Home Highlights February 2013 Year 2013 This

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1. TP Adjustment - arm’s length price of interest on short term loan granted to the AE - The fact that the assessee has provided a short term loan only for a period of 15...

2. Additions towards unexplained liability as loan taken from Reliance Capital Ltd. - The loan from Reliance Capital was taken against property belonging to the party other...

3. TP adjustment to payment of interest on ECB loan - TPO himself has stated that while granting permission to the assessee for availing ECB loan, the RBI has fixed the...

4. Exemption from GST - Hostel facility to its students - Whether there is any tax liability on hostel fees collected from outside students staying at the hostel for study...

5. When the DRP itself stated that since Indian banks were charging 250 basis points above LIBOR on similar loans, there was no good reason for holding that the loan...

6. Depreciation on foreign exchange fluctuation loss - foreign currency term loan availed for purchase of windmill - since the assessee has capitalized and claimed...

7. Addition u/s 41 - sick company - cessation of liability towards unsecured loans availed from financial institutions in terms of order of the BIFR - Apex Court has held...

8. TP Adjustment - Addition of interest expenses - These clauses in the loan agreement are nothing but eye-wash as the appellant company is the holding company of the...

9. Disallowance of interest payment converted into FITL (Funded Interest Term Loans) - the impugned ‘funded interest term loan’ is not a loan transaction but assessee’s...

10. Levy of Anti-Dumping Duty - scope of domestic industry - non-injurious price - determination in terms of Indian Rupees (INR) - If due to the change in exchange rate,...

11. When a loan which is the term loan is waived by a financial institution, then it shall not treated as income in the hands of the assessee; whereas if working capital...

12. TP adjustment - Since the funds have been borrowed in USD and also advanced in USD, the currency and exchange risks are minimised and the only risk to be considered is...

13. Ex-parte order passed by CIT-A - Non speaking order - The exercise of the “right to be heard at the hearing of the appeal” by “the appellant, either in person or by an...

14. Disposal of appeal u/s 250(6) - dismissal of appeal on merits in summary manner amounts to contraventions of statutory role of CIT(A) as prescribed U/s 250(6) and...

15. CENVAT Credit - catering services – The effect of providing canteen within the factory is same whether the number of employees is more than 250 or less than 250 - stay...