CIT v. Cotton Naturals (I) (P.) Ltd.

55 Taxmann.com 523High Court2015#291 most cited

What is CIT v. Cotton Naturals (I) (P.) Ltd. authority for?

The interest rate for benchmarking foreign currency loans advanced to Associated Enterprises should be the market-determined rate applicable to the currency of the loan, such as LIBOR for US Dollar loans, rather than a domestic lending rate like the Indian PLR.

273

judgments rely on this decision, according to BharatTax’s citation analysis of 369,743 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Cotton Naturals (I) (P.) Ltd. · 55 Taxmann.com 523 · 231 Taxmann 401 · section 92B · section 92CA(3) · arm's length interest · foreign currency loan · outstanding receivables · LIBOR · PLR · benchmarking interest · associated enterprise

Also reported as

231 Taxmann 401

Sections most often in play

Section 143(3)Section 92BSection 144C(13)Section 144BSection 144C(5)Section 234BSection 92CA(3)Section 234C
Read the full judgment

Issues it is cited on

interest on outstanding receivablessection 92b(1)safe harbour rulessafe harboursection 92bsection 72asection 92(1)preliminary expensescup methodcorporate guaranteeworking capital adjustmenttransfer pricing order

Judgments citing CIT v. Cotton Naturals (I) (P.) Ltd.

Aithent Technologies Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal is partly allowed

ITA 1564/DEL/2015[2002-03]Status: DisposedITAT Delhi23 Jul 2018AY 2002-03

Bench: Shri R.S. Syal & Smt. Beena A. Pillaiassessment Year : 2002-03

For Appellant: Shri Atul Ninawat, CAFor Respondent: Shri Sanjay I Bara, CIT, DR
Section 144CSection 254

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : I-1 : NEW DELHI BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SMT. BEENA A. PILLAI, JUDICIAL MEMBER Assessment Year : 2002-03 Aithent Technologies Pvt. Ltd., Vs. DCIT, A-16/9, Vasant Vihar, Circle-2(1), New Delhi. New Delhi. PAN: AAACS2319H (Appellant) (Respondent) Assessee By : Shri Atul Ninawat, CA Department By : Shri Sanjay I Bara, CIT, DR Date of Hearing : 19.07.2018 Date of Pronouncement : 23.07.2018 ORDER PER R.S. SYAL, VP: This appeal filed by the assessee is directed against the final assessment order dated 20.02.2015 passed by the Assessing Officer…

Nagarjuna Fertilizers and Chemicals Limited, Hyderabad vs. ACIT, Cirlce-16(1), Hyderabad

In the result, both the appeals of the assessee are partly allowed

ITA 93/HYD/2017[2012-13]Status: DisposedITAT Hyderabad20 Jul 2018AY 2012-13

Bench: Smt P. Madhavi Devi & Shri S. Rifaur Rahman

For Appellant: Shri C.S. SubramanyamFor Respondent: Shri J. Sirikumar
Section 115JSection 143(1)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “A”, HYDERABAD BEFORE SMT P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER ITA Nos. 93 & 2031/Hyd/2017 Assessment Years: 2012-13 & 2013-14 Nagarjuna Fertilizers and vs. Asst. Commissioner of Chemicals Ltd., Hyderabad Income-tax, Circle – 16(1), Hyderabad. PAN – AADCK 1533 E (Appellant) (Respondent) Assessee by : Shri C.S. Subramanyam Revenue by : Shri J. Sirikumar Date of hearing 26/06/2018 Date of pronouncement /07/2018 O R D E R PER S. RIFAUR RAHMAN, A.M.: These two appeals are preferred by the assessee against the orde…

M/S Nagarjuna Fertilizers and Chemicals Limited, Hyderabad vs. Asst.Commissioner of Income Tax, Circle-16(1), Hyderabad

