ACIT v. Audco India Ltd.

47 SOT 420Income Tax Appellate Tribunal2011#14229 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2018 to 2026.

Sections most often in play

Section 10BSection 144C(5)Section 37(1)Section 44CSection 9(1)(v)(c)Section 92CSection 92CA(3)

Judgments citing ACIT v. Audco India Ltd.

Australia and New Zealand Banking Group Ltd., Mumbai vs. DCIT (It)-1(1)(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 7487/MUM/2018[2014-15]Status: DisposedITAT Mumbai12 Feb 2026AY 2014-15

Bench: Shri Saktijit Dey, Hon'Ble & Shri Girish Agrawalassessment Year: 2014-15 Australia & New Zealand Deputy Commissioner Of Banking Group Ltd. Income-Tax – 1(1)(2), Unit A, Sixth Floor, Mumbai Cnergy Centre, Appasaheb Marathe Marg, Vs. Prabhadevi, Mumbai – 400 025 (Pan : Aaica3008P) (Appellant) (Respondent) Present For: Assessee : Shri Madhur Agrawal, Advocate Revenue : Shri Annavaram K., Sr. Dr Date Of Hearing : 14.11.2025 Date Of Pronouncement : 12.02.2026 O R D E R Per Girish Agrawal: This Appeal Filed By The Assessee Is Against The Final Assessment Order Passed Pursuant To The Directions Of The Dispute Resolution Panel-1, Mumbai, (Drp) Vide Order Dated 04.09.2018 U/S. 144C(5) Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”), For Assessment Year 2014-15. 2. Grounds Taken By The Assessee Are Reproduced As Under: Ground 1: Determination Of The Arm'S Length Price (Alp) Of The International Transaction Relating To Processing Fees Received On Account Of Guarantees Issued To Indian Companies Based On Counter-Guarantee From Overseas Branches

For Appellant: Shri Madhur Agrawal, AdvocateFor Respondent: Shri Annavaram K., Sr. DR
Section 133(6)Section 144C(5)Section 92C

…us, the learned Sr. Departmental Representative relied on the TPO/ APO's order. On the other hand, the learned Counsel for the assessee stated that the issue is covered by the co-ordinate Bench of this Tribunal in the case of ACIT vs. Audco India Ltd. (2011) 47 SOT 420 (Mum), wherein it is held as under:- 10. We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute. We further find that the Id. CIT(A) has observed in paras 4.4 and 4.8 of his order as under. "4.4 I have perused the facts of the case, Transfer Pricing…

Lenovo (India) Private Limited, Bangalore vs. Income Tax Officer Ward- 4(1)(1), Bangalore

In the result, the appeal of the assessee is partly allowed for above terms

ITA 281/BANG/2021[2016-17]Status: DisposedITAT Bangalore24 Mar 2023AY 2016-17

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahu

For Appellant: Shri Padam Chand Kincha, C.AFor Respondent: Shri Sankar K Ganeshan, CIT (D.R)
Section 143(3)Section 144C(13)Section 144C(5)Section 92CSection 92C(3)

…price that should be chosen for comparison. In support of its contention that weighted average price is more appropriate the Assessee relied on decision of ITAT Mumbai Bench in the case of Gharda Chemicals Ltd. 2009 TIOL 790 (MumbaiITAT) and Audco India Ltd. 47 SOT 420. The third reason given by the TPO was that industry average billing will not be reflected in CUP method. The TPO placed reliance on decision of Special Bench ITAT Bangalore in the case of Aztec Software & Technology Vs. ACIT. The Assessee’s reply to this objection was that the said case related to a Software Industry which was different from impo…

M/S Lenovo India Private Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-4(1)(1), Bangalore

In the result, the appeal filed by assessee stands allowed

ITA 2833/BANG/2017[2013-14]Status: DisposedITAT Bangalore21 Mar 2022AY 2013-14
For Appellant: Shri Padamchand Khincha, CA
Section 143(3)Section 144C(13)Section 92C

…price of products purchased from unrelated parties. The Hon’ble Mumbai ITAT in the case of Gharda Chemicals Ltd reported in 2009 TIOL 790 upheld the use of average prices. The said principle has also been upheld in the case of Audco India Limited reported in 47 SOT 420 wherein the ITAT has held that: “In order to be fair, reasonable and judicious, shifting profits, consider comparison of aggregate (average) rather than of individual items when applying CUP (where there are high/low variations in prices), cherry picking of comparable companies” Reliance is placed on the case of Aztec Software and Technology Servi…

