOR TAX POLICY AND ADMINISTRATION

CENTRE FOR TAX POLICY AND ADMINISTRATION ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT TRANSFER PRICING METHODS JULY 2010 Disclaimer: The attached paper was prepared by the OECD Secretariat. It bears no legal status and the views expressed

More information

IN THE HIGH COURT OF KARNATAKA CIRCUIT BENCH AT DHARWAD

IN THE HIGH COURT OF KARNATAKA CIRCUIT BENCH AT DHARWAD - 1 - IN THE HIGH COURT OF KARNATAKA CIRCUIT BENCH AT DHARWAD DATED THIS THE 13 TH DAY OF AUGUST, 2012 PRESENT THE HON BLE MR. JUSTICE N. KUMAR AND THE HON BLE MR. JUSTICE H. S. KEMPANNA I.T.A. No.5034/2009

More information

Settlement of Tax Cases. CA Final Paper 7 Direct Tax Laws, Chapter 22 CA. Shekhar Sane

Settlement of Tax Cases. CA Final Paper 7 Direct Tax Laws, Chapter 22 CA. Shekhar Sane Settlement of Tax Cases CA Final Paper 7 Direct Tax Laws, Chapter 22 CA. Shekhar Sane Learning Objectives To learn methodologies to compromise or settle income tax matters by correctly representing a case

More information

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR. [Coram: Pramod Kumar AM and A.D. Jain JM] I.T.A. No. 37/Asr/2010,

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR. [Coram: Pramod Kumar AM and A.D. Jain JM] I.T.A. No. 37/Asr/2010, IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR [Coram: Pramod Kumar AM and A.D. Jain JM] I.T.A. No. 37 /Asr/2010, I.T.A. No. 37/Asr/2010, Suri Sons..Appellant 15 A Basti Nau, Jalandhar City

More information

IN THE INCOME TAX APPELLATE TRIBUNAL AGRA BENCH, AGRA BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI A.L. GEHLOT, ACCOUNTANT MEMBER

IN THE INCOME TAX APPELLATE TRIBUNAL AGRA BENCH, AGRA BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI A.L. GEHLOT, ACCOUNTANT MEMBER IN THE INCOME TAX APPELLATE TRIBUNAL AGRA BENCH, AGRA BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI A.L. GEHLOT, ACCOUNTANT MEMBER ITA No.37/Agr/2012 Assessment Year: 2008-09 Shri Prem Prakash Agarwal,

More information

IN THE COURT OF DISTRICT JUDGE, NAGAON.

IN THE COURT OF DISTRICT JUDGE, NAGAON. IN THE COURT OF DISTRICT JUDGE, NAGAON. PRESENT : Smti. H. D. Bhuyan, District Judge, Nagaon. MONEY APPEAL NO. 1 OF 2011 This Money Appeal is directed against the Order & Judgment and decree dated 16-12-2010

More information

IN THE HIGH COURT OF DELHI AT NEW DELHI

IN THE HIGH COURT OF DELHI AT NEW DELHI IN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : COMPANIES ACT, 1956 Reserved on: 25th November, 2013 Date of Decision:21st January, 2014 CO. APPL. 1261/2007 IN CO. PET. 354/2001 REGISTRAR OF COMPANIES

More information

ASYLUM AND IMMIGRATION TRIBUNAL

ASYLUM AND IMMIGRATION TRIBUNAL ASYLUM AND IMMIGRATION TRIBUNAL DM (Timing of funding application) Zimbabwe [2006] UKAIT 00088 THE IMMIGRATION ACTS Heard at: Field House Determination Promulgated: On: 24 October 2006 30 November 2006

More information

Citation: W. W. v. Canada Employment Insurance Commission, 2015 SSTAD 924 W. W. and. Canada Employment Insurance Commission. and

Citation: W. W. v. Canada Employment Insurance Commission, 2015 SSTAD 924 W. W. and. Canada Employment Insurance Commission. and Citation: W. W. v. Canada Employment Insurance Commission, 2015 SSTAD 924 Date: July 27, 2015 File number: AD-14-272 APPEAL DIVISION Between: W. W. Appellant and Canada Employment Insurance Commission