In the result, both the appeals of the assessee are partly allowed

ITA 2031/HYD/2017[2013-14]Status: DisposedITAT Hyderabad20 Jul 2018AY 2013-14

Bench: Smt P. Madhavi Devi & Shri S. Rifaur Rahman

For Appellant: Shri C.S. SubramanyamFor Respondent: Shri J. Sirikumar
Section 115JSection 143(1)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “A”, HYDERABAD BEFORE SMT P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER ITA Nos. 93 & 2031/Hyd/2017 Assessment Years: 2012-13 & 2013-14 Nagarjuna Fertilizers and vs. Asst. Commissioner of Chemicals Ltd., Hyderabad Income-tax, Circle – 16(1), Hyderabad. PAN – AADCK 1533 E (Appellant) (Respondent) Assessee by : Shri C.S. Subramanyam Revenue by : Shri J. Sirikumar Date of hearing 26/06/2018 Date of pronouncement /07/2018 O R D E R PER S. RIFAUR RAHMAN, A.M.: These two appeals are preferred by the assessee against the orde…

M/S Bt (India) Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result this ground is allowed for statistical purposes

ITA 302/DEL/2017[2012-13]Status: DisposedITAT Delhi19 Jul 2018AY 2012-13

Bench: Shri R.S.Syal & Smt. Beena A. Pillaii.T.A. No. 442/Del/2016 (Assessment Year : 2011-12) & I.T.A. No. 302/Del/2017 (Assessment Year : 2012-13) Bt (India) Pvt. Ltd., Vs Acit, Circle 5(1), 11Th Floor, New Delhi Eros Corporate Tower, Opp. International Trade Tower Nehru Place, New Delhi -110 019 Gir / Pan :Aabcc4785E (Appellant) (Respondent) Appellant By : Shri Nageswar Rao, Adv. Ms. Sherry Goyal, Adv. Respondent By : Shri Sanjay I Bara, Cit, Dr Date Of Hearing: 11.07.2018 Date Of Pronouncement: 19.07.2018 Order Per Beena A. Pillai, Jm: Present Appeals Have Been Filed By Assessee Against The Final Assessment Order Dated 28/12/15 & Order Dated 09/12/16, Passed By Ld. Acit, Circle 5 (1), New Delhi Under Section 144 (3) Read With Section 144C Of The Income-Tax Act, 1961 (‘The Act’) For

For Appellant: Shri Nageswar Rao, AdvFor Respondent: Shri Sanjay I Bara, CIT, DR
Section 143(3)Section 144Section 144CSection 144C(5)Section 920(2)

…ansaction and ALP of such international transaction has been rightly determined by Ld.TPO. In so far as the charging of the rate of interest is concerned, he relied on the decision of the Hon’ble Delhi High Court in CIT vs. Cotton Naturals (I) Pvt. Ltd (2015) 276 CTR 445 (Del) holding that currency in which such amount is to be re-paid, determines rate of interest. He, therefore, concluded by summing up that interest on outstanding trade receivables is an international transaction and its ALP has been correctly determined. 9.4. We have perused the submissions advanced by both the sides in the light of the records…

M/S. Bt (India) Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result this ground is allowed for statistical purposes

ITA 442/DEL/2016[2011-12]Status: DisposedITAT Delhi19 Jul 2018AY 2011-12

Bench: Shri R.S.Syal & Smt. Beena A. Pillaii.T.A. No. 442/Del/2016 (Assessment Year : 2011-12) & I.T.A. No. 302/Del/2017 (Assessment Year : 2012-13) Bt (India) Pvt. Ltd., Vs Acit, Circle 5(1), 11Th Floor, New Delhi Eros Corporate Tower, Opp. International Trade Tower Nehru Place, New Delhi -110 019 Gir / Pan :Aabcc4785E (Appellant) (Respondent) Appellant By : Shri Nageswar Rao, Adv. Ms. Sherry Goyal, Adv. Respondent By : Shri Sanjay I Bara, Cit, Dr Date Of Hearing: 11.07.2018 Date Of Pronouncement: 19.07.2018 Order Per Beena A. Pillai, Jm: Present Appeals Have Been Filed By Assessee Against The Final Assessment Order Dated 28/12/15 & Order Dated 09/12/16, Passed By Ld. Acit, Circle 5 (1), New Delhi Under Section 144 (3) Read With Section 144C Of The Income-Tax Act, 1961 (‘The Act’) For

For Appellant: Shri Nageswar Rao, AdvFor Respondent: Shri Sanjay I Bara, CIT, DR
Section 143(3)Section 144Section 144CSection 144C(5)Section 920(2)

