UPS EXPRESS P LTD. (FORMERLY KNOWN AS UPS JETAIR EXPRESS P. LTD.),MUMBAI vs. DY CIT -11(1)(2), MUMBAI

ITA 1221/MUM/2021Status: DisposedITAT Mumbai29 July 2022AY 2016-1720 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal followed its own prior decision for AY 2013-14, allowing the assessee's claim regarding technical know-how fees and the mark-up on expense recovery. The grounds related to these issues were allowed.

What were the facts?

The assessee, engaged in international transportation, made payments for technical know-how and recovered expenses from its associated enterprise. The Assessing Officer and DRP made transfer pricing adjustments regarding these transactions.

What were the issues?

Whether the transfer pricing adjustments made by the revenue authorities regarding technical know-how fees and recovery of expenses were justified. Whether the TPO correctly determined the Arm's Length Price (ALP).

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(5),Section 92CA(3),Section 270A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCHES “J” : MUMBAI

Before: SHRI B.R. BASKARAN & SHRI ANIKESH BANERJEE

Hearing: 26.07.2022

PER ANIKESH BANERJEE, J.M.

The instant appeal filed by the Assessee is directed against the Order of the Learned Commissioner

Income Tax (Disputes Resolution Panel)-2 [In short “Ld. CIT”

& “DRP”] bearing Din & Order No.ITBA/DRP/F/144C(5)/

2020-21/1031567827(1) vide order dated 17.03.2021

2 ITA.No.1221/Mum./2021 UPS Express Pvt. Ltd. Mumbai.

passed under section 144C(5) of the Income Tax Act, 1961

[In short “Act”] and arises out of the draft assessment order

passed by the Learned ACIT, Circle-11(10(2)], Mumbai [in short “A.O.”], vide order dated 13.12.2019 passed under section 143(3)

The order continues below.

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