THOMAS COOK (INDIA) LTD.,MUMBAI vs. ADDL/ JT/ DY/CIT/ASSTT/ITO, NATIONAL E-ASSESSMENT CENTRE, DELHI

ITA 1218/MUM/2021Status: DisposedITAT Mumbai24 November 2023AY 2016-17123 pages
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What did the Tribunal hold?

The Tribunal held that the amount of profit eligible under Section 10(38) should be considered for tax liability under Section 115JB, allowing the benefit of indexation for long-term capital gains. Other grounds were decided based on previous year's orders or dismissed as premature or consequential.

What were the facts?

The assessee, Thomas Cook (India) Limited, appealed against assessment orders concerning transfer pricing adjustments on notional interest on receivables, disallowance of lease payments, ESOP expenses, and Section 14A disallowances. The appeals for multiple assessment years were clubbed due to identical issues.

What were the issues?

The key issues involved the applicability of transfer pricing provisions to NCCRPS, the treatment of finance lease payments, ESOP expenses, and disallowances under Section 14A. The Tribunal also addressed the computation of book profit under Section 115JB concerning eligible profits and capital gains.

Which sections of the Income-tax Act were involved?

Section 10(38),Section 115JB,Section 37(1),Section 32,Section 14A,Section 92C,Section 92CA,Section 270A,Section 234B,Section 234C,Section 234D

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Income Tax Appellate Tribunal, MUMBAI BENCH “H”, MUMBAI

Before: SHRI S. RIFAUR RAHMAN, HONBLE & MS. KAVITHA RAJAGOPAL, HONBLE

For Appellant: Shri J.D. Mistry, Shri Madhur Agrawal &, Shri Fenil Bhat
For Respondent: Shri K.C. Selvamani
Pronounced: 24.11.2023

PER S. RIFAUR RAHMAN (AM)

1.

The appeal relating to A.Y. 2016-17 is filed by the assessee against the final Assessment Order of the Dispute Resolution Panel of ITA NO. 752 & 2541/MUM/2022 (A.Y. 2017-18 & 2018-19) Thomas Cook (India) Limited Learned Commissioner of Income Tax (DRP-2), Mumbai – 2 [hereinafter in short “Ld. DRP)”] dated 18.03.2021 for the A.Y.2016-17. The appeals relating to A.Y.2017-18 and A.Y. 2018-19 are filed against order of directions of the Dispute Resolution Panel of Learned Commissioner of Income Tax (DRP-2), Mumbai – 3 [hereinafter in short “L

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