286 and Shell India Markets (P.) Ltd. v. Asstt. CIT

369 ITR 516High Court2014#7013 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2025.

Sections most often in play

Section 143(3)Section 5 Section 92CA(3)Section 144C(13)Section 144C(5)Section 154 Section 45 Section 115-0

Issues it is cited on

specified domestic transaction section 92ca(3)section 92b section 144c(5)associated enterprises associated enterprise transfer pricing adjustment international transaction section 92ca section 92c arm's length price section 144c(13)

Judgments citing 286 and Shell India Markets (P.) Ltd. v. Asstt. CIT

LM WIND POWER AS ,DENMARK vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE INTERNATIONAL TAX 2(2)(1), DELHI

In the result, ground raised by the assessee is allowed

ITA 4280/DEL/2024[2020-21]Status: DisposedITAT Delhi21 Nov 2025AY 2020-21

Bench: Shris.Rifaur Rahman & Shri Yogesh Kumar U.S.Lm Wind Power As, Vs, Acit, Circle Juptervej 6, 6000 Kolding, International Tax 2(2)(1), Denmark – 999999. Delhi (Pan :Aabcl8590Q) (Appellant) (Respondent) Assessee By : Shri Ajay Vohra, Sr. Advocate Shri Aditya Vohra, Advocate Shri Arpitgoyal, Ca Revenue By : Shri Saroj Kumar Dubey, Cit Dr Date Of Hearing : 27.08.2025 Date Of Order : 21.11.2025 Order Per S. Rifaur Rahman: 1. This Appealpreferred By The Assessee Is Directed Against The Assessment Order Dated 27.01.2025 Passed By The Acit, Circle Int. Tax 2(2)(1), Delhi Under Section 143(3) R.W.S. 144C(13) Of The Income-Tax Act, 1961 (For Short ‘The Act”) For Assessment Year 2020-21 Pursuant To The Directions Of The Dispute Resolution Panel U/S 144C(5) Of The Act Raising Following Grounds Of Appeal :- “1. That On The Facts & Circumstances Of The Case & In Law, The Assessment Order Dated 29.07.2024 Passed Under Section 143(3) Read With Section 144C(13) Of The Income-Tax Act, 1961 (He Act") For Assessment Year 2020-21 Assessing The Total Income Of The Assessee At Rs.81,14, 14,893 Is Bad In Law, Void- Ab-Initio & Therefore, Liable To Be Quashed And/ Or Set Aside.

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Saroj Kumar Dubey, CIT DR

Section 143(3)Section 144C(13)Section 144C(5)Section 271ASection 44DSection 5Section 92C

…t of Chapter X and proposed to initiate penalty proceedings under section 271AA of the Act is misconceived and uncalled for. He placed specific reliance in this regard on the decision of the Bombay High Court in the case of Shell India Markets (P) Ltd: [2014] 369 ITR 516 (Bom), wherein the High Court was adjudicating the action of the TPO in computing arm’s length price of shares issued by the assessee to a foreign company. In the said case, the assessee had not reported the said transaction of issuance of shares in Form No.3CEB filed. The High Court held that the case of the assessee is squarely covered by the d…

JCIT(OSD) I/C. OF DCIT -1(3)(1), MUMBAI, MUMBAI vs. ZT SYSTEMS INDIA PRIVATE LIMITED, MUMBAI

In the result, appeal of the revenue is dismissed as per our aforesaid observations

ITA 1729/MUM/2025[2016-17]Status: DisposedITAT Mumbai19 Aug 2025AY 2016-17

Bench: Shri Amit Shukla & Shri Arun Khodpiaआयकर अपील सं. / Ita No.1729/Mum/2025 "नधा"रण वष" / Assessment Year :2016-17 The Jt. Commissioner Of Income Tax (Osd), I/C. Dcit-1(3)(1), Mumbai (M.H.)

For Appellant: Shri Ajit JainFor Respondent: Shri Aditya Rai, Sr. DR

Section 115Section 115ASection 143(3)Section 2(22)(a)Section 201Section 206C(7)Section 92C

…. Both the above referred issues are raised by the assessee before the Ld.CIT(Appeals) who had discussed the matter at length and after deliberation relying on the judgment of the Vodafone India Services Pvt. Ltd. (368 ITR 1) and Shell India Markets Pvt. Ltd (369 ITR 516)and decided the issue in favour of the assessee observing as follows: “Observations on appellants submission is as follows: 6.1 During FY 2015-16, the Appellant had issued 2.000,000 equity shares to ZT USA at value of 30 per share. The shares were issued basis the valuation report obtained from an independent valuer wherein the value derived bas…

