Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ACCOUNTING STANDARD :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: form 3cd :: due date for vat payment :: articles on VAT and GST in India :: cpt :: list of goods taxed at 4%
« News Headlines »
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17

Income-tax tribunal spikes Ranbaxys appeal
February, 09th 2008
In a crucial ruling pertaining to MNCs operating in India, an income-tax tribunal has held that all cross-border transactions of Rs 5 crore or more has to be referred for transfer pricing assessment.

While turning down an appeal filed by pharma major Ranbaxy Laboratories, which challenged a decision to subject the companys cross-border transactions to transfer pricing assessments, a division bench of the Income-tax Appellate Tribunal (ITAT), Delhi held that failure in referring such transactions to the transfer pricing officer is a violation of law.

The ITAT bench comprising president Vimal Gandhi and accountant member PM Jagtap held that cross-border transactions with associated enterprises need to be screened under the machinery set up for transfer pricing assessments. The bench said transfer pricing assessment is a complex job that can be best carried out by specialists assigned for the task, in this case transfer pricing officers.

The order is a reaffirmation of the policy decision by the revenue authorities that all cross-border transactions worth Rs 5 crore or more should be referred to the transfer pricing department, who are skilled in assessing the complicated transactions that involves, among other things, comparisons with similar transactions.

There was also a circular by the Central Board of Direct Taxes (CBDT) making it mandatory for all Rs 5 crore and above transaction to be assessed by Transfer Pricing Officer.

The transfer pricing division is a special cell created for the purpose of assessing cross-border transactions so that such transactions between related parties do not escape the Indian tax net.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions