Transfer Pricing – Excess Earnings Method (EEM), is appropriate method to determine arm's length price of transaction of sale of Intangible Property and the method construes Comparable Uncontrolled Price (CUP) method Posted: 27 Oct 2011 09:22 PM PDT M/s Tally Solutions Private Limited vs.Deputy Commissioner of Income tax, Bangalore for AY 2006-07, ITA No. 1235(Bang)/2010 Facts:- The taxpayer was engaged in the business of software development, marketing and sale of 'tally' branded... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Markup on costs incurred is not an arm's length remuneration for sourcing support service and the taxpayer should be compensated on the basis of value of the goods sourced through it Posted: 27 Oct 2011 08:43 PM PDT Li & Fung (India) Pvt. Ltd. v. DCIT (ITAT Delhi – ITA No. 5156/Del/2010] Tribunal ruling that the amount of compensation to be received ought to be a reflection of the functions performed, assets deployed and risks assumed by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Right to exercise an option is a capital asset and gains arising on sale are 'long term capital gains' if such right is held for more than three years Posted: 27 Oct 2011 08:10 PM PDT Abhiram Seth Vs. JCIT (ITAT Delhi) Facts :- Abhiram Seth (the assessee) was employed in an executive position with M/s. PepsiCo India Holdings (P) Ltd., part of PepsiCo Inc.The assessee was granted valuable rights in shares of PepsiCo Inc.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Advance Ruling on settlement amount receivable by Upaid Systems Limited from Satyam Computer Services Ltd. Posted: 27 Oct 2011 08:19 AM PDT The applicant is a company incorporated under the laws of British Virgin Islands. It was previously known as 'In touch Technologies Holdings Limited', the predecessor of which in turn was 'In Touch Technology Limited'. The applicant is engaged in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| ORDER NO. 175 OF 2011- Ad. VI.(adhoc promotion to the grade of JCIT (OSD)) Posted: 27 Oct 2011 07:04 AM PDT ORDER NO. 175 OF 2011 - The President is pleased to appoint the following officers of Indian Revenue Service (Income Tax) to the grade of Joint Commissioner of Income Tax (OSD) purely on Ad hoe basis in the PB 3-Rs. 15,600-39, 100+7, 600/- with... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| IASB proposes an amendment to the accounting for government loans in IFRS 1 Posted: 26 Oct 2011 10:55 PM PDT The International Accounting Standards Board (IASB) today published for public comment a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The proposed amendment sets out how a first-time adopter would... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| IASB clarifies accounting for costs associated with waste removal in surface mining Posted: 26 Oct 2011 10:51 PM PDT The IASB issued today an Interpretation clarifying the requirements for accounting for stripping costs in the production phase of a surface mine. The Interpretation was developed by the IFRS Interpretations Committee, the interpretative body of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Insurers get more say in motor accident tribunals – SC Posted: 26 Oct 2011 10:46 PM PDT United India Insurance Co. Ltd. Vs. Shila Datta & Ors ( Supreme Court)- The Supreme Court last week widened the scope for insurance companies for resisting claims in road accident cases, especially on the amount of compensation. The Motor... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| European Banks – The Repeat of History Posted: 26 Oct 2011 10:18 PM PDT By the time this article is being read by you the European deal makers will be meeting another obstacle in reducing the debt pains of Euro. In the last meeting it was agreed that the banks of Europe having exposure to the ballooning debt of Euro...
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