ARIES AGRO LIMITED,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX CIRCLE 14(1)(1), MUMBAI

Accordingly, the transfer pricing addition of INR.103,26,939/- is deleted. Ground No. 1 raised by the Appellant is allowed

ITA 4731/MUM/2023[2020-21]Status: DisposedITAT Mumbai07 Oct 2024AY 2020-21

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Firoze B. Andhyarujina Sr. AdvocateFor Respondent: Shri Uodal Raj Singh

Section 143(1)Section 143(1)(a)Section 143(3)Section 144BSection 144CSection 144C(5)Section 154Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL "K” BENCH, MUMBAI SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER Aries Agro Limited, Plot No.24, Aries House, Deonar, Govandi, Mumbai – 400 043, Maharashtra [PAN:AAACA5035G] …………. Appellant Vs Assessment Unit, NFAC Deputy Commissioner of Income Tax Circle 14(1)(1), Mumbai Ayakar Bhavan, M.K.Road, Mumbai – 400 020. Maharashtra. …………. Respondent Appearance For the Appellant : Shri Firoze B. Andhyarujina Sr. Advocate, /Assessee Shri Sandeep Sheth For the Department : Shri Uodal Raj Singh Date Conclusion of hearing : 09.07.2024 Pronouncement…

DIMEXON DIAMONDS LTD,MUMBAI vs. ACIT CENT. CIR 1(4) , MUMBAI

ITA 2429/MUM/2022[2018-19]Status: DisposedITAT Mumbai30 Jan 2024AY 2018-19

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

For Appellant: Shri Rajesh SimhanFor Respondent: Shri H. M. Bhatt

Section 143(3)Section 144C(13)Section 144C(5)Section 92C(3)

…assessee to its non-resident holding company does not give rise to any income from an admitted international transaction and, thus, there is no occasion to apply Chapter-X of the Act in such a case. Similarly, in Shell India Markets (P) Ltd. v/s ACIT, [2014] 369 ITR 516 (Bom.), relied upon by the learned AR, the Hon'ble jurisdictional High Court held that on issuance of shares by an Indian entity to its non-resident associated enterprise, no income arises and therefore transfer pricing provisions under Chapter-X of the Act would not be applicable. 22. In the present case, it is worth noting that the internationa…

TPG GROWTH II MAKETS PTE LTD.,MUMBAI vs. DCIT 4(1)(2), MUMBAI

Accordingly, Ground No. 4 raised by the Appellant is partly allowed

ITA 1387/MUM/2022[2017-18]Status: DisposedITAT Mumbai06 Jun 2023AY 2017-18

For Appellant: Shri Dinesh BafnaFor Respondent: Dr. Samuel Pitta

Section 143(3)Section 144C(13)Section 144C(5)Section 5Section 9Section 92C(3)

…pter X related to determination of ALP would come into play at the stage of computation of income arising from ‘International Transaction’. 13 Further, the Hon’ble Bombay High Court had, in the case of Shell 13 India Markets Private Limited Vs. ACIT : 2014 369 ITR 516, held that the provisions contained in Chapter X of the Act would be triggered only when income arises from an international transaction and such income is chargeable to tax under the provisions of the Act. Thus, the twin conditions that are required to be satisfied are that first, there must be ‘International Transaction’ and second, that such ‘…

THAI GLICO CO. LTD.,GURGAON vs. DCIT, CIRCLE- 3(1)(1), INTL. TAXATION, NEW DELHI

In the result, appeal of the assessee is dismissed

ITA 7261/DEL/2017[2013-14]Status: DisposedITAT Delhi28 Dec 2021AY 2013-14

Bench: Sh. Anil Chaturvedi & Sh. K. Narasimha Chary

Section 139Section 139(1)Section 143(2)Section 144C(3)Section 250Section 274

…as filed to extend the deadline for filing of return and in disregarding the fact that appellant bona fide filed form 3CEB to avoid any transfer pricing non-compliance in view of decision of Hon’ble Bombay High Court in Shell India Markets (P.) Ltd. Vs. ACIT [369 ITR 516] and Vodafone India Services (P.) Ltd. Vs. Union of India (369 ITR 511) and filed tax return as per provisions of the Act. 4. That Ld.CIT (A)/ AO erred on facts and in law, in initiating penalty proceedings under section 274 r.w.s 271 of the Act, without considering the fact that the appellant has neither concealed any particulars of income nor f…

