ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE, PANVEL vs. M/S. JOHNSON MATTHEY CHEMICALS INDIA PVT. LTD, PANVEL

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ITA 595/PUN/2020Status: DisposedITAT Pune25 October 2021AY 2013-1415 pages
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What did the Tribunal hold?

The Tribunal held that the royalty payment needed to be benchmarked separately and could not be aggregated with raw material purchase transactions. The issues related to transfer pricing adjustments for intra-group services and royalty were restored to the Assessing Officer/TPO for adjudication.

What were the facts?

The Revenue appealed against the CIT(Appeals)'s order concerning depreciation on intangible assets and transfer pricing adjustments for intra-group services and royalty payments. The assessee had claimed depreciation on goodwill, technical know-how, and non-compete fees, and made payments for various intra-group services and royalty.

What were the issues?

Whether depreciation on intangible assets was correctly allowed and whether transfer pricing adjustments for intra-group services and royalty payments were validly made without proper benchmarking and adherence to natural justice principles.

Which sections of the Income-tax Act were involved?

Section 92C(3)

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Income Tax Appellate Tribunal, “C” BENCH, PUNE

Before: SHRI R.S.SYAL, VP & SHRI PARTHA SARATHI CHAUDHURY, JM

For Respondent: Shri Mahadevan A.M. Krishnan, Shri Rajendra Agiwal
Hearing: 18.10.2021Pronounced: 25.10.2021

आदेशानुसार / BY ORDER, // True Copy // धनजी सधचव / Private Secretary आयकर अपीलीय अधधकरण, पुणे / ITAT, Pune.

Date 1 Draft dictated on 18.10.2021 Sr.PS/PS 2 Draft placed before author 20.10.2021 Sr.PS/PS 3 Draft proposed and placed JM/AM before the second Member 4 Draft discussed/approved by AM/JM 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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