…ansaction and ALP of such international transaction has been rightly determined by Ld.TPO. In so far as the charging of the rate of interest is concerned, he relied on the decision of the Hon’ble Delhi High Court in CIT vs. Cotton Naturals (I) Pvt. Ltd (2015) 276 CTR 445 (Del) holding that currency in which such amount is to be re-paid, determines rate of interest. He, therefore, concluded by summing up that interest on outstanding trade receivables is an international transaction and its ALP has been correctly determined. 9.4. We have perused the submissions advanced by both the sides in the light of the records…

Carrier Air-Conditioning & Refrigeneration Ltd., Gurgaon vs. DCIT, Circle- 2(1), Gurgaon

In the result, the appeal is allowed for statistical purposes

ITA 7312/DEL/2017[2013-14]Status: DisposedITAT Delhi13 Jul 2018AY 2013-14

Bench: Shri R.S. Syal & Smt. Beena A. Pillaiassessment Year : 2005-06 Assessment Year : 2009-10 Assessment Year 2010-11 Assessment Year 2011-12 Assessment Year 2013-14

For Appellant: Shri Nageshwar Rao &For Respondent: Shri Sanjay I Bara, CIT, DR

…nd the ALP of such an international transaction has been rightly determined by the TPO. In so far as the charging of the rate of interest is concerned, he relied on the decision of the Hon’ble Delhi High Court in CIT vs. Cotton Naturals (I) Pvt. Ltd (2015) 276 CTR 445 (Del) holding that the currency in which the loan is to be re-paid determines the rate of interest. He, therefore, concluded by summing up that interest on outstanding trade receivables is an international transaction and its ALP has been correctly determined. 37. We have heard the rival submissions and perused the relevant material on record.…

M/S Carrier Air-Conditioning & Refrigeration Ltd., Gurgaon vs. ACIT, Gurgaon

In the result, the appeal is allowed for statistical purposes

ITA 2140/DEL/2016[2011-12]Status: DisposedITAT Delhi13 Jul 2018AY 2011-12

Bench: Shri R.S. Syal & Smt. Beena A. Pillaiassessment Year : 2005-06 Assessment Year : 2009-10 Assessment Year 2010-11 Assessment Year 2011-12 Assessment Year 2013-14

For Appellant: Shri Nageshwar Rao &For Respondent: Shri Sanjay I Bara, CIT, DR

…nd the ALP of such an international transaction has been rightly determined by the TPO. In so far as the charging of the rate of interest is concerned, he relied on the decision of the Hon’ble Delhi High Court in CIT vs. Cotton Naturals (I) Pvt. Ltd (2015) 276 CTR 445 (Del) holding that the currency in which the loan is to be re-paid determines the rate of interest. He, therefore, concluded by summing up that interest on outstanding trade receivables is an international transaction and its ALP has been correctly determined. 37. We have heard the rival submissions and perused the relevant material on record.…

Inductis India Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result appeal filed by assessee stands partly allowed

ITA 1438/DEL/2016[2011-12]Status: DisposedITAT Delhi13 Jul 2018AY 2011-12

Bench: Shri P.M.Jagtap & Smt. Beena A Pillaiay: 2011-12 Inductis India Pvt.Ltd. Vs. Dy.Cit, Circle 12(1) 414, 4Th Floor, Dlf Jasola New Delhi Tower B Plot No. 10 & 11, Dda District Centre, Jasola New Delhi 110 044 Pan: Aaac18497C (Appellant) (Respondent) Assessee By : Sh. Vishal Kalra, Adv. Sh. S.S.Tomar, Adv. Department By : Sh. Hk Chaudhary, Cit-Dr Date Of Hearing : 18.04.2018 Date Of Pronouncement: 13.07.2018

For Appellant: Sh. Vishal Kalra, AdvFor Respondent: Sh. HK Chaudhary, CIT-DR
Section 143Section 92D

