NALCO WATER INDIA LTD.,PUNE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 2, PUNE

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ITA 150/PUN/2022Status: DisposedITAT Pune07 October 2022AY 2013-1413 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that subvention money receipts are capital in nature and not taxable, following previous judgments. It also restored the transfer pricing adjustment issues to the Assessing Officer for fresh computation and verification.

What were the facts?

The assessee received subvention money from its parent company, which was treated as revenue by the lower authorities. The assessee also had transfer pricing adjustments related to manufacturing and regional management assistance services.

What were the issues?

Whether subvention money received by a subsidiary from its parent company is revenue or capital in nature, and the taxability of transfer pricing adjustments.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(3)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, “C”

Before: SHRI S.S.GODARA & SHRI G.D.PADMAHSHALI

For Appellant: Shri Ketan Ved – AR
For Respondent: Shri Prashant Gadekar & Shri
Hearing: 26/08/2022Pronounced: 07/10/2022

Heard together (2 matters)

ITA No.150 /PUN/2022
ITA No. 151/PUN/2022

Read from the judgment's own cause title. This page is filed under one of them.

आदेशक��ितिलिपअ�ेिषत / Copy of the Order forwarded to : अपीलाथ� / The Appellant. 1. ��यथ� / The Respondent. 2. 3. The CIT(A), concerned. 4. The Pr. CIT, concerned. 5. िवभागीय�ितिनिध, आयकर अपीलीय अिधकरण, “सी” ब�च, पुणे / DR, ITAT, “C” Bench, Pune. गाड�फ़ाइल / Guard File. 6. आदेशानुसार / BY ORDER, // TRUE COPY // Senior Private Secretary आयकर अपीलीय अिधकरण, पुणे/ITAT, Pune.

& 151/PUN/2022 for A.Y. 2013-14 (A) Nalco Water India Private Limited (02 Appeals)

S.No Details Date Initials Designation 1 Draft dictated on 08.09.2022 Sr. PS/PS 2 Final Draft placed before 20.10.2022 Sr. PS/PS author 3 Draft proposed & placed JM/AM before the Second Member 4 Draft discussed/approved by AM/AM Second Member 5 Approved Draft comes to the Sr. PS/PS Sr. PS/PS 6 Kept for pronouncement on Sr. PS/PS 7 Date of uploading of Order Sr. PS/PS 8 File sent to Bench Clerk Sr. PS/PS 9 Date on which the file goes to the Head Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order

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