If assessee has followed CUP method, it cannot argue at the appellate stage that TNMM should be followed even if TPO has for later years accepted TNMM as the Most Appropriate Method
(i) It is observed that the assessee applied CUP as the most appropriate method for benchmarking the international transactions undertaken by it. The assessee did not dispute before the TPO that the CUP was the most appropriate method. However, it was only during the course of first appellate proceedings that the assessee came out with an additional ground contending that the most appropriate method was TNMM and the same should be applied. Even in AY 2002-03, the assessee applied the CUP method for benchmarking its international transactions.
(ii) We do not find any force in the argument of the ld. AR that simply because the TPO has applied TNMM for the A.Ys 2007-08 and 2008-09 and hence the application of the same by the CIT(A) be upheld. This factor, though significant, but is not conclusive. What persuaded the TPO to observe departure in these two later years from the consistent stand taken by him in the immediately preceding four years up to A.Y. 2006-07 in following the CUP method, is not available on record. There may have been some change in the factual position necessitating the adoption of TNMM in these later years. Further, the mere fact that the TPO adopted TNMM in a later year can be no ground to argue before the tribunal that the same method be followed in a preceding year, which stand has been specifically rejected by him in the instant years. As such, we cannot uphold the application of TNMM on this reason alone, more specifically, when in the immediately preceding year, where the facts are admittedly similar, the tribunal has restored the matter to the TPO for de novo adjudication.
Availing Bank Loan In Case Of Poor Credit Rating
Mayur Gupta
Most banks these days ask for a credit score from the applicant before extending a loan. Credit score is a rating which a rating agency assigns to an individual based on his past credit and repayment history. Higher the credit score higher is the chance of securing the loan at better terms. However if the previous credit record of the applicant is bad in case of which his credit score would be low, the bank charges exorbitant high rates of interest or in the worst cases rejects the loan application as well.The applicant is in deep trouble if the bank refuses to extend the loan. He has a poor credit score thus can't take a loan and unless he takes take a loan he can't improve his credit score. This is a vicious trap he lands in. Fortunately there is an option an individual has in such a case:
- Take a credit card against fixed deposit- Applicant should make a fixed deposit with the bank and against this fixed deposit take a credit card. Almost all leading public and private sector banks offer such a facility. However make sure that the credit card is used wisely- Spend within the credit limit and repay the amount well before the due date. Such Credit card transactions would help the individual improve his credit score. If continued for quite some time he would have a reasonably fair credit score which he can use to avail the bank loan.
Certain features of such a credit card are:
- Most banks require that the amount of fixed deposit should be at least Rs 20,000.
- Banks normally allows credit limit on such cards in the range of 70-90% of the amount of fixed deposit.
- Some banks specify minimum duration which has to be there for the FD.
- Fixed deposit can't be tax saving FDs or flexible FDs or any such liquid fixed deposit scheme.
Therefore availing credit card against fixed deposit at bank could be used to improve your credit score. However such a facility has its own constraints and comes at a cost. Therefore it is suggested that individuals try to maintain a good credit history in the first place itself so that they don't land up in a situation wherein they have to opt for such a route to get a bank loan.
Transfer Pricing: Comparables with more than 25% RPTs have to be excluded. There are no fetters on the assessee's right to claim that a comparable included by him should be excluded
(i) The principal question about the exclusion of companies with more than 25% RPTs from the list of comparables on account of these becoming controlled transactions, has been fairly decided by various benches of the Tribunal. It has been held by the Delhi Bench of the Tribunal in Agilent Technologies International Pvt. Ltd. Vs. ACIT […Bill to amend companies law in Lok Sabha
The Union government, on Friday 12th December 2014 , introduced a Bill in the Lok Sabha to amend the Companies Act, 2013 to provide stringent punishment for illegal money pooling activities, among other things.
The Companies (Amendment) Bill, 2014, introduced by Finance Minister Arun Jaitley, proposes as many as 14 changes in various provisions of the new companies law, which was passed by the previous UPA regime.
The Bill proposes punishment for illegal money pooling activities, amid rising instances of people getting duped by such fraudulent schemes.
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