…ansaction and ALP of such international transaction has been rightly determined by Ld.TPO. In so far as the charging of the rate of interest is concerned, he relied on the decision of the Hon’ble Delhi High Court in CIT vs. Cotton Naturals (I) Pvt. Ltd (2015) 276 CTR 445 (Del) holding that currency in which such amount is to be re-paid, determines rate of interest. He, therefore, concluded by summing up that interest on outstanding ITA 1438/Del/2016 Assessment Year:2011-12 Industis India Pvt.Ltd. vs. DCIT, Circle 12(1), New Delhi trade receivables is an international transaction and its ALP has been correctly de…

M/S. Carrier Air- Conditioning & Refrigeration Ltd., Gurgaon vs. DCIT, Gurgaon

In the result, the appeal is allowed for statistical purposes

ITA 728/DEL/2015[2010-11]Status: DisposedITAT Delhi13 Jul 2018AY 2010-11

Bench: Shri R.S. Syal & Smt. Beena A. Pillaiassessment Year : 2005-06 Assessment Year : 2009-10 Assessment Year 2010-11 Assessment Year 2011-12 Assessment Year 2013-14

For Appellant: Shri Nageshwar Rao &For Respondent: Shri Sanjay I Bara, CIT, DR

…nd the ALP of such an international transaction has been rightly determined by the TPO. In so far as the charging of the rate of interest is concerned, he relied on the decision of the Hon’ble Delhi High Court in CIT vs. Cotton Naturals (I) Pvt. Ltd (2015) 276 CTR 445 (Del) holding that the currency in which the loan is to be re-paid determines the rate of interest. He, therefore, concluded by summing up that interest on outstanding trade receivables is an international transaction and its ALP has been correctly determined. 37. We have heard the rival submissions and perused the relevant material on record.…

M/S. Carrier Air- Conditioning & Refrigeration Ltd., Gurgaon vs. ACIT, Gurgaon

In the result, the appeal is allowed for statistical purposes

ITA 1126/DEL/2014[2009-10]Status: DisposedITAT Delhi13 Jul 2018AY 2009-10

Bench: Shri R.S. Syal & Smt. Beena A. Pillaiassessment Year : 2005-06 Assessment Year : 2009-10 Assessment Year 2010-11 Assessment Year 2011-12 Assessment Year 2013-14

For Appellant: Shri Nageshwar Rao &For Respondent: Shri Sanjay I Bara, CIT, DR

…nd the ALP of such an international transaction has been rightly determined by the TPO. In so far as the charging of the rate of interest is concerned, he relied on the decision of the Hon’ble Delhi High Court in CIT vs. Cotton Naturals (I) Pvt. Ltd (2015) 276 CTR 445 (Del) holding that the currency in which the loan is to be re-paid determines the rate of interest. He, therefore, concluded by summing up that interest on outstanding trade receivables is an international transaction and its ALP has been correctly determined. 37. We have heard the rival submissions and perused the relevant material on record.…

Efacec Switchgear India Pvt. Ltd., New Delhi vs. DCIT, Circle- 8(1), New Delhi

The appeal of the assessee is partly allowed for statistical purpose

ITA 7817/DEL/2017[2013-14]Status: DisposedITAT Delhi13 Jun 2018AY 2013-14

Bench: Shri N. K. Saini & Ms Suchitra Kambleefacec Switchgear India Pvt. Ltd. Vs Dcit 4Th Floor, Rectangle-1, Commercial Circle-8(1) Complex, D-4, District Centre, Saket, C. R. Building, I. P. Estate, New Delhi Aacce0747K New Delhi (Appelant) (Respondent)

Section 142(1)Section 143Section 143(2)Section 144CSection 271(1)Section 92C

…1 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘I-1’ NEW DELHI BEFORE SHRI N. K. SAINI, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER Efacec Switchgear India Pvt. Ltd. Vs DCIT 4th Floor, Rectangle-1, Commercial Circle-8(1) Complex, D-4, District Centre, Saket, C. R. Building, I. P. Estate, New Delhi AACCE0747K New Delhi (APPELANT) (RESPONDENT) Appellant by Sh. H. P. Agarwal, FCA, Sh. Yogesh Jain, FCA & Ms. Prashuka Jain, FCA Respondent by Sh. Kumar Pranav, Sr. DR Date of Hearing 21.05.2018 Date of Pronouncement 13.06.2018 ORDER PER SUCHITRA KAMBLE, JM This appeal is filed by the assesse…

