Bayer Crop Science Ltd, Mumbai vs. Addl CIT 10(3), Mumbai
ITA 7978/MUM/2010[2006-07]Status: DisposedITAT Mumbai25 May 2016AY 2006-07
Bench: S/Sh.Rajendra & C.N. Prasadआयकर अपील सं./Ita/7978/Mum/2010,िनधा"रण वष"/Ay.2006-07 M/S. Bayer Cropscience Limited Acit -10(3) Aayakar Bhavan, 4Th Floor, M.K. Road Bayer House, Central Avenue, Hiranandani Gardens, Powai Vs. Mumbai-400 020. Mumbai-400 076. Pan:Aaacb 9651 K (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By:Shri G.M. Doss Assessee By: S/Shri Paras Savla; Harsh Shah & Viraj Mehta सुनवाई की तारीख / Date Of Hearing: 18.04.2016 घोषणा की तारीख / Date Of Pronouncement: 25.05.2016 आयकर अिधिनयम,1961 की धारा 254(1)के अ"ग"त आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद" राजे" के अनुसार Per Rajendra, Am- Challenging The Order Dated 14/10/2010 Of The Assessing Officer (Ao),Passed U/S.143(3)R.W. S.144C(13)Of The Act, The Assessee Has Filed The Present Appeal. Assessee-Company,Engaged In The Business Of Manufacturing Of Insecticides & Other Chemicals For Plant Protection,Filed Its Return Of Income On 30/11/2006, Declaring Income Of Rs. 51.18 Crores.During The Assessment Proceedings,The Ao Found That Assessee Had Entered Into International Transactions (It.S) With Its Associated Enterprises(Aes).So,He Made A Reference To The Transfer Pricing Officer (Tpo)To Determine The Arm’S Length Price(Alp) Of Such Transactions. After Receiving The Order Of The Tpo,The Ao Sent The Draft Assessment Order To The Assessee, Who Challenged It Before The Dispute Resolution Panel (Drp).The Drp Issue Directions To The Ao Wide Its Order Dated 28/09/2010.In Pursuance Of The Said Directions, The Ao Completed The Assessment, Determining The Income Of The Assessee Had Rs. 59.89 Crores. 2.First Ground Of Appeal Relates To Transfer Pricing (Tp)Adjustments Of Rs. 2.80 Crores.During The Tp Proceedings,The Tpo Found That The Assessee Had Entered Into The Following It.S With Its Aes:
For Appellant: S/Shri Paras Savla; Harsh Shah & Viraj MehtaFor Respondent: Shri G.M. Doss
Section 143(3)Section 254(1)
…d by the assessee. He relied upon the cases of HDFC Bank Ltd. (ITA.330 of 2012 of the Hon’ble Bombay High Court),Reliance Utilities and Power Ltd.(313 ITR 340),JM financial Ltd (ITA/4521/Mum/2012) Piem Hotels Ltd.(ITA/240/Mum/2012 and Bayer Bioscience(P)Ltd. (51 SOT 16).The DR stated that matter could be decided on merits. 4.2.We have heard the rival submissions and perused the material before us. We find that during the year under consideration the assessee had received dividend income of Rs. 37.51 lakhs, that it explain to the AO that dividend warrants were deposited into bank accounts in a routine manner alon…