ESSAR INVESTMENTS LTD,MUMBAI vs. ACIT 6(2)(2), MUMBAI

In the result, additional ground No

ITA 1942/MUM/2015[2010-11]Status: DisposedITAT Mumbai08 Jan 2021AY 2010-11

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2010-11

For Appellant: Shri Nishant Thakkar, A.RFor Respondent: Shri Sunil Deshpande, D.R

Section 143(3)Section 144C(13)Section 43BSection 92BSection 92C(2)

…e provisions of Chapter — X are not applicable in the instant case. The ld Counsel of the assessee relies on following decisions in support of his arguments: i) Vodafone India Services P. Ltd. vs. U01(368 ITR1)(Bom) ii) Shell India Markets (P.) Ltd. vs. ACIT (369 ITR 516) (Bom). iii) Tops Group Electronic Systems Ltd. vs. ITO (67 taxmann.com 310)(Mum Tri) The ld AR submits that the Tribunal in the case of Tops Group Electronic Systems Ltd. vs. ITO (Supra) has held that the ratio laid down by the Hon'ble Bombay High Court in the case of Vodafone India (supra) and Shell India (supra) is equally applicable to a situ…

TECHBOOKS INTERNATIONAL PVT. LTD.,NOIDA vs. ACIT, NOIDA

In the result appeal of the assessee is dismissed

ITA 6102/DEL/2016[2012-13]Status: DisposedITAT Delhi06 Jul 2020AY 2012-13

Bench: Ms. Suchitra Kamble & Shri Prashant Maharishitechbooks International Pvt. Ltd, Vs. Acit, Plot No. 37, Block-A, Circle-3, Sector-60, Gautam Budh Nagar, Noida Noida Pan: Aabct3774A (Appellant) (Respondent)

For Appellant: Shri Manoneet Dalal, AdvFor Respondent: Shri Mritunjoy Baranwal, Sr. DR

Section 234BSection 271Section 92Section 92B(1)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “I-2”: NEW DELHI BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Techbooks International Pvt. Ltd, Vs. ACIT, Plot No. 37, Block-A, Circle-3, Sector-60, Gautam Budh Nagar, Noida Noida PAN: AABCT3774A (Appellant) (Respondent) Assessee by : Shri Manoneet Dalal, Adv Shri Yishu Goel, AR Revenue by: Shri Mritunjoy Baranwal, Sr. DR Date of Hearing 12/03/2020 Date of pronouncement 06/07/2020 O R D E R PER PRASHANT MAHARISHI, A. M. 1. This is an appeal filed by the assessee against the order of the ld AO dated 26.10.2016 for the Assessm…

ASST CIT (LTU) 2, MUMBAI vs. RELIANCE INDUSTRIES LTD, MUMBAI

ITA 1547/MUM/2016[2010-11]Status: DisposedITAT Mumbai28 Sept 2018AY 2010-11

Bench: S/Shri B.R.Baskaran (Am) & Amarjit Singh (Jm)

Section 43B

…es not change the character of receipts but only permits re-quantification of income uninfluenced by the relationship between the AE. The Ld CIT(A) also took support of following decisions rendered by Hon’ble Bombay High Court:- (a) Shell India Markets P Ltd (369 ITR 516) 28 M/s. Reliance Industries limited (b) Vodafone India Services (P) Ltd (369 ITR 511). Accordingly the Ld CIT(A) held that the T.P adjustment in respect of excess payment made towards subscription of preference shares, being a capital account transaction, is out outside the scope of T.P provisions. Accordingly he deleted the addition of Rs.1,…

ITO 4(3)(1), MUMBAI vs. ROBINSONS CARGO & LOGISTICS P.LTD, MUMBAI

In the result, this appeal filed by the Revenue stands dismissed

ITA 117/MUM/2016[2012-13]Status: DisposedITAT Mumbai28 Mar 2018AY 2012-13

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं./I.T.A. No.117/Mum/2016 ("नधा"रण वष" / Assessment Year: 2012-13) Asst. Cit-1(3)(1), M/S. Robinsons Cargo & Logistics Room No. 564, 5Th Floor, Pvt. Ltd. बनाम/ Aayakar Bhavan, M. K. Road, Canara Bank Building, Mumbai-400 020 Vs. 15/17, Adi Marzan Path, Ballard Estate, Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aagcs 9709 K (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Ram Tiwari ""यथ" क" ओर से/Respondent By : Shri Rajeev Wagle सुनवाई क" तार"ख / : 22.01.2018 Date Of Hearing घोषणा क" तार"ख / : 28.03.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: This Appeal By The Revenue Is Directed Against The Order By The Commissioner Of Income Tax (Appeals) Dated 30.10.2015 & Pertains To The Assessment Year 2012- 13. 2. The Grounds Of Appeal Read As Under: “Whether On Facts & Circumstances Of The Case & In Law, The Cit(A) Was Justified In Deleting The Addition Of Rs.5,65,31,290/- Made U/S. 68 Of The Act On The Account Of Share Premium Charged By The Appellant Assessee Without