M/S. Labvantage Solutions Pvt. Ltd., Kolkata vs. Assistant Commissioner of Income Tax, Cir- 2(1), Kolkata

In the result, the appeal of the assessee for the Asst Year 2013-14 in ITA No

ITA 927/KOL/2017[2012-13]Status: DisposedITAT Kolkata11 May 2018AY 2012-13

Bench: Hon’Ble Shri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 927 & 2400/Kol/2017 Assessment Years : 2012-13 & 2013-14

For Appellant: Shri Manoneet Dalal &For Respondent: Shri G.Mallikarjuna, CIT, DR
Section 144C(5)

…nor India (P) Ltd. (2009) 312 ITR 254 (SC). Likewise, the issue concerning the rate of interest for capital adjustment is covered against the Revenue and in favour of the Assessee in terms of the decision of this Court in Cotton Natural (P) Ltd. v. CIT (2015) 276 CTR 445. Consequently, no substantial question of law arises in respect of these issues as well.” The ld AR stated that the ld DRP in Asst Year 2013-14 (i.e succeeding assessment year) had accepted that the foreign exchange fluctuation is to be treated as operating income while computing PLI in assessee’s own case. We find this fact to be correct from t…

M/S. Labvantage Solutions Private Limited, Kolkata vs. ACIT, Circle - 2(1), Kolkata

In the result, the appeal of the assessee for the Asst Year 2013-14 in ITA No

ITA 2400/KOL/2017[2013-14]Status: DisposedITAT Kolkata11 May 2018AY 2013-14

Bench: Hon’Ble Shri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 927 & 2400/Kol/2017 Assessment Years : 2012-13 & 2013-14

For Appellant: Shri Manoneet Dalal &For Respondent: Shri G.Mallikarjuna, CIT, DR
Section 144C(5)

…nor India (P) Ltd. (2009) 312 ITR 254 (SC). Likewise, the issue concerning the rate of interest for capital adjustment is covered against the Revenue and in favour of the Assessee in terms of the decision of this Court in Cotton Natural (P) Ltd. v. CIT (2015) 276 CTR 445. Consequently, no substantial question of law arises in respect of these issues as well.” The ld AR stated that the ld DRP in Asst Year 2013-14 (i.e succeeding assessment year) had accepted that the foreign exchange fluctuation is to be treated as operating income while computing PLI in assessee’s own case. We find this fact to be correct from t…

Russell Credit Limited, Kolkata vs. J.C.I.T (OSD), Cir - 8, Kolkata

In the result, both the appeals of revenue as well as assessee is partly allowed for statistical purposes

ITA 674/KOL/2013[2009-10]Status: DisposedITAT Kolkata11 Apr 2018AY 2009-10

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Section 14ASection 46Section 48Section 49Section 49(1)Section 92CSection 92E

…Russell Credit Ltd., AY- 2009-10 आयकर अपील"य अधीकरण, "यायपीठ – “C” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA (सम")Before "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/and "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, AM & Shri A. T. Varkey, JM] I.T.A. No. 629/Kol/2013 Assessment Year: 2009-10 Deputy Commissioner of Income-tax, Vs. M/s. Russell Credit Limited Circle-8, Kolkata. (PAN: AABCR3494H) Appellant Respondent & I.T.A. No. 674/Kol/2013 Assessment Year: 2009-10 M/s. Russell Credit Limited Vs. Joint Commissioner of Income-tax (PAN: AABCR3494H) (OSD), Circle-8, Kolkata. Appellan…

D.C.I.T Cir - 8, Kolkata. vs. M/S Russel Credit Limited, Kolkata

In the result, both the appeals of revenue as well as assessee is partly allowed for statistical purposes

ITA 629/KOL/2013[2009-10]Status: DisposedITAT Kolkata11 Apr 2018AY 2009-10

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Section 14ASection 46Section 48Section 49Section 49(1)Section 92CSection 92E