M/S. Lenovo (India) Private Limited, Bangalore vs. Income Tax Officer, Ward- 4(1)(1), Bangalore

In the result, appeal by the Assessee is partly allowed

ITA 2444/BANG/2019[2015-16]Status: DisposedITAT Bangalore06 Mar 2020AY 2015-16

Bench: Shri N.V. Vasudevan & Shri Pradip Kumar Kedia

For Appellant: Shri Padamchand Khincha, CAFor Respondent: Shri Pradeep Kumar, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 144CSection 144C(13)Section 144C(5)Section 92C

…rice that should be chosen for comparison. In support of its contention that weighted average price is more appropriate the Assessee relied on decision of ITAT Mumbai Bench in the case of Gharda Chemicals Ltd. 2009 TIOL 790 (Mumbai- ITAT) and Audco India Ltd. 47 SOT 420. The third reason given by the TPO was that industry average billing will not be reflected in CUP method. The TPO placed reliance on decision of Special Bench ITAT Bangalore in the case of Aztec Software & Technology Vs. ACIT. The Assessee’s reply to this objection was that the said case related to a Software Industry which was different from impo…

DCIT(It) 1(2)(1), Mumbai vs. Barclays Bank Plc, Mumbai

In the result, both the appeals of the Revenue are dismissed and that of the assessee are allowed

ITA 2306/MUM/2015[2009-10]Status: DisposedITAT Mumbai13 Apr 2018AY 2009-10

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am Barclays Bank Plc Additional Director Of 9Th Floor, Nirlon Knowledge Income-Tax, (International Park, Block 6, Western Taxation)-3, Scindia House, Vs. Express Highway, Goregaon Ballrd Estate, N.M. Road, East, Mumbai-400 063 Mumbai -400 038 Appellant .. Respondent Pan No. Aaacb4876G Dy. Commissioner Of Income Barclays Bank Plc Tax (It)-1(2)(1), Room No. 8Th Floor, Ceejay House, 118, 1St Floor, Scindia House, Shivsagar Estate, Dr. Annie Vs. N.M. Road, Ballard Estate, Besant Road, Worli, Mumbai-400 038 Mumbai-400 018 Appellant .. Respondent Barclays Bank Plc Additional Director Of 9Th Floor, Nirlon Knowledge Income-Tax, (International Park, Block 6, Western Taxation)-3, Scindia House, Vs. Express Highway, Goregaon Ballrd Estate, N.M. Road, East, Mumbai-400 063 Mumbai -400 038 Appellant .. Respondent Dy. Commissioner Of Income Barclays Bank Plc Tax (It)-1(2)(1), Room No. 8Th Floor, Ceejay House, 118, 1St Floor, Scindia House, Shivsagar Estate, Dr. Annie Vs. N.M. Road, Ballard Estate, Besant Road, Worli, Mumbai-400 038 Mumbai-400 018 Appellant .. Respondent

For Appellant: Madhur Agarwal, ARFor Respondent: V.Janardhanan, DR
Section 143(3)Section 144

…us, the learned Sr. Departmental Representative relied on the TPO/ APO’s order. On the other hand, the learned Counsel for the assessee stated that the issue is covered by the co-ordinate Bench of this Tribunal in the case of ACIT vs. Audco India Ltd. (2011) 47 SOT 420 (Mum), wherein it is held as under:- 10. We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute. We further find that the ld. CIT(A) has observed in paras 4.4 and 4.8 of his order as under: "4.4 I have perused the facts of the case, Transfer Pricin…

DCIT(It) 1(2)(1), Mumbai vs. Barclays Bank Plc, Mumbai

In the result, both the appeals of the Revenue are dismissed and that of the assessee are allowed

