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We are pleased to attach herewith the Tax & Regulatory Newsletter for January 16, 2017   – January 31, 2017  highlighting major recent tax and regulatory developments in India.

Tax & Regulatory Newsletter for January 16, 2017 – January 31, 2017

Inside this issue…

DIRECT TAX

  1. CBDT issues clarifications for implementation of GAAR
  2. Revisions proceedings under section 263 quashed involving over Rs 1000 Cr additions

TRANSFER PRICING

  1. Sharing of sponsorship cost by taxpayer with its associated enterprise is construed to be the promotion of brand owned by taxpayer’s associated enterprise and accordingly, is subject to Indian TP provisions
  2. The Tribunal has clarified that the controlling party, for invoking provisions of clause ‘j’ of Section 92A(2) of the Income-tax Act, 1961, has to be an “individual” and not a “partnership firm”
  3. Completed assessments under section 143(3) of the Act cannot be interfered with by AO/ TPO in the absence of incriminating material during search and seizure operations
  4. Under no circumstance, the uncontrolled price/ margin can replace with controlled price/ margin for benchmarking taxpayer’s transactions with its associated enterprises

 INDIRECT TAX

  1. Appropriate state for levy and collection of CST is the state from where the movement of goods commenced – Bombay High Court(HC)

We trust that you will find it interesting and informative.