M/S. VAN-OORD INDIA PVT. LTD,MUMBAI vs. ACIT CIR 5(3) (2) , MUMBAI

ITA 1987/MUM/2021Status: DisposedITAT Mumbai29 January 2024AY 2012-13Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)15 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the Tonnage Tax Scheme (TTS) is a self-contained code and its computation provisions override Chapter X (transfer pricing). Therefore, transfer pricing adjustments are not applicable to income computed under TTS.

What were the facts?

The assessee, Van Oord India Pvt. Ltd., filed its return of income and was assessed with additions on account of transfer pricing adjustments. The CIT(A) deleted these additions, leading to cross-appeals by both the assessee and the revenue.

What were the issues?

Whether transfer pricing provisions apply to income computed under the Tonnage Tax Scheme, and if the CIT(A) was correct in deleting transfer pricing adjustments.

Which sections of the Income-tax Act were involved?

Section 92(1),Section 115VA,Section 115VG

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Cases cited in this judgment(4)Show list

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

Before: SHRI AMIT SHUKLA & SHRI GAGAN GOYAL&

For Appellant: Shri Divesh Chawle, Ld. AR
For Respondent: Shri Asif Karmali, Ld. DR
Hearing: 21/11/2023Pronounced: 29/01/2024

PER GAGAN GOYAL, A.M: These cross appeals by Assessee and Revenue are directed against the order of Ld. CIT (A) – 55, Mumbai dated 20.09.2021 passed u/s. 250 of the Income Tax Act, 1961 (in short ‘the Act’) for A.Y. 2012-13. The assessee has raised the following grounds of appeal:-

GROUNDS OF APPEAL On the facts and in the circumstances of the case and in law, Van Oo

The order continues below.

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