{"id":147911,"date":"2017-08-05T10:23:43","date_gmt":"2017-08-05T04:53:43","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=147911"},"modified":"2017-08-05T10:23:43","modified_gmt":"2017-08-05T04:53:43","slug":"bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/08\/05\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\/","title":{"rendered":"Bright Line Test is not a valid test to determine international transactions for purposes of income tax"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Delhi High Court:<\/strong> A Division Bench of the High Court comprising of S. Murlidhar and Pratibha M. Singh JJ, held that the ITAT cannot remand a matter to the Assessing Officer or Transfer Pricing Officer for determining the arm&#8217;s length price of the alleged international transaction involving advertisement marketing and promotion expenses, when the Revenue was unable to show that an international transaction between the assessee and it\u2019s associated enterprises.<\/p>\n<p style=\"text-align: justify;\">The assessee is a wholly owned subsidiary of Valvoline International inc. USA and Cummins India Ltd. The assessee filed a return for the relevant assessment year, declaring an income of Rs 1,34,82,35,760. Upon scrutiny, the AO noticed that there were international transactions undertaken by the assessee by way of import, export of materials and finished goods and provision of support services and payment of royalty. He then made a reference to the Transfer Pricing Officer for determining the arm\u2019s length price of the said transactions with associated enterprises. Accordingly, the TPO and AO came with a different calculation for purposes of return.<\/p>\n<p style=\"text-align: justify;\">The Court firstly categorically found that the \u2018Bright Line Test\u2019 is not an appropriate yardstick for determining the existence of an international transaction much less for calculating the ALP of such transactions based on <em>Sony Ericsson Mobile Communications India\u00a0Pvt.\u00a0Ltd.<\/em>\u00a0\u00a0v. <em>CIT<\/em>, <a href=\"http:\/\/www.scconline.com\/LoginForDocumentLink\/32FYBb3c\">2015\u00a0SCC OnLine Del 8083<\/a> : (2015) 374 ITR 118 (Del). The Court further held that since the AO and TPO were unable to prove international transactions to associated enterprises for tax evasion or transfer pricing purposes in the first place, the ITAT was not justified in remanding the matter to the AO\/TPO for determining the ALP for alleged AMP expenses. The appeal was allowed. [Valvoline Cummins Pvt. Ltd. v. Dy. CIT, <a href=\"http:\/\/www.scconline.com\/LoginForDocumentLink\/5WdqtJWI\">2017 SCC OnLine Del 9484<\/a>, decided on 31.07.2017]<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>Delhi High Court: A Division Bench of the High Court comprising of S. Murlidhar and Pratibha M. Singh JJ, held that the <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,10],"tags":[20561,2592,20551],"class_list":["post-147911","post","type-post","status-publish","format-standard","hentry","category-casebriefs","category-highcourts","tag-bright-line-test","tag-Income_Tax","tag-international-transaction"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bright Line Test is not a valid test to determine international transactions for purposes of income tax | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2017\/08\/05\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bright Line Test is not a valid test to determine international transactions for purposes of income tax\" \/>\n<meta property=\"og:description\" content=\"Delhi High Court: A Division Bench of the High Court comprising of S. Murlidhar and Pratibha M. Singh JJ, held that the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2017\/08\/05\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-08-05T04:53:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Delhi-HC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1329\" \/>\n\t<meta property=\"og:image:height\" content=\"888\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Saba\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Saba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/08\\\/05\\\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/08\\\/05\\\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\\\/\"},\"author\":{\"name\":\"Saba\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/e8e76b10dfc9c0d576324bfdbb2c2785\"},\"headline\":\"Bright Line Test is not a valid test to determine international transactions for purposes of income tax\",\"datePublished\":\"2017-08-05T04:53:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/08\\\/05\\\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\\\/\"},\"wordCount\":306,\"commentCount\":0,\"keywords\":[\"Bright Line test\",\"Income Tax\",\"International transaction\"],\"articleSection\":[\"Case Briefs\",\"High Courts\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/08\\\/05\\\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/08\\\/05\\\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\\\/\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/08\\\/05\\\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\\\/\",\"name\":\"Bright Line Test is not a valid test to determine international transactions for purposes of income tax | SCC Times\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\"},\"datePublished\":\"2017-08-05T04:53:43+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/e8e76b10dfc9c0d576324bfdbb2c2785\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/08\\\/05\\\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/08\\\/05\\\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/08\\\/05\\\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bright Line Test is not a valid test to determine international transactions for purposes of income tax\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/e8e76b10dfc9c0d576324bfdbb2c2785\",\"name\":\"Saba\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g\",\"caption\":\"Saba\"},\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/author\\\/editor_2\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Bright Line Test is not a valid test to determine international transactions for purposes of income tax | SCC Times","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2017\/08\/05\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\/","og_locale":"en_US","og_type":"article","og_title":"Bright Line Test is not a valid test to determine international transactions for purposes of income tax","og_description":"Delhi High Court: A Division Bench of the High Court comprising of S. Murlidhar and Pratibha M. Singh JJ, held that the","og_url":"https:\/\/www.scconline.com\/blog\/post\/2017\/08\/05\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2017-08-05T04:53:43+00:00","og_image":[{"width":1329,"height":888,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Delhi-HC.jpg","type":"image\/jpeg"}],"author":"Saba","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Saba","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/08\/05\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\/#article","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/08\/05\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\/"},"author":{"name":"Saba","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/e8e76b10dfc9c0d576324bfdbb2c2785"},"headline":"Bright Line Test is