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Corporate guarantee having bearing on profits is an International Transaction

17 July, 2015
 
Corporate guarantees have often been examined for transfer pricing adjustment. While there are number of judgements on how to determine the ALP and that bank rates are not to be applied, whether the transaction is an international transaction is always intriguing.
 
ITAT, Hyderabad in its decision in Four Soft P Ltd v. DCIT...

Mandatory pre-deposit for appeals filed prior to 6-8-2014

16 July, 2015
 
Rajasthan High Court has agreed with the earlier Order of the court (Paramount Security v. UoI – W.P. No. 12232) which had held that effect of the amendment to Section 35F of the Central Excise Act, 1944 in 2014 cannot be restricted only for appeals filed after 6-8-2014.
 
According to the earlier order such restricti...

ADD – New Zealand proposes automatic termination period

9 July, 2015

New Zealand continues to seek ways to reform its anti-dumping and countervailing duties regime. Last year it had sought views on introduction of a bounded public interest test (Refer, International Trade Amicus, July 2014 issue) and now proposes to lay down the broad parameters and procedure to take into account the effect of AD, on public -...

Commissions paid by manufacturer to related exporter - Inclusion in export price

9 July, 2015

European Union’s General Court has upheld the downward adjustment to the export price in respect of commissions paid by the manufacturer to its exporter. The applicant-manufacturer here was of the view that they and the exporter (Singaporean entity) formed a single economic entity and that, consequently, there was no need to carry out any downw...

Exemption notification – Applicability of Interpretative Rules of Excise Tariff

3 July, 2015

Three Judges Bench of the Supreme Court has, on 1-7-2015, held that Rules of Interpretation of the Central Excise Tariff may not be applicable if the notification (exemption notification) commands and require a different understanding. Holding that rules or principles of interpretation are always subject to context and are not binding commands, the Court rejected the...

Clarification on Rollback provisions of APA

19 June, 2015
 
Advance Pricing Agreement (‘APA’) Scheme was introduced in the statute in 2012, which  authorizes the CBDT to enter into agreement with the taxpayers, prescribing the arm’s length price (ALP) for international transaction which have been undertaken (which are continuous in nature) and those to be entered into between related parties in t...

EOUs – FTP provisions incorporated in Excise notifications

15 June, 2015

Notification Nos. 22/2003-C.E. and 23/2003-C.E. have been amended by Notification No. 28/2015-C.E., dated 15-5-2015 to reflect the new Foreign Trade Policy 2015-20 notified by the Ministry of Commerce on 1st of April. Some of the important changes are,

  • EOUs have been allowed to return, without payment of duty, capital goods tra...

Transfer Pricing – Applicability to third party transactions

11 June, 2015
 
To come within the ambit of transfer pricing, there has to be an international transaction. The two requirements of international transaction are that there must be a transaction between associated enterprises and either or both parties should be non-residents (prior to the amendment by Finance Act, 2014). In an interesting decision [Novo ...

ADD – Inclusion of non-cooperating producers in Domestic industry

8 June, 2015

European Union’s Court of Justice has upheld the investigation authority’s conclusion of including non-cooperating domestic manufacturers in the definition of domestic industry for the purpose of injury analysis. Further, noting that provisions under Article 4(1) of the EU’s Basic Regulations [Definition of ‘domestic industry&...

WTO reviews India’s trade policy

8 June, 2015

India’s trade policy is under review by the WTO for the sixth time. According to the report by the WTO’s Secretariat, though India continued its efforts to liberalize and facilitate trade, its tariff structure remains complex. It further states that the trade regime is less predictable as constantly notifications are being issued by DGFT ...

ITAT can extend stay beyond 365 days

22 May, 2015

Does the Income Tax Appellate Tribunal (ITAT) have power to extend stay beyond 365 days? The Delhi High Court in Pepsi Foods Pvt. Ltd v. ACIT, WP(C )1334/2015 decided on 19-5-2015 held that when the delay in disposing of the appeal is not attributable to the assessee, the Tribunal has the power to grant extension of stay beyond 365 days.
&nbs...

Manufacture & excise – Supreme Court lays down guidelines

22 May, 2015

Supreme Court of India has recently delivered three important judgments relating to the question as to whether the process followed by the assessee amounts to ‘manufacture’ for the purpose of imposition of Central Excise duty, which is levied in India on manufactured goods.

No ‘manufacture’ in sterilization of syring...

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