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: cpt :: VAT RATES :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: form 3cd :: articles on VAT and GST in India :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS
 
 
News Headlines »
 6 important income tax rules for individuals which will change from April 1, 2017
 Key changes in income tax rates individuals need to look at from 1 Apr
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return

Ranbaxy to move HC against tax tribunal order
February, 22nd 2008
Pharma major Ranbaxy Laboratories has said it will move the Delhi High Court against the Income Tax Appellate Tribunal's order which will subject the company's cross-border transactions to scrutiny by the Transfer Pricing Officer.

Contrary to reports that the ITAT had established under- assessment of income to the tune of Rs 224.5 crore during 2004-05, the issue relates to procedural aspects of assessment - whether the transactions have to be screened by the Transfer Pricing Offer or the Assessing Officer, Ranbaxy said.

Asked about the impact of the ITAT order, the company spokesperson said: "The appeal relates to the procedure to be followed by the Income Tax Department for determination of Transfer Pricing.

"The Income Tax Appellate Tribunal has upheld the Commissioner's view that following due procedure, the matter should have been referred by the Assessing Officer to the Transfer Pricing Officer. Ranbaxy is appealing this judgement in the Delhi High Court."

There would be "no additional tax demand for the assessment year 2004-05... therefore there is no impact on the current or future earnings of Ranbaxy," he clarified.

The transfer pricing regulations require that goods and services sold to associated enterprises should be valued at Arms' Length Price (ALP), a price which the company would charge from an unrelated entity.

Also, the companies are expected to adopt the most appropriate method prescribed by the Income Tax Act and the rules while assigning values to the goods sold to overseas AEs.
 
 
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 Experience

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