More information

KPMG Flash News 25 May 2011

KPMG Flash News 25 May 2011 KPMG IN INDIA KPMG Flash News 25 May 2011 TAX Interest earned on Income-tax refund from tax department cannot be considered as arising from indebtedness that is effectively connected with Permanent Establishment

More information

To mark up intra-group services or not, that is the question

To mark up intra-group services or not, that is the question To mark up intra-group services or not, that is the question By Brad Rolph 1 In following the OECD [Organisation for Economic Cooperation and Development] guidelines and the provision of IC 87-2R, the

More information

HIGH COURT FORM (J) 3 HEADING OF JUDGEMENT IN APPEAL. Dist. Cachar. In the Court of Addl. District Judge, Cachar, Silchar.

HIGH COURT FORM (J) 3 HEADING OF JUDGEMENT IN APPEAL. Dist. Cachar. In the Court of Addl. District Judge, Cachar, Silchar. Page 1 HIGH COURT FORM (J) 3 HEADING OF JUDGEMENT IN APPEAL. Dist. Cachar. In the Court of Addl. District Judge, Cachar, Silchar. Present :- Shri T.K.Bhattacharjee, A.J.S. Addl. District Judge, Cachar,Silchar.

More information

Capital gain on conversion of Capital Asset into stock in trade-section 45(2)

Capital gain on conversion of Capital Asset into stock in trade-section 45(2) Capital gain on conversion of Capital Asset into stock in trade-section 45(2) Transfer includes conversion of Capital Asset into stock in trade u/s. 2(47)(iv) of the Income Tax Act. Under section 45(2)

More information

On behalf of the Respondents, the following were present in person:

On behalf of the Respondents, the following were present in person: Central Information Commission, New Delhi File No. File No. CIC/SH/A/2015/002332 File No. CIC/SH/C/2015/000462 Right to Information Act 2005 Under Section (18)/ (19) Date of hearing : 28th March 2016 Date

More information

Tax regime and litigation issues

Tax regime and litigation issues www.pwc.in Tax regime and litigation issues Life Insurance 29 Outline Company taxation Governing tax provisions Issues in litigation Other tax issues Impact of on going litigation Policyholders taxation

More information

Related party transactions Section 34D has been enacted recently in the SITA to legislatively endorse the arm slength

Related party transactions Section 34D has been enacted recently in the SITA to legislatively endorse the arm slength 65. Singapore Introduction Although Singapore s income tax rates are traditionally lower than the income tax rates of the majority of Singapore s primary trading partners, the Inland Revenue Authority

More information

PROVISION OF GOODS AND SERVICES FREE OF COST TRANSFER PRICING IMPLICATIONS By Mr. Neeraj Jain, FCA, Vaish Associates

PROVISION OF GOODS AND SERVICES FREE OF COST TRANSFER PRICING IMPLICATIONS By Mr. Neeraj Jain, FCA, Vaish Associates PROVISION OF GOODS AND SERVICES FREE OF COST TRANSFER PRICING IMPLICATIONS By Mr. Neeraj Jain, FCA, Vaish Associates With the proliferation in intra-group cross-border transactions, Transfer Pricing has

More information

Documentation for Arriving at Transfer Price A Practical Insight

Documentation for Arriving at Transfer Price A Practical Insight Documentation for Arriving at Transfer Price A Practical Insight Abhishek Bathija 1 November, 2014 Table of Contents 1 Documentation An Overview 2 Documentation Process - Information gathering - Functions,

More information

THANGADURAI V.P., ADVOCATE Contact: +91 9677134777; E-mail: thangaduraipunithan@gmail.com

THANGADURAI V.P., ADVOCATE Contact: +91 9677134777; E-mail: thangaduraipunithan@gmail.com Organization for Economic Cooperation and Development October 1, 2013 Paris, France Request Concerning the Revised Discussion Draft on Transfer Pricing Aspects of Intangibles I, Thangadurai V.P, am pleased

More information

APPEAL TO THE INCOME TAX APPELLATE TRIBUNAL

APPEAL TO THE INCOME TAX APPELLATE TRIBUNAL APPEAL TO THE INCOME TAX APPELLATE TRIBUNAL Introduction The Commissioner of Income-Tax (Appeals) is the first appellate authority and the Income Tax Appellate Tribunal (ITAT) is the second appellate authority.

