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: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: form 3cd :: TDS :: empanelment :: ACCOUNTING STANDARDS :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« News Headlines »
 What to do if you get an income tax notice after demonetisation
 SBI calls for raising income tax exemption limits
 Did you know? The tax exemption on your HRA
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA

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 2017 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