Home Highlights October 2011 Year 2011 This

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1. The Reserve Bank of India (RBI) issued Circular, addressing Scheduled Commercial Banks, Primary (Urban) Cooperative Banks, State Cooperative Banks, and Exim Bank...

2. Interest on refund - Rate of interest - The rate of interest is statutorily prescribed under section 27 (A) read with Notification issued there under according to which...

3. Interest on delayed refund at notified rate of interest (6%) to the appellant - enhanced rate of interest - The Commissioner (Appeals) has relied on the decision of...

4. Refund claim - export of service - zero rated supply - receipt in convertible foreign exchange - Amount received through Paypal in Indian currency - The High Court...

5. Grant of interest / compensation for delayed Refund of unutilized input tax credit - Rate of interest - HC awarded 9% instead of 6% applying the proviso to section 56 -...

6. The ITAT Hyderabad addressed a Transfer Pricing (TP) Adjustment issue regarding interest on outstanding receivables, determining if it constitutes an international...

7. TP Adjustment - Interest on loans and advances given to the AEs - Interest rates vary and are thus dependent on the foreign currency in which the repayment is to be made...

8. Excess utilisation of cenvat credit - Whether the appellant is liable to pay interest and penalty on account of alleged excess utilisation of cenvat credit - The demand...

9. TP Adjustment - rate of interest on loan availed from AE - when the prime lending rate itself had increased over the years and stood at 14.55% for the relevant period,...

10. Appropriate rate for benchmarking - receivables from AEs - it would be most appropriate if the LIBOR rate is applied as most appropriate rate of interest for imputing...

11. Refund of CENVAT Credit - export goods or not - goods were cleared by the appellant, not for physical exports, but were cleared by them to their sister concern, who is...

12. Rate of interest - for the period from 1.4.2003, the new rate of interest shall apply and not the old rate of interest - Otherwise, the entire rule becomes infructuous/otiose - AT

13. Addition u/s 40A(2) - assessee has paid interest to certain related parties and treated interest rate @ 15% reasonable and disallowed excess rate paid to related parties...

14. TP Adjustment - Impute interest on receivables - LIBOR + 200 basis point rate is most appropriate rate and hence, direct the AO/TPO to adopt LIBOR + 200 basis point for...

15. Rate of exchange of one unit of foreign currency equivalent to Indian rupees - Notification