More information

THE ELECTRONIC SERVICE DELIVERY BILL, 2011

THE ELECTRONIC SERVICE DELIVERY BILL, 2011 THE ELECTRONIC SERVICE DELIVERY BILL, 2011 A BILL to provide for delivery of public services by the Government to all persons by electronic mode to enhance transparency, efficiency, accountability, accessibility

More information

CHAPTER II INCIDENCE AND LEVY OF TAX

CHAPTER II INCIDENCE AND LEVY OF TAX CHAPTER II INCIDENCE AND LEVY OF TAX Incidence Tax 3 (1) Liability: - Subject to other provisions of this Act, every dealer - (a) whose turnover during the year immediately preceding the commencement of

More information

Sharing insights. News Alert 8 June, 2012. Weighted deduction available for R&D expenditure incurred outside the approved facility;

Sharing insights. News Alert 8 June, 2012. Weighted deduction available for R&D expenditure incurred outside the approved facility; www.pwc.com/in Sharing insights News Alert 8 June, 2012 Weighted deduction available for R&D expenditure incurred outside the approved facility; Profit of tax holiday unit computed by considering actual

More information

1. The topic that I have been asked to address is: The status of determinations of the

1. The topic that I have been asked to address is: The status of determinations of the 1 The Topic 1. The topic that I have been asked to address is: The status of determinations of the Pension Funds Adjudicator ( the PFA ) and the extent to which they bind the retirement fund industry.

More information

Arbitration CAS 2013/A/3099 Beşiktaş Jimnastik Kulübü Derneği v. Allen Iverson, award of 30 August 2013

Arbitration CAS 2013/A/3099 Beşiktaş Jimnastik Kulübü Derneği v. Allen Iverson, award of 30 August 2013 Tribunal Arbitral du Sport Court of Arbitration for Sport Arbitration CAS 2013/A/3099 award of 30 August 2013 Panel: Mr Mark Hovell (United Kingdom), President; Prof. Martin Schimke (Germany); Prof. Lucio

More information

108th Session Judgment No. 2862

108th Session Judgment No. 2862 Organisation internationale du Travail Tribunal administratif International Labour Organization Administrative Tribunal 108th Session Judgment No. 2862 THE ADMINISTRATIVE TRIBUNAL, Considering the complaint

More information

BLENHEIM ATTORNEYS AT AMSTERDAM

BLENHEIM ATTORNEYS AT AMSTERDAM WESTERDOKSDIJK 40, 1013 AE AMSTERDAM POSTBOX 10302, 1001 EH AMSTERDAM TELEPHONE: + 31 (0) 20 5210 100 FACSIMILE: + 31 (0) 20 5210 101 http://www.blenheim.nl :mail@blenheim.nl The information provided by

More information

Appeal: No. CIC/DS/A/2012/002663. Appellant /Complainant : Shri B.B. Das Adhikary, Bhubaneswar

Appeal: No. CIC/DS/A/2012/002663. Appellant /Complainant : Shri B.B. Das Adhikary, Bhubaneswar Central Information Commission Room No.307, II Floor, B Wing, August Kranti Bhawan, Bhikaji Cama Place, New Delhi 110066 Telefax:011 26180532 & 011 26107254 website cic.gov.in Appellant /Complainant :

More information

1. Common judgment and order of the High Court of Judicature at

1. Common judgment and order of the High Court of Judicature at REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO.10554 OF 2010 M/s. Electro Optics (P) Ltd...Appellant Versus State of Tamil Nadu..Respondent W I T H C.A.Nos.10562

