Daily Updates and News

INCOME TAX ACT

TRANSFER PRICING - COMPUTATION OF ARM'S LENGTH PRICE

Comparables and adjustments/Method of computation-TNMM v. CUP Method : CUP method followed by assessee, a logistic service provider, was appropriate particularly when price determination for all business associates, whether associated enterprises or independent enterprises, was on same terms and as per same business model and profit sharing ratio of transaction between assessee and AEs was not different from that with a third party, viz., 50:50 in this field of business activity - [2016] 66 taxmann.com 53 (Delhi)

SECTION 234A

INTEREST CHARGEABLE AS

Scope of : ITNS Form 150 is an integral part of assessment order; and where assessment order did not speak about charging of any interest under sections 234B and 234C, vide ITNS 150 computation Form, said interest could be charged - [2016] 66 taxmann.com 48 (Patna)

SARFAESI ACT

SECTION 13

ENFORCEMENT OF SECURITY INTEREST

Where petitioner was lessee of disputed property but same had already been auctioned pursuant to impugned order in which petitioner itself had participated and possession of secured asset had been handed over to respondent no. 5, petition filed by petitioner challenging impugned order by suppressing vital fact of auction was devoid of merits - [2016] 66 taxmann.com 51 (Gujarat)

STATUTES

DIRECT TAX LAWS

Section 143 of the Income-tax Act, 1961 – Assessment – General – Request for Exchange of Information From field Offices of time barring assessment cases - LETTER F.NO.500/56/2014-FT&TR-IV/354, DATED 8-2-2016

Section 195 of the Income-tax Act, 1961 – Deduction at Source – Other sums – Issuance of online certificate under section 195(2) and 195(3) - TDS INSTRUCTION NO.51 [F.NO.SW/TDS/02/2013/DIT(S)-II, DATED 4-2-2016 Thanks & Regards, Meetesh Shiroya