BBC Tax Raid Case: ITAT Partly Allows Appeals, Reduces Taxable Profit in India to 12 Percent: Income Tax Appellate Tribunal

The Income Tax Appellate Tribunal has partly allowed six appeals filed by BBC Global News Limited concerning the taxation of profits attributable to its Indian operations. The Tribunal rejected the BBC's request to continue with the earlier 8.75 percent profit attribution rate but also found the 15 percent rate adopted by the Assessing Officer to be excessive. The Tribunal ultimately fixed the profit attribution rate at 12 percent of the…