More information

INLAND REVENUE BOARD MALAYSIA TRANSFER PRICING GUIDELINES

INLAND REVENUE BOARD MALAYSIA TRANSFER PRICING GUIDELINES INLAND REVENUE BOARD MALAYSIA TRANSFER PRICING GUIDELINES CONTENTS 1. INTRODUCTION..2 2. OBJECTIVE..2 3. SCOPE OF GUIDELINES.. 3 4. THE ARM S LENGTH PRINCIPLE.4 5. THE CONCEPT OF COMPARABILITY. 5 6. FACTORS

More information

MADRAS HOTELS ASSOCIATION v. COMMISSIONER OF INCOME-TAX, MADRAS.

MADRAS HOTELS ASSOCIATION v. COMMISSIONER OF INCOME-TAX, MADRAS. MADRAS HOTELS ASSOCIATION v. COMMISSIONER OF INCOME-TAX, MADRAS. Tax Cases No. 101 of 1971 (Reference No. 58 of 1971), decided on December 23, 1976. JUDGMENT RAMAPRASADA RAO J. - At the instance of the

More information

ASYLUM AND IMMIGRATION TRIBUNAL

ASYLUM AND IMMIGRATION TRIBUNAL ST (s92(4)(a): meaning of has made ) Turkey [2007] UKAIT 00085 ASYLUM AND IMMIGRATION TRIBUNAL THE IMMIGRATION ACTS Heard at: Field House Date of Hearing: 15 May 2007 Before: Mr C M G Ockelton, Deputy

More information

CIS/3066/1998 OF THE COMMISSIONER

CIS/3066/1998 OF THE COMMISSIONER ..... - CIS/3066/1998 DECISION OF THE COMMISSIONER 1. This is an appeal, brought by the claimant with the leave of a Commissioner, against a decision of the Plymouth social security appeal tribunal dated

More information

By a notice of motion which was filed on 31/5/2013 under Rule 10 of. the Tanzania Court of Appeal Rules, 2009 (the Rules), Motor Vessel

By a notice of motion which was filed on 31/5/2013 under Rule 10 of. the Tanzania Court of Appeal Rules, 2009 (the Rules), Motor Vessel IN THE COURT OF APPEAL OF TANZANIA AT ZANZIBAR CIVIL APPLICATION NO. 91 OF 2013 1. MOTOR VESSEL SEPIDEH 2. PEMBA ISLAND TOURS & SAFARIS...... APPLICANTS VERSUS 1. YUSUF MOH D YUSSUF 2. AHMAD ABDULLAH....

More information

IRAS e-tax Guide. Transfer Pricing Guidelines (Third edition)

IRAS e-tax Guide. Transfer Pricing Guidelines (Third edition) IRAS e-tax Guide Transfer Pricing Guidelines (Third edition) Published by Inland Revenue Authority of Singapore Published on 04 Jan 2016 First edition on 23 Feb 2006 Disclaimers: IRAS shall not be responsible

More information

SVARANDE SAAB Aktiebolag (publ.), Electronic Defence Systems, 556036-0793 412 89 Göteborg

SVARANDE SAAB Aktiebolag (publ.), Electronic Defence Systems, 556036-0793 412 89 Göteborg SVEA COURT OF APPEAL JUDGMENT Case No. 6 March 2014 T 4519-13 Division 020109 Stockholm Page 1 (12) CLAIMANT Al Gaoud General Trading Est. P.O. Box 10211 Dubai United Arab Emirates Counsel: Advokaterna

More information

PRACTICE DIRECTIONS IMMIGRATION AND ASYLUM CHAMBERS OF THE FIRST- TIER TRIBUNAL AND THE UPPER TRIBUNAL

PRACTICE DIRECTIONS IMMIGRATION AND ASYLUM CHAMBERS OF THE FIRST- TIER TRIBUNAL AND THE UPPER TRIBUNAL Tribunals b Judiciary PRACTICE DIRECTIONS IMMIGRATION AND ASYLUM CHAMBERS OF THE FIRST- TIER TRIBUNAL AND THE UPPER TRIBUNAL Contents PART 1 PRELIMINARY 1 Interpretation, etc. PART 2 PRACTICE DIRECTIONS

