Withdrawal of
Circulars No. 2 dated 26th March, 2013
Circular No. 05
/2013, [F. No. 500/139/2012-FTD-I], dated 29.06.2013
The Central
Board of Direct Taxes had issued Circular No. 2 (hereinafter called "the
Circular") on 26th March 2013 regarding application of Profit Split Method.
2. It is noticed the Circular appeared to
give the impression that there was a hierarchy among the six method listed in
section 92C and that Profit Split Method (PSM) was the preferred method in the
case involving unique intangible or in multiple interrelated international
transactions.
3. Accordingly, the Central Board of
Direct Taxes withdraws Circular No 2 dated 26th March 2013 with immediate
effect.
The
above may be brought to the notice of all concerned.
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