not a valid test to determine international transactions for purposes of income tax","datePublished":"2017-08-05T04:53:43+00:00","mainEntityOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/08\/05\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\/"},"wordCount":306,"commentCount":0,"keywords":["Bright Line test","Income Tax","International transaction"],"articleSection":["Case Briefs","High Courts"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.scconline.com\/blog\/post\/2017\/08\/05\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/08\/05\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\/","url":"https:\/\/www.scconline.com\/blog\/post\/2017\/08\/05\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\/","name":"Bright Line Test is not a valid test to determine international transactions for purposes of income tax | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"datePublished":"2017-08-05T04:53:43+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/e8e76b10dfc9c0d576324bfdbb2c2785"},"breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/08\/05\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2017\/08\/05\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/08\/05\/bright-line-test-is-not-a-valid-test-to-determine-international-transactions-for-purposes-of-income-tax\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Bright Line Test is not a valid test to determine international transactions for purposes of income tax"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/e8e76b10dfc9c0d576324bfdbb2c2785","name":"Saba","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g","caption":"Saba"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_2\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":236349,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/09\/26\/itat-can-exempted-income-which-is-not-part-of-the-total-income-alone-be-considered-for-disallowance-u-s-14a-of-income-tax-act\/","url_meta":{"origin":147911,"position":0},"title":"ITAT| Can exempted income which is not part of the total income alone be considered for disallowance u\/s 14A of Income Tax Act?","author":"Editor","date":"September 26, 2020","format":false,"excerpt":"by Akshat Malpani\u2020","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Income Tax Appellate Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":348387,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/05\/21\/bona-fide-belief-plus-genuineness-of-transaction-constitutes-reasonable-cause-s-273-no-penalty-s-271e-income-tax-act-chhattisgarh-hc\/","url_meta":{"origin":147911,"position":1},"title":"Bona fide belief plus genuineness of transaction constitutes reasonable cause under S. 273B, Penalty can\u2019t be imposed under S. 271E of Income Tax Act: Chhattisgarh HC","author":"Editor","date":"May 21, 2025","format":false,"excerpt":"\u201cSince the assessee has shown the reasonable cause within the meaning of Section 273B of the Act, the assessee is not liable to pay penalty under Section 271E of the Act for non-compliance of Section 269T of the Act.\u201d","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Chhattisgarh High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Chhattisgarh-High-Court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Chhattisgarh-High-Court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Chhattisgarh-High-Court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Chhattisgarh-High-Court.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":281300,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/09\/bombay-high-court-held-pan-consequential-to-transfer-order-of-jurisdiction-assessee-pan-follows-the-jurisdiction-not-vice-versa-legalnews-legalresearch-legalawareness\/","url_meta":{"origin":147911,"position":2},"title":"Transfer of PAN is consequential to the Order of transfer of jurisdiction; Bombay High Court holds PAN follows the jurisdiction not vice versa","author":"Editor","date":"January 9, 2023","format":false,"excerpt":"\u00a0 \u00a0 Bombay High Court: In the present appeal filed under Section 260-A of the Income Tax Act, 1961 preferred against the order dated 09-08-2017, passed by the Income Tax Appellate Tribunal (ITAT), Pune Bench wherein the Tribunal held that the order passed by Commissioner of Income Tax-3, Mumbai on\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/Bombay-High-Court-1.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":254768,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/27\/income-tax-30th-amendment-rules-2021\/","url_meta":{"origin":147911,"position":3},"title":"Income-tax (30th Amendment) Rules, 2021","author":"Prachi Bhardwaj","date":"September 27, 2021","format":false,"excerpt":"The Central Board of Direct Taxes has notified the Income-tax (30th Amendment) Rules, 2021 vide notification dated 24th September, 2021. The amendment has amended Rule 10D of the Income Tax Act and further extended the applicability of provisions under Rule 10D for assessment years 2020-21 and 2021-22. They shall be\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"CBDT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":216555,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/05\/itat-assessee-must-be-given-adequate-opportunity-to-prove-the-receipt-of-share-capital-premium\/","url_meta":{"origin":147911,"position":4},"title":"ITAT| Assessee must be given adequate opportunity to prove the receipt of share capital\/premium","author":"Prachi Bhardwaj","date":"July 5, 2019","format":false,"excerpt":"Income Tax Appellate Tribunal, Delhi (ITAT):\u00a0 In a case related to bogus Share Capital\/Premium, the Accountant Member RK Panda took note of the fact that the Supreme Court verdict in PCIT vs. NRA Iron & Steel (P) Ltd., 2019 SCC Online SC 311 was pronounced subsequently wherein it was held,\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Income Tax Appellate Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":295622,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/06\/29\/factors-considering-transaction-stock-in-trade-sale-of-capital-assets-itat-sc\/","url_meta":{"origin":147911,"position":5},"title":"Transaction doesn\u2019t become stock in trade merely based on recording of inventory in books of accounts; SC asks ITAT to consider relevant factors afresh","author":"Apoorva","date":"June 29, 2023","format":false,"excerpt":"Supreme Court reiterated that to examine whether a particular transaction is sale of capital assets or business expense, multiple factors like frequency of trade and volume of trade, nature of transaction over the years etc., are required to be examined.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"sale of capital assets","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sale-of-capital-assets.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sale-of-capital-assets.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sale-of-capital-assets.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sale-of-capital-assets.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/147911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=147911"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/147911\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=147911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=147911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=147911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}