ALP has to be the Arithmetic mean of all prices arrived through various methods

Ratio of the Case: If more than one price is determined by the most appropriate method, the ALP has to be the arithmetical mean of such prices CLR Editorial Notes: The assessee was engaged in providing software development support services by which it developed software upon the instructions of its parent associated enterprise (IKOS Systems Inc).… Read More

Tags: ALPArm's length principleITATOrganisation for Economic Co-operation and DevelopmentTPOTribunal

The Tribunal is empowered to rectify its own mistake in an order

Ratio of the Case: The tribunal is empowered enough to rectify its own mistake in an order passed earlier on coming to know of it. It can  also replace the order with either the correct one or with another one. CLR Editorial Notes: In the entire scenario, it was noted, that a wrong order got issued due to… Read More

Tags: AppealIncome taxIndiaRevenueSupreme CourtTribunal

Taxability of a revocable transfer as deemed gift u/s 4(1)(c) of the Gift-tax Act

CLR Editorial Notes: In this case, it was noted that the assessee owned 6000 shares of a certain company. In the year 1982, he executed a deed of revocable transfer of shares in favour of another person. In this deed the assessee was permitted to exercise the power of revoking the gift, after completion of 74… Read More

Tags: AppealCITIncome taxIndiaPunjab and Haryana High CourtSupreme CourtThe HonourableTribunal

CESTAT trashes CBEC Recovery Circular

Lawyers & Consultants are in mourning as their easy income is gone. Everyone who approached Courts was getting automatic stay against recovery notices sent by Department where stay applications in appeals were pending. First, Bombay High Court made it applicable to all, even if they did not approach Court. Now Bangalore CESTAT has done it.… Read More

Tags: Andhra PradeshAppealBangaloreBombay High CourtCustoms Excise and Service Tax Appellate TribunalIncome taxKarnatakaKeralaSouth IndiaTribunal

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