…Russell Credit Ltd., AY- 2009-10 आयकर अपील"य अधीकरण, "यायपीठ – “C” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA (सम")Before "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/and "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, AM & Shri A. T. Varkey, JM] I.T.A. No. 629/Kol/2013 Assessment Year: 2009-10 Deputy Commissioner of Income-tax, Vs. M/s. Russell Credit Limited Circle-8, Kolkata. (PAN: AABCR3494H) Appellant Respondent & I.T.A. No. 674/Kol/2013 Assessment Year: 2009-10 M/s. Russell Credit Limited Vs. Joint Commissioner of Income-tax (PAN: AABCR3494H) (OSD), Circle-8, Kolkata. Appellan…

Addl CIT RG 2(2), Mumbai vs. The Inidan Hotels Company Ltd, Mumbai

In the result, appeal filed by the revenue is partly allowed, appeal filed by the assessee is allowed and the cross objection filed by the assessee is dismissed

ITA 841/MUM/2010[2005-06]Status: DisposedITAT Mumbai31 Jan 2018AY 2005-06

Bench: Shri B.R. Baskaran (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2005-06 The Indian Hotels Company Ltd., The Additional Commissioner Of Mandlik House, Income Tax, Circle-2(2), Mandlik Road, Colaba, Aayakar Bhavan, Mumbai - 400001 Vs. Mumbai Pan: Aaact3957G (Appellant) (Respondent) Assessment Year: 2005-06 The Additional Commissioner Of The Indian Hotels Company Ltd., Income Tax, Circle-2(2), Mandlik House, 3Rd Floor, Aayakar Bhavan, Mandlik Road, Colaba, Room No. 545, 5Th Floor, Vs. Mumbai - 400001 M.K. Road, Mumbai- 400020 Pan: Aaact3957G (Appellant) (Respondent) & Co No. 169/Mum/2010 Assessment Year: 2005-06 The Indian Hotels Company Ltd., The Deputy Commissioner Of Mandlik House, Income Tax, Circle-2(2), Mandlik Road, Apollo Bunder, Aayakar Bhavan, Mumbai – 400001 Vs. Mumbai Pan: Aaact3957G (Appellant) (Respondent) Assessee By : Shri Pratik Shah(Ar) Revenue By : Shri M.C. Omi Ningshen (Dr) Date Of Hearing: 10/11/2017 Date Of Pronouncement: 31/01/2018 Assessment Year: 2005-06

For Appellant: Shri Pratik Shah(AR)For Respondent: Shri M.C. Omi Ningshen (DR)
Section 142Section 143Section 143(3)Section 14ASection 244ASection 43BSection 92C

…sel further relied on the decisions of the Hon’ble Bombay High Court rendered in Tata Autocomp Systems Ltd. 276 CTR 481 (Bom) and M/s Aurinpro Solutions Ltd. ITA No. 1869 of 2014 (Mum) and Hon’ble Delhi High Court rendered in M/s Cotton Naturals (1) Pvt. Ltd. 276 CTR 445 (Del). 22. We notice that this issue has been dealt by the coordinate Bench in assessee’s own case for the A.Y. 2003-04 holding as under:- “27 We have considered the rival submissions and also perused the relevant material on record. As regards the issue relating to arm’s length rate of interest charged by the assessee company to its AE on the…

The Indian Hotels Company Ltd, Mumbai vs. Addl CIT Cir 2(2), Mumbai

In the result, appeal filed by the revenue is partly allowed, appeal filed by the assessee is allowed and the cross objection filed by the assessee is dismissed

ITA 371/MUM/2010[2005-06]Status: DisposedITAT Mumbai31 Jan 2018AY 2005-06

Bench: Shri B.R. Baskaran (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2005-06 The Indian Hotels Company Ltd., The Additional Commissioner Of Mandlik House, Income Tax, Circle-2(2), Mandlik Road, Colaba, Aayakar Bhavan, Mumbai - 400001 Vs. Mumbai Pan: Aaact3957G (Appellant) (Respondent) Assessment Year: 2005-06 The Additional Commissioner Of The Indian Hotels Company Ltd., Income Tax, Circle-2(2), Mandlik House, 3Rd Floor, Aayakar Bhavan, Mandlik Road, Colaba, Room No. 545, 5Th Floor, Vs. Mumbai - 400001 M.K. Road, Mumbai- 400020 Pan: Aaact3957G (Appellant) (Respondent) & Co No. 169/Mum/2010 Assessment Year: 2005-06 The Indian Hotels Company Ltd., The Deputy Commissioner Of Mandlik House, Income Tax, Circle-2(2), Mandlik Road, Apollo Bunder, Aayakar Bhavan, Mumbai – 400001 Vs. Mumbai Pan: Aaact3957G (Appellant) (Respondent) Assessee By : Shri Pratik Shah(Ar) Revenue By : Shri M.C. Omi Ningshen (Dr) Date Of Hearing: 10/11/2017 Date Of Pronouncement: 31/01/2018 Assessment Year: 2005-06

