Bombay HC in case of Vodafone and PMP Auto had some years back ruled that TP provisions are not attracted on issue of shares to and from Foreign AE. However, thereafter definitation of income has undergone major change.
post the changes are TP provisions applicable in FY 2018-19 on allotment of equity shares by Foreign AE? is it necessary to obtain form 3CEB in this regard?
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Applicability of Transfer Provisions and obtaining report in 3CEB
Replies (1)
Form 3CEB is required to be filed on an abundant precaution basis. Further in PMP a reference was made to newly inserted Section 56(2)(vii)(b). This section was bought after the subject transaction in both the cases.
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