ITA 2305/MUM/2015[2008-09]Status: DisposedITAT Mumbai13 Apr 2018AY 2008-09

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am Barclays Bank Plc Additional Director Of 9Th Floor, Nirlon Knowledge Income-Tax, (International Park, Block 6, Western Taxation)-3, Scindia House, Vs. Express Highway, Goregaon Ballrd Estate, N.M. Road, East, Mumbai-400 063 Mumbai -400 038 Appellant .. Respondent Pan No. Aaacb4876G Dy. Commissioner Of Income Barclays Bank Plc Tax (It)-1(2)(1), Room No. 8Th Floor, Ceejay House, 118, 1St Floor, Scindia House, Shivsagar Estate, Dr. Annie Vs. N.M. Road, Ballard Estate, Besant Road, Worli, Mumbai-400 038 Mumbai-400 018 Appellant .. Respondent Barclays Bank Plc Additional Director Of 9Th Floor, Nirlon Knowledge Income-Tax, (International Park, Block 6, Western Taxation)-3, Scindia House, Vs. Express Highway, Goregaon Ballrd Estate, N.M. Road, East, Mumbai-400 063 Mumbai -400 038 Appellant .. Respondent Dy. Commissioner Of Income Barclays Bank Plc Tax (It)-1(2)(1), Room No. 8Th Floor, Ceejay House, 118, 1St Floor, Scindia House, Shivsagar Estate, Dr. Annie Vs. N.M. Road, Ballard Estate, Besant Road, Worli, Mumbai-400 038 Mumbai-400 018 Appellant .. Respondent

For Appellant: Madhur Agarwal, ARFor Respondent: V.Janardhanan, DR
Section 143(3)Section 144

…us, the learned Sr. Departmental Representative relied on the TPO/ APO’s order. On the other hand, the learned Counsel for the assessee stated that the issue is covered by the co-ordinate Bench of this Tribunal in the case of ACIT vs. Audco India Ltd. (2011) 47 SOT 420 (Mum), wherein it is held as under:- 10. We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute. We further find that the ld. CIT(A) has observed in paras 4.4 and 4.8 of his order as under: "4.4 I have perused the facts of the case, Transfer Pricin…

Barclays Bank Plc, Mumbai vs. Addl DIT (It) 3, Mumbai

In the result, both the appeals of the Revenue are dismissed and that of the assessee are allowed

ITA 2245/MUM/2015[2008-09]Status: DisposedITAT Mumbai13 Apr 2018AY 2008-09

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am Barclays Bank Plc Additional Director Of 9Th Floor, Nirlon Knowledge Income-Tax, (International Park, Block 6, Western Taxation)-3, Scindia House, Vs. Express Highway, Goregaon Ballrd Estate, N.M. Road, East, Mumbai-400 063 Mumbai -400 038 Appellant .. Respondent Pan No. Aaacb4876G Dy. Commissioner Of Income Barclays Bank Plc Tax (It)-1(2)(1), Room No. 8Th Floor, Ceejay House, 118, 1St Floor, Scindia House, Shivsagar Estate, Dr. Annie Vs. N.M. Road, Ballard Estate, Besant Road, Worli, Mumbai-400 038 Mumbai-400 018 Appellant .. Respondent Barclays Bank Plc Additional Director Of 9Th Floor, Nirlon Knowledge Income-Tax, (International Park, Block 6, Western Taxation)-3, Scindia House, Vs. Express Highway, Goregaon Ballrd Estate, N.M. Road, East, Mumbai-400 063 Mumbai -400 038 Appellant .. Respondent Dy. Commissioner Of Income Barclays Bank Plc Tax (It)-1(2)(1), Room No. 8Th Floor, Ceejay House, 118, 1St Floor, Scindia House, Shivsagar Estate, Dr. Annie Vs. N.M. Road, Ballard Estate, Besant Road, Worli, Mumbai-400 038 Mumbai-400 018 Appellant .. Respondent

For Appellant: Madhur Agarwal, ARFor Respondent: V.Janardhanan, DR
Section 143(3)Section 144

…us, the learned Sr. Departmental Representative relied on the TPO/ APO’s order. On the other hand, the learned Counsel for the assessee stated that the issue is covered by the co-ordinate Bench of this Tribunal in the case of ACIT vs. Audco India Ltd. (2011) 47 SOT 420 (Mum), wherein it is held as under:- 10. We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute. We further find that the ld. CIT(A) has observed in paras 4.4 and 4.8 of his order as under: "4.4 I have perused the facts of the case, Transfer Pricin…

ACIT v. Audco India Ltd. (47 SOT 420) — Cited in 7 Judgments | BharatTax