For Appellant: Shri Ram TiwariFor Respondent: Shri Rajeev Wagle

Section 565Section 68

…leted in Toto on this count itself. In support of the above submissions, the appellant relied on various case laws including the judgments in – 1. Vodafone India Services (P) Ltd. Vs UOI - 2014] 368 ITR 1 (Bom) 2. Shell India Markets P, Ltd. Vs. ACIT - 2014] 369 ITR 516 (Bom) 5 M/s. Robinsons Cargo & Logistics Pvt. Ltd. 4.8 Without prejudice, the Assessing Officer himself had arrived at the fair share premium amount of Rs.27.92 per share of Rs. 10 each. And hence, what could have been added, if at all, u/s. 56(2)(viib) of the I T Act, 1961 was the difference between the share premium of Rs.68.62/- charged by th…

D.E. SHAW INDIA ADVISORY SERVICES PVT. LTD.,NEW DELHI vs. ADDL. CIT, SPECIAL RANGE- 3, NEW DELHI

In the result appeal of the assessee is allowed partly for statistical purposes

ITA 6735/DEL/2017[2013-14]Status: DisposedITAT Delhi18 Jan 2018AY 2013-14

Bench: Sh. Bhavnesh Saini & Sh. O.P. Kantassessment Year: 2013-14 Vs. Addl. Cit, Special Range-3, M/S. D.E. Shaw India Advisory Services Private Ltd., E-20, 1St & New Delhi 2Nd Floor, Main Market, Hauz Khas, New Delhi Pan : Aabce6097P (Appellant) (Respondent) Appellant By Sh. Ved Jain, Adv. Respondent By Mrs. Vatsala Jha, Cit(Dr) Date Of Hearing 04.01.2018 Date Of Pronouncement 18.01.2018 Order Per O.P. Kant, A.M.:

Section 143(3)Section 144C(5)Section 234BSection 271Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘I-1’, NEW DELHI BEFORE SH. BHAVNESH SAINI, JUDICIAL MEMBER AND SH. O.P. KANT, ACCOUNTANT MEMBER Assessment Year: 2013-14 Vs. Addl. CIT, Special Range-3, M/s. D.E. Shaw India Advisory Services Private Ltd., E-20, 1st & New Delhi 2nd Floor, Main Market, Hauz Khas, New Delhi PAN : AABCE6097P (Appellant) (Respondent) Appellant by Sh. Ved Jain, Adv. Respondent by Mrs. Vatsala Jha, CIT(DR) Date of hearing 04.01.2018 Date of pronouncement 18.01.2018 ORDER PER O.P. KANT, A.M.: This appeal by the assessee is directed against order dated 10/10/2017 passed by the Ld. Addi…

M/S. SIS LIVE,GURGAON vs. ACIT, NEW DELHI

In the result the ground No

ITA 1313/DEL/2015[2011-12]Status: DisposedITAT Delhi13 Feb 2017AY 2011-12

Bench: I.C.Sudhir & Shri Prashant Maharishisis Live Acit, C/O. Srbc & Associates Llp, Central Circle-17, Room No. Vs. Golf View Corporate Tower B, 356, E-2, Sector-42, Sector Road, Gurgaon Pan:Abrfs4787L (Appellant) (Respondent)

For Appellant: Sh. Deepak Chopra, AdvFor Respondent: Shri NC Swain, CIT DR (OSD)

Section 142(1)

…ooters India Pvt Ltd. v ACIT, ITA No. 1379/Del/2011, order dated 13.04.2015, ITAT Delhi 4. Marico Ltd. v ACIT, (2016) 70 taxmann.com 214, ITAT Mumbai 5. Topsgrup Electronic Systems Ltd. v ITO, 157 ITD 1123, ITAT Mumbai 6. Shell India Markets Pvt. Ltd. v ACIT, 369 ITR 516, High Court of Bombay 7. Vodafone India Services Pvt Ltd. v UOI, 368 ITR 1, High Court of Bombay At this juncture it is relevant to mention that now it is a settled position of law, that the onus is on the revenue authorities to demonstrate that the transaction is of such a nature as to have "bearing on profits, income, losses or assets" of the e…

