Back
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
Vibhu Bakhru, C.M.Joshi
Pr. Commissioner Of Income Tax-2 – Appellant
Versus
Toyota Tsusho India Private Limited. – Respondent
| Table of Content |
|---|
| 1. assessment of income and transfer pricing (Para 2 , 3 , 4 , 5 , 6 , 7 , 8) |
| 2. determination of wholesale trader status (Para 9 , 10 , 12 , 13) |
| 3. final ruling on trader classification (Para 11 , 14) |
JUDGMENT :
VIBHU BAKHRU, CJ.
1. For the reasons stated in the application - I.A.1/2025, the same is allowed. The delay in filing the appeal is condoned.
2. The Revenue has filed the present appeal under Section 260-A of the INCOME TAX ACT , 1961 [the Act] impugning an order dated 04.09.2024 passed by the learned Income Tax Appellate Tribunal [ITAT] in MP.No.63/Bang/2023 in IT(TP)A.No.2806/Bang/2017 in respect of the Assessment Year [AY] 2013-2014.
3. The respondent [the Assessee] had filed the aforementioned miscellaneous application seeking rectification/modification of an order dated 02.03.2023 passed by the learned ITAT in IT(TP)A.No.2806/Bang/2017. The said order was passed in an appeal filed by the Assessee against the final assessment order dated 21.07.2022. The principal dispute before the learned ITAT was in respect of transfer pricing adjustments as directed by the transfer pricing officer [TPO], which was further reduced by the Dispute Resolution Panel [DRP].
4. The
The classification of traders under transfer pricing regulations requires compliance with specific statutory criteria; failing to meet both conditions prevents the assessee from being classified as a....
Point of law: The amount received on issue of shares is admittedly a capital account transaction not separately brought within definition of income, except in cases covered by Section 56(2)(viib) of ....
Remitted TP adjustments for forex loss, customs duty, capacity utilization, and liability write-backs to TPO for fresh verification per consistent practice and R.10B.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
