Bechtel India P. Ltd. v. Addl. CIT

DCIT, CIRCLE- 8(1), NEW DELHI vs. E.I. DUPONT INDIA P. LTD., GURGAON

In the result, the appeal of the assessee is partly allowed and appeal of the revenue is dismissed

Bench: Shri M. Balaganesh & Shri Sudhir Kumarcorteva Agriscience India Pvt Ltd Vs. Dcit, (Earlier Known As E.I. Dupont P. Circle-11(1), Ltd), 17Th Floor, Tower-C, Dlf New Delhi Cyber Greens, Sector-25A, Phase-3, Gurgaon (Appellant) (Respondent) Pan: Aaace2462M Dcit, Vs. Corteva Agriscience India Circle-11(1), Pvt Ltd (Earlier Known As E.I. Dupont P. Ltd), 17Th New Delhi Floor, Tower-C, Dlf Cyber Greens, Sector-25A, Phase-3, Gurgaon (Appellant) (Respondent) Pan: Aaace2462M Assessee By : Shri Deepak Chopra, Adv Shri Harpreet Singh Ajmani, Adv Shri Pulkit Pandey, Adv Revenue By: Shri Chetan Rao, Cit Dr Date Of Hearing 25/09/2024 Date Of Pronouncement 19/12/2024

…A LTD. 20. The ld. AR for the assessee contended that this comparable company is functionally dissimilar, having significant related party transactions and relied upon order passed by Delhi Tribunal in case cited as Bechtel India (P.) Ltd. v. Addl. CIT [2014] 146 ITD 733/[2013] 33 taxmann.com 213 (Delhi - Trib.) 21. The TPO, while selecting the Mahindra as a comparable company, has returned the following findings :— "The assessee has objected to the use of this company as a comparable on account of being functionally different and submitted that consultancy services provided by this comparable company in multidis…

E.I. DUPONT INDIA P. LTD.,GURGAON vs. DCIT, CIRCLE- 11(1), NEW DELHI

In the result, the appeal of the assessee is partly allowed and appeal of the revenue is dismissed

Bench: Shri M. Balaganesh & Shri Sudhir Kumarcorteva Agriscience India Pvt Ltd Vs. Dcit, (Earlier Known As E.I. Dupont P. Circle-11(1), Ltd), 17Th Floor, Tower-C, Dlf New Delhi Cyber Greens, Sector-25A, Phase-3, Gurgaon (Appellant) (Respondent) Pan: Aaace2462M Dcit, Vs. Corteva Agriscience India Circle-11(1), Pvt Ltd (Earlier Known As E.I. Dupont P. Ltd), 17Th New Delhi Floor, Tower-C, Dlf Cyber Greens, Sector-25A, Phase-3, Gurgaon (Appellant) (Respondent) Pan: Aaace2462M Assessee By : Shri Deepak Chopra, Adv Shri Harpreet Singh Ajmani, Adv Shri Pulkit Pandey, Adv Revenue By: Shri Chetan Rao, Cit Dr Date Of Hearing 25/09/2024 Date Of Pronouncement 19/12/2024

…A LTD. 20. The ld. AR for the assessee contended that this comparable company is functionally dissimilar, having significant related party transactions and relied upon order passed by Delhi Tribunal in case cited as Bechtel India (P.) Ltd. v. Addl. CIT [2014] 146 ITD 733/[2013] 33 taxmann.com 213 (Delhi - Trib.) 21. The TPO, while selecting the Mahindra as a comparable company, has returned the following findings :— "The assessee has objected to the use of this company as a comparable on account of being functionally different and submitted that consultancy services provided by this comparable company in multidis…