More information

How to compute amount of tax to be deducted under section 192? a Find out Salary Income including taxable perquisites

How to compute amount of tax to be deducted under section 192? a Find out Salary Income including taxable perquisites TDS ON SALARIES CA. Vishesh Sangoi Salary!!! Isn t it everyones favourite? It s paid once in a month and fully expensed out in 5 days or less. Every employee is aggrieved when less salary is received and

More information

DEPARTMENT OF TRANSPORT

DEPARTMENT OF TRANSPORT DEPARTMENT OF TRANSPORT No. R.. Date ROAD ACCIDENT FUND ACT, 1996 ROAD ACCIDENT FUND REGULATIONS, 2008 The Minister of Transport has, under section 26 of the Road Accident Fund Act, 1996 (Act No. 56 of

More information

This is a Public Ruling made under section 91D of the Tax Administration Act 1994.

This is a Public Ruling made under section 91D of the Tax Administration Act 1994. DEBT FACTORING ARRANGEMENTS AND GST PUBLIC RULING - BR Pub 00/07 This is a Public Ruling made under section 91D of the Tax Administration Act 1994. Taxation Laws All legislative references are to the Goods

More information

CENTRAL INFORMATION COMMISSION Club Building (Near Post Office) Old JNU Campus, New Delhi - 110067 Tel: +91-11-26101592

CENTRAL INFORMATION COMMISSION Club Building (Near Post Office) Old JNU Campus, New Delhi - 110067 Tel: +91-11-26101592 CENTRAL INFORMATION COMMISSION Club Building (Near Post Office) Old JNU Campus, New Delhi - 110067 Tel: +91-11-26101592 File No. CIC/BS/A/2014/002043+002045+002046+002047+002048+002073+002116+002143+ 002434+002438+002451+002559+002636+000727+000863+000947+001004+

More information

IN THE HIGH COURT OF KARNATAKA AT BANGALORE BEFORE THE HON BLE MR. JUSTICE L. NARAYANA SWAMY MFA NO. 2293/2010 (MV)

IN THE HIGH COURT OF KARNATAKA AT BANGALORE BEFORE THE HON BLE MR. JUSTICE L. NARAYANA SWAMY MFA NO. 2293/2010 (MV) 1 IN THE HIGH COURT OF KARNATAKA AT BANGALORE DATED THIS THE 28 TH DAY OF JUNE 2012 BEFORE THE HON BLE MR. JUSTICE L. NARAYANA SWAMY BETWEEN MFA NO. 2293/2010 (MV) NATIONAL INSURANCE COMPANY LIMITED DO-3,

More information

H o w t o W r i t e a J u d g e m e n t

H o w t o W r i t e a J u d g e m e n t H o w t o W r i t e a J u d g e m e n t A) Function of a Judgement: Being the final result of a legal procedure a judgement shall provide a balanced conflict solution. An ideal judgement enables both conflict

More information

On behalf of the Respondents, Shri Sanjay Agarwal, CPIO was present at the NIC

On behalf of the Respondents, Shri Sanjay Agarwal, CPIO was present at the NIC Central Information Commission, New Delhi File No. Right to Information Act 2005 Under Section (19) Date of hearing : 29th June 2016 Date of decision : 29th June 2016 Name of the Appellant : Shri Ramchandra

More information

COURT OF APPEAL, FOURTH APPELLATE DISTRICT DIVISION ONE STATE OF CALIFORNIA

COURT OF APPEAL, FOURTH APPELLATE DISTRICT DIVISION ONE STATE OF CALIFORNIA Filed 4/11/13 CERTIFIED FOR PUBLICATION COURT OF APPEAL, FOURTH APPELLATE DISTRICT DIVISION ONE STATE OF CALIFORNIA BATTAGLIA ENTERPRISES, INC., D063076 Petitioner, v. SUPERIOR COURT OF SAN DIEGO COUNTY,

