Ministry of Finance : Indian Advance Pricing Agreement regime moves forward with signing of three UAPAs by CBDT in May and June, 2018 

Dated: 04 JUL 2018

The Central Board of Direct Taxes (CBDT) has entered into three Unilateral Advance Pricing Agreements (UAPA) during the past couple of months. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 223, which inter alia include 20 Bilateral APAs. 

The UAPAs entered into during the past couple of months pertain to consumer industry, automobile and precious stones & metals sectors of the economy. The international transactions covered in the agreements pertain to provision of corporate guarantee, purchase of brand, availing of grading services, availing of management services and payment of royalty.  

The progress of the APA scheme strengthens the Government’s resolve of fostering a non-adversarial tax regime. The Indian APA programme has been appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner. 

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 DSM/RM/KA
(Release ID :180403)

F.NO.225/270/2017/ITA.II

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

North-Block, ITA.II Division New Delhi

Dated the 30^th of June, 2018

Order under Section 119 of the Income-tax Act, 1961

Vide its orders dated 31.07.17, 31.08.17, 08.12.17 & 27.03.18, in file of even number, CBDT had allowed time till 30^th June, 2018 to link PAN with Aadhaar while filing the tax-returns. Upon consideration of the matter, the CBDT further extends the time for linking PAN with Aadhaar till 31^st March, 2019.

ITAT - Interest expenditure on loan availed for purchasing a property to be included as cost of acquisition at the time of computing capital gains u/s 48

Click here to read facts and download copy of ITAT Order reported in [TS-5184-ITAT-2017(Kolkata)-O]

Instant e-PAN allotment (Beta version) in near to real time is available free of cost for limited period. Individuals (other than minors) with a valid Aadhaar number (with updated Mobile number) can avail the e-PAN allotment facility.

Click here to read more on and access the instant e-PAN allotment facility

ITAT deletes disallowance u/s. 40(a)(i) on amounts paid towards consultancy and legal service charges; Notes that coordinate bench in the case of Sonic Biochem Extractions disapproved the disallowance u/s. 40(a)(i) when no expenditure was claimed by the assessee and disallowance of depreciation u/s. 32 and held that depreciation cannot be disallowed to the assessee with the help of section 40(a) because section 40(a) is applicable if the assessee has claimed deduction of expenditure mentioned in the section; Assessee was in the pre-commencement stage of setting up the power plants in the year under consideration and had capitalized entire expenditure and did not debit any amount in the profit & loss account;

Click here to read facts and download copy of ITAT Order reported in [TS-7392-ITAT-2018(Ahmedabad)-O]