STERIA (INDIA) LTD.,NOIDA vs. ADDL. CIT, SPL. RANGE- 8 , NEW DELHI

In the result ITA number 5745/del/2018 for assessment year 2014 – 15

Bench: Shri Kuldip Singh & Shri Prashant Maharishi

…t basis, is allowable deduction, in accordance with the mercantile system of accounting, and could not be said to be contingent/notional loss. (x) It has been held likewise by the Delhi Bench of the Tribunal in the case of Bechtel India P. Ltd. v. Addl. CIT: 146 ITD 733. (xi) Further, the Mumbai Tribunal in the case of DCIT vs. Enercon India Ltd: 48 ITR(T) 362 (Mum) recognized that the need to hedge is a commercial expediency and necessity which is practically followed in all the business houses engaged in the business import/export these days specially when the exchange rate is highly volatile. The Tribunal hea…

M/S STERIA NDIA LTD.,,NOIDA vs. ADDL CIT, NEW DELHI

In the result ITA number 5745/del/2018 for assessment year 2014 – 15

Bench: Shri Kuldip Singh & Shri Prashant Maharishi

…t basis, is allowable deduction, in accordance with the mercantile system of accounting, and could not be said to be contingent/notional loss. (x) It has been held likewise by the Delhi Bench of the Tribunal in the case of Bechtel India P. Ltd. v. Addl. CIT: 146 ITD 733. (xi) Further, the Mumbai Tribunal in the case of DCIT vs. Enercon India Ltd: 48 ITR(T) 362 (Mum) recognized that the need to hedge is a commercial expediency and necessity which is practically followed in all the business houses engaged in the business import/export these days specially when the exchange rate is highly volatile. The Tribunal hea…

STERIA INDIA LTD.,NOIDA vs. ADDL.CIT, SPECIAQL RANGE-8, NEW DELHI

In the result ITA number 5745/del/2018 for assessment year 2014 – 15

Bench: Shri Kuldip Singh & Shri Prashant Maharishi

…t basis, is allowable deduction, in accordance with the mercantile system of accounting, and could not be said to be contingent/notional loss. (x) It has been held likewise by the Delhi Bench of the Tribunal in the case of Bechtel India P. Ltd. v. Addl. CIT: 146 ITD 733. (xi) Further, the Mumbai Tribunal in the case of DCIT vs. Enercon India Ltd: 48 ITR(T) 362 (Mum) recognized that the need to hedge is a commercial expediency and necessity which is practically followed in all the business houses engaged in the business import/export these days specially when the exchange rate is highly volatile. The Tribunal hea…

EMERSON PROCESS MANAGEMENT POWER & WATER SOLUTIONS INDIA PVT. LTD.,NEW DELHI vs. ACIT, NEW DELHI

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

Bench: Shri N.K. Saini & Shri Kuldip Singh

…nder :- “ 20. The Id. AR for the assessee contended that this comparable company is functionally dissimilar, having significant related party transactions and relied upon order passed by Delhi Tribunal in case cited as Bechtel India (P.) Ltd. Vs. Addl.CIT - 146 ITD 733 (Delhi - Trib.). 21. The TPO, while selecting the Mahindra as a comparable company, has returned the following findings :-: "The assessee has objected to the use of this company as a comparable on account of being functionally different and submitted that consultancy services provided by this comparable 8 company in multidisciplinary areas. In c…

EMERSON PROCESS MANAGEMENT POWER & WATER SOLUTIONS INDIA PVT. LTD.,NEW DELHI vs. ACIT, NEW DELHI

Bench: Shri S.V. Mehrotra & Shri Kuldip Singh

…l./2012 20. The ld. AR for the assessee contended that this comparable company is functionally dissimilar, having significant related party transactions and relied upon order passed by Delhi Tribunal in case cited as Bechtel India (P.) Ltd. Vs. Addl.CIT – 146 ITD 733 (Delhi – Trib.). 21. The TPO, while selecting the Mahindra as a comparable company, has returned the following findings :- “The assessee has objected to the use of this company as a comparable on account of being functionally different and submitted that consultancy services provided by this comparable company in multidisciplinary areas. In c…