More information

Notification No. 3/2012 [F. No. 142/27/2011-SO (TPL)], dated 4-1- 2012

Notification No. 3/2012 [F. No. 142/27/2011-SO (TPL)], dated 4-1- 2012 Section 143 of the Income-tax Act, 1961 - Assessment - General - Specified provisions of the Act which shall apply to Centralised Processing of Returns Scheme, 2011 Notification No. 3/2012 [F. No. 142/27/2011-SO

More information

AUTOMART LIMITED V. WAQA ROKOTUINASAU - ERCA NO. 9 OF 2012 JUDGMENT

AUTOMART LIMITED V. WAQA ROKOTUINASAU - ERCA NO. 9 OF 2012 JUDGMENT IN THE EMPLOYMENT RELATIONS COURT AT SUVA APPELLATE JURISDICTION CASE NUMBER: ERCA NO. 09 OF 2012 BETWEEN: AUTOMART LIMITED APPELLANT AND: WAQA ROKOTUINASAU RESPONDENT Appearances: Ms. Drova for the Appellant.

More information

CENTRAL INFORMATION COMMISSION Appeal No. CIC/AT/A/2009/00422 dated 18-4-2009 Right to Information Act 2005 Section 19

CENTRAL INFORMATION COMMISSION Appeal No. CIC/AT/A/2009/00422 dated 18-4-2009 Right to Information Act 2005 Section 19 CENTRAL INFORMATION COMMISSION Appeal No. CIC/AT/A/2009/00422 dated 18-4-2009 Right to Information Act 2005 Section 19 Appellant: Respondent: Shri Suraj Prakash, United India Insurance Co. Decision Announced

More information

BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA

BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA [ADJUDICATION ORDER NO. IVD-ID7/AL- RG/AO/DRK-AKS/EAD3-394/60-2013] UNDER SECTION 15 I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT,

More information

PO (interests of the state Article 8) Nigeria [2006] UKAIT 00087 THE IMMIGRATION ACTS. On 27 June 2006 24 October 2006. Before

PO (interests of the state Article 8) Nigeria [2006] UKAIT 00087 THE IMMIGRATION ACTS. On 27 June 2006 24 October 2006. Before Asylum and Immigration Tribunal PO (interests of the state Article 8) Nigeria [2006] UKAIT 00087 THE IMMIGRATION ACTS Heard at Field House Determination Promulgated On 27 June 2006 24 October 2006 Before

More information

Direct and Indirect Taxation-Law : 1 and : Practice

Direct and Indirect Taxation-Law : 1 and : Practice Direct and Indirect Taxation-Law : 1 and : Practice RollNo... Time allowed : 3 hours Maximum marks : 100 Total number of questions : 8 Total number of printed pages : 6 NOTE : All references to sections

More information

Judicial Communications Office

Judicial Communications Office Friday 22 March 2013 COURT FINDS PRACTICE FOR DEALING WITH NON-PAYMENT OF FINES IS UNLAWFUL Summary of Judgment On Friday 22 March 2013, the Divisional Court delivered two judgments relating to five judicial

More information

KPMG Flash News 7 July 2011

KPMG Flash News 7 July 2011 KPMG IN INDIA KPMG Flash News 7 July 2011 TAX Payment made for online banner advertisement on the portal of a foreign company is not taxable as royalty Recently, the Mumbai Bench of the Income-tax Appellate

More information

THE SUPREME COURT OF APPEAL OF SOUTH AFRICA JUDGMENT

THE SUPREME COURT OF APPEAL OF SOUTH AFRICA JUDGMENT ` THE SUPREME COURT OF APPEAL OF SOUTH AFRICA In the matter between: JUDGMENT Not Reportable Case No: 20157/2014 UTi SOUTH AFRICA (PROPRIETARY) LIMITED APPELLANT and TRIPLE OPTION TRADING 29 CC RESPONDENT

