Chennai) (viii) Bharti Airtel Ltd. (supra) 5 Aries Agro Ltd. (ix) Infotech Enterprises Ltd. v. Addl CIT

63 SOT 23Income Tax Appellate Tribunal2014#25390 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 348,627 Indian tax judgments — from 2015 to 2019.

Judgments citing Chennai) (viii) Bharti Airtel Ltd. (supra) 5 Aries Agro Ltd. (ix) Infotech Enterprises Ltd. v. Addl CIT

Aries Agro Ltd, Mumbai vs. DCIT 14(1)(1), Mumbai

In the result, the appeal filed by the assessee is allowed

ITA 6484/MUM/2018[2014-15]Status: DisposedITAT Mumbai27 Dec 2019AY 2014-15

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2014-15

For Appellant: Mr. Firoze B. Andhyarujina/For Respondent: Mr. Suhas Kulkarni, DR

Section 143(3)Section 92C

…(I) (P.) Ltd. v. Dy. CIT [2014] 146 ITD 662/32 taxmann.com 219 (Delhi) vii. Siva Industries and Holdings Ltd. v. Asstt. CIT [2014] 46 SOT 112 (URO)/11 taxmann.com 404 (Chennai) viii. Bharti Airtel Ltd. (supra) ix. Infotech Enterprises Ltd. v. Addl CIT [2014] 63 SOT 23/41 taxmann.com 364 (Hyd) x. Kohinoor Foods Ltd. [IT Appeal Nos. 3688-3691 & 3868-3869 (Delhi) of 2012 & dated 21-7-2014]; and xi. Four Soft Ltd. v. Dy. CIT [IT Appeal No. 1495 of2011] 12. In light of the above decisions, the rate to be used for undertaking an adjustment should be LIBOR and not the average yield rates considered by the learned TPO.…

Aries Agro Ltd, Mumbai vs. DCIT 14(1)(1), Mumbai

In the result, appeal is partly allowed

ITA 6947/MUM/2017[2013-14]Status: DisposedITAT Mumbai20 Mar 2019AY 2013-14

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

For Appellant: Shri Firoz B. AndhyarajinaFor Respondent: Shri Manjunath Karkihalli a/w

Section 143(3)Section 144C(13)

…CIT [2014] 146 ITD 662/32 taxmann.com 219 (Delhi) (vii) Siva Industries and Holdings Ltd. v. Asstt. CIT [2014] 46 SOT 112 (URO)/11 taxmann.com 404 (Chennai) (viii) Bharti Airtel Ltd. (supra) 5 Aries Agro Ltd. (ix) Infotech Enterprises Ltd. v. Addl CIT [2014] 63 SOT 23/41 taxmann.com 364 (Hyd) (x) Kohinoor Foods Ltd. [IT Appeal Nos. 3688-3691 & 3868-3869 (Delhi) of 2012 & dated 21-7-2014]; and (xi) Four Soft Ltd. v. Dy. CIT [IT Appeal No. 1495 of2011] 12. In light of the above decisions, the rate to be used for undertaking an adjustment should be LIBOR and not the average yield rates considered by the learned TPO…

Deputy Commissioner of Income Tax, Circle-11(2), Bangalore vs. M/S Celstream Technolgoies P Ltd, Bangalore

ITA 1344/BANG/2014[2009-10]Status: DisposedITAT Bangalore16 Oct 2015AY 2009-10

Bench: Shri Vijay Pal Rao & Shri G.Manjunatha

For Appellant: Dr. P.K.Srihari, Addl.CIT(DR)For Respondent: Shri Chavali Narayan, CA

Section 1Section 10ASection 143(3)Section 147Section 263

…treated as business income. The CIT(A) has followed the decision of the Hyderabad bench of the Tribunal in the case of HSBC Electronics Data Processing India Ltd. vs. DCIT in ITA No.1623 & 1677/Hyd/2010 as well as Infotech Enterprises Ltd. vs. Addl.CIT & Anr (63 SOT 23). 8.2 We have heard the learned Departmental Representative as well as the learned AR of the assessee and considered the relevant material on record. So far as the fact recorded by the CIT(A) that foreign exchange gain was on account of foreign exchange received by the assessee from export of computer software is concerned, the revenue has not dis…