PETROCHEM MIDDLE EAST INDIA P.LTD,MUMBAI vs. DCIT 8(2), MUMBAI

The appeal of the AO stands dismissed

ITA 2255/MUM/2014[2009-10]Status: DisposedITAT Mumbai27 Apr 2016AY 2009-10

For Appellant: S/Shri Harsh R. Shah, Pratik Poddar &For Respondent: Shri N.k. Chand

Section 143(3)Section 254(1)

…on shortfall in premium on account of issue of shares. 9.1.Before us, the DR and the AR stated that issue now stands covered against the AO by the judgments of Vodafone India Pvt. Ltd. (supra) and Shell India Markets 2255 & 2070/M/14-PetrochemMEIPL (P) Ltd.(369 ITR 516) of the Hon'ble Bombay High Court.We find that in the case Shell India Markets (P) Ltd. (supra), the Hon’ble Court has held under :- “Therefore, following the aforesaid decision we set aside the order dated 30 January 2013 of the TPO to the extent it holds that ALP of issue of equity shares is Rs.183.44 per share as against Rs.10 per share as dec…

TOPSGRUP ELECTRONICS SYSTEMS LTD,MUMBAI vs. ITO WD 8(3)(3), MUMBAI

In the result, the assessee’s appeal for assessment year 2009-10 is allowed as indicated above

ITA 2115/MUM/2015[2009-10]Status: DisposedITAT Mumbai15 Feb 2016AY 2009-10

Bench: Shri Jason P. Boaz & Shri Amit Shuklam/S. Topsgrup Electronic Systems Income Tax Officer-8(3)(3) Ltd. (Previsously Tops Sequipment Ltd.) Àayakar Bhavan, M.K. Road 5, Royal Palms Golf & Country Club Vs. Mumbai 400020 Aarey Milk Colony, Goregaon (E) Mumbai 400065 Pan - Aaact3291K Appellant Respondent

For Appellant: Shri S.M. LalaFor Respondent: Shri Mukesh Kumar Shah

Section 143(3)Section 92C

…nternational Transaction between AEs. It does not warrant re-computation of a consideration taken/given on capital account. .......... 49. .......... Thus no, occasion to apply Chapter X of the Act can arise in such a case.” ii) Shell India Markets (P) Ltd. - 369 ITR 516 (Bom) wherein it was held at para 12 thereof that “.......... the jurisdiction to apply Chapter X of the Act would occasion only when income arises out of International Transaction and such income is chargeable to tax under the Act. ..........” iii) Equinox Business Parks (P) Ltd. vs. Union of India - 320 Taxman 191 (Bom) wherein at para 8 thereo…

DCIT 7(2), MUMBAI vs. SOLVAY SPECIALITIES INDIA P. LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

ITA 1702/MUM/2014[2009-10]Status: DisposedITAT Mumbai04 Nov 2015AY 2009-10

Bench: Shri D. Karunakara Rao & Shri Lalit Kumar

For Appellant: Shri M.P. Lohia & Shri HemanFor Respondent: Shri N.K. Chand – CIT, DR

…notional interest on the investment in equity shares, Ld Counsel for the assessee submitted that this part of the issue is also required to be deleted considering the judgment of the Bombay High Court in the case of Shell India Markets P. Ltd vs. ACIT [2014] 369 ITR 516 (Bom). 5. In response, Ld DR for the Revenue vehemently argued stating that the assessee failed to submit the segmental details at the first instance before the AO / TPO and the DRP. Further, he mentioned that if these documents are admitted by the Tribunal, they are required to be remanded to the file of the AO for fresh adjudication into the is…

BENTLEY SYSTEMS INDIA PVT. LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result the appeal of the assessee is allowed for statistical purposes

ITA 6161/DEL/2013[2009-10]Status: DisposedITAT Delhi04 Nov 2015AY 2009-10

Bench: Smt Diva Singh & Shri Inturi Rama Rao

…nate Bench in the decision of Ameriprise India Pvt. Ltd. is relied upon by the ld. CIT DR and considering the proposition of law as laid down by the Hon’ble Bombay High Court in the case of Vodafone Shell 268 ITR 1 and followed in Shell India Markets Pvt.Ltd. 369 ITR 516 (Bom.) which issue has not been argued by the Ld. AR and consequently not addressed by the Ld. DR accordingly in the facts of the present case, we deem it appropriate to restore the issue back to the TPO allowing the alternate prayer of the assessee directing the TPO to restrict the addition if any to the net outstanding receivables and not gross…