More information

IN THE APPEALS CHAMBER PROSECUTOR DU[KO TADIC APPEAL JUDGEMENT ON ALLEGATIONS OF CONTEMPT AGAINST PRIOR COUNSEL, MILAN VUJIN

IN THE APPEALS CHAMBER PROSECUTOR DU[KO TADIC APPEAL JUDGEMENT ON ALLEGATIONS OF CONTEMPT AGAINST PRIOR COUNSEL, MILAN VUJIN UNITED NATIONS International Tribunal for the Prosecution of Persons Responsible for Serious Violations of International Humanitarian Law Committed in the Territory of the Former Yugoslavia since 1991

More information

2 nd Appeal First Appeal No. 295 of 2013

2 nd Appeal First Appeal No. 295 of 2013 2 nd Additional Bench STATE CONSUMER DISPUTES REDRESSAL COMMISSION, PUNJAB DAKSHIN MARG, SECTOR 37-A, CHANDIGARH First Appeal No. 54 of 2013 Date of institution: 17.1.2013 Date of Decision: 20.1.2015 National

More information

WORKERS COMPENSATION APPEAL TRIBUNAL WORKERS COMPENSATION BOARD OF PRINCE EDWARD ISLAND DECISION #55. Represented by Keith Mullins

WORKERS COMPENSATION APPEAL TRIBUNAL WORKERS COMPENSATION BOARD OF PRINCE EDWARD ISLAND DECISION #55. Represented by Keith Mullins WORKERS COMPENSATION APPEAL TRIBUNAL FIRM [personal information] BETWEEN: ISLAND PRESS LTD. APPELLANT AND: WORKERS COMPENSATION BOARD OF PRINCE EDWARD ISLAND RESPONDENT DECISION #55 Employer Respondent

More information

Chamber of Income-tax Consultants Tax deduction at source from payments to Non-residents August 2006 Naresh Ajwani Chartered Accountant

Chamber of Income-tax Consultants Tax deduction at source from payments to Non-residents August 2006 Naresh Ajwani Chartered Accountant Chamber of Income-tax Consultants Tax deduction at source from payments to Non-residents August 2006 Naresh Ajwani Chartered Accountant Importance of the subject: The subject of Tax deduction at source

More information

v/s. Western India Art Litho Works Pvt. Ltd.

v/s. Western India Art Litho Works Pvt. Ltd. 1 cp1096.2000 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO. 1096 of 2000 Solar Printing Inks v/s. Western India Art Litho Works Pvt. Ltd....Petitioner...Respondent

More information

Policy on Related Party Transactions. AstraZeneca Pharma India Limited

Policy on Related Party Transactions. AstraZeneca Pharma India Limited Policy on Related Party Transactions Contents Title Page # 1 Background 3 1.1 Related Party Transactions 3 1.2 Requirement of formulating a policy 3 2 Part I of the policy document 2.1 What is a related

More information

STATE OF RHODE ISLAND AND PROVIDENCE PLANTATIONS

STATE OF RHODE ISLAND AND PROVIDENCE PLANTATIONS STATE OF RHODE ISLAND AND PROVIDENCE PLANTATIONS PROVIDENCE, SC. DISTRICT COURT SIXTH DIVISION THOMAS A. PALANGIO D/B/A : CONSUMER AUTO SALES : : v. : A.A. No. 11-093 : DAVID M. SULLIVAN, TAX : ADMINISTRATOR

More information

IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO.9030 OF 2013 (@ SPECIAL LEAVE PETITION (CIVIL) NO.

IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO.9030 OF 2013 (@ SPECIAL LEAVE PETITION (CIVIL) NO. REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO.9030 OF 2013 (@ SPECIAL LEAVE PETITION (CIVIL) NO. 18323 OF 2008) STATE OF HARYANA & OTHERS APPELLANTS VERSUS NAVIR

More information

INTERNATIONAL COOPERATION IN CRIMINAL MATTERS (Practical approach to certain issues which are not regulated by law and international treaties)

INTERNATIONAL COOPERATION IN CRIMINAL MATTERS (Practical approach to certain issues which are not regulated by law and international treaties) BOSNIA AND HERZEGOVINA REPUBLIKA SRPSKA Judicial and prosecutorial training center team INTERNATIONAL COOPERATION IN CRIMINAL MATTERS (Practical approach to certain issues which are not regulated by law

More information

The following are the main activities of the FORUM

The following are the main activities of the FORUM BSE BROKERS FORUM was formed in 1993 with the objective to highlight the concerns of the member brokers to Regulators and Government. Currently we have around 850 members including equity, commodity segment.

More information

KPMG FLASH NEWS. Background. Facts of the case. 26 June 2015. KPMG in India

KPMG FLASH NEWS. Background. Facts of the case. 26 June 2015. KPMG in India KPMG FLASH NEWS KPMG in India 26 June 2015 Restoration services relating to transmission of data and telecommunication traffic are not taxable as FTS. Income reasonably attributable to business operations

More information

Dated this the 10 th day of July 2014. Before. Miscellaneous First Appeal No.21322/2008 (MV)

Dated this the 10 th day of July 2014. Before. Miscellaneous First Appeal No.21322/2008 (MV) : 1 : IN THE HIGH COURT OF KARNATAKA DHARWAD BENCH Dated this the 10 th day of July 2014 Before THE HON BLE MR. JUSTICE PRADEEP D. WAINGANKAR Miscellaneous First Appeal No.21322/2008 (MV) Between The United

More information

: 1 : IN THE HIGH COURT OF KARNATAKA AT BANGALORE BEFORE THE HON BLE MR.JUSTICE K.N.KESHAVANARAYANA

: 1 : IN THE HIGH COURT OF KARNATAKA AT BANGALORE BEFORE THE HON BLE MR.JUSTICE K.N.KESHAVANARAYANA : 1 : IN THE HIGH COURT OF KARNATAKA AT BANGALORE DATED THIS THE 7 TH DAY OF JUNE 2012 BEFORE THE HON BLE MR.JUSTICE K.N.KESHAVANARAYANA BETWEEN: MFA.No.122 OF 2009 (MV) C/w MFA.No.120 OF 2009 (MV) New

More information

Chapter 5. Transfer Pricing Methods. Agenda Item 5. Working Draft for the October 2011 Geneva meeting. Chapter 5A Traditional Methods

Chapter 5. Transfer Pricing Methods. Agenda Item 5. Working Draft for the October 2011 Geneva meeting. Chapter 5A Traditional Methods Agenda Item 5 Working Draft for the October 2011 Geneva meeting Chapter 5 Transfer Pricing Methods [This paper is based on a paper prepared by Members of the UN Tax Committee s Subcommittee on Practical

More information

Income Tax Settlement Commission Author : CA A. K. Jain

Income Tax Settlement Commission Author : CA A. K. Jain Income Tax Settlement Commission Author : CA A. K. Jain Introduction Income-Tax Settlement Commission, a quasi judicial body, was set up under section 245B of Income-tax Act 1961. It has been set up as

More information

25th June '2010 CA S V Shanbhag

25th June '2010 CA S V Shanbhag TAXATION OF LIMITED LIABILITY PARTNERSHIP Seminar on LLP on 14 th February 2015 CA. S. V. Shanbhag 1 LIMITED LIABILITY PARTNESHIP TAX ADVANTAGES BASIC TAXATION ISSUES ISSUES ON CAPITAL GAINS CONVERSION

More information

Case 2:13-cv-00179-JWS Document 33 Filed 06/24/14 Page 1 of 7 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF ARIZONA

Case 2:13-cv-00179-JWS Document 33 Filed 06/24/14 Page 1 of 7 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF ARIZONA Case 2:13-cv-00179-JWS Document 33 Filed 06/24/14 Page 1 of 7 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF ARIZONA In re: BATAA/KIERLAND LLC, Debtor. Case No. 2:13-cv-00179-PHX-JWS MEMORANDUM

More information