For Appellant: Shri Pratik Shah(AR)For Respondent: Shri M.C. Omi Ningshen (DR)
Section 142Section 143Section 143(3)Section 14ASection 244ASection 43BSection 92C

…sel further relied on the decisions of the Hon’ble Bombay High Court rendered in Tata Autocomp Systems Ltd. 276 CTR 481 (Bom) and M/s Aurinpro Solutions Ltd. ITA No. 1869 of 2014 (Mum) and Hon’ble Delhi High Court rendered in M/s Cotton Naturals (1) Pvt. Ltd. 276 CTR 445 (Del). 22. We notice that this issue has been dealt by the coordinate Bench in assessee’s own case for the A.Y. 2003-04 holding as under:- “27 We have considered the rival submissions and also perused the relevant material on record. As regards the issue relating to arm’s length rate of interest charged by the assessee company to its AE on the…

Madhusha Holdings P.Ltd, Mumbai vs. ITO 3(2)(2), Mumbai

The appeal of the assessee is partly allowed

ITA 6676/MUM/2013[2010-11]Status: DisposedITAT Mumbai25 Jan 2018AY 2010-11

Bench: Shri Joginder Singh & Shri Rajesh Kumar

Section 2(22)(e)

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘बी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, ‘B’ MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी राजेश कुमार, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Rajesh Kumar, Accountant Member ITA Nos.6675 & 6676/Mum/2013 Assessment Years: 2009-10 & 2010-11 M/s Madhusha Holdings P. Income Tax Officer-3(2)(2), Ltd.(formerly known as R. No.609, 6th Floor, बनाम/ UCIL Investment Ltd.), Aayakar Bhavan, Vs. 69A Mittal Chambers, M.K. Road, Nariman Point, Mumbai-400020 Mumbai-400021 (राज"व /Revenue) ("नधा"रती /Assessee) PAN. No.AAACV4048D "नधा"रती…

Madhusha Holdings P.Ltd, Mumbai vs. ITO 3(2)(2), Mumbai

The appeal of the assessee is partly allowed

ITA 6675/MUM/2013[2009-10]Status: DisposedITAT Mumbai25 Jan 2018AY 2009-10

Bench: Shri Joginder Singh & Shri Rajesh Kumar

Section 2(22)(e)

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘बी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, ‘B’ MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी राजेश कुमार, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Rajesh Kumar, Accountant Member ITA Nos.6675 & 6676/Mum/2013 Assessment Years: 2009-10 & 2010-11 M/s Madhusha Holdings P. Income Tax Officer-3(2)(2), Ltd.(formerly known as R. No.609, 6th Floor, बनाम/ UCIL Investment Ltd.), Aayakar Bhavan, Vs. 69A Mittal Chambers, M.K. Road, Nariman Point, Mumbai-400020 Mumbai-400021 (राज"व /Revenue) ("नधा"रती /Assessee) PAN. No.AAACV4048D "नधा"रती…

ITO 3(2)(2), Mumbai vs. Millennium Appliances India Ltd, Mumbai

The appeal of the Revenue is dismissed

ITA 5149/MUM/2015[2011-12]Status: DisposedITAT Mumbai18 Jan 2018AY 2011-12

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2011-12 Income Tax Officer-3(2)(2), M/S Millenium Room No.673, 6Th Floor, Appliances India Ltd. बनाम/ Aayakar Bhavan, 171-C, Mittal Court, Vs. M.K. Road, Nariman Point, Mumbai-400020 Mumbai-400021 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaccm7838D

Section 143(3)Section 144CSection 14ASection 153A

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘बी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, ‘B’ MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी राजेश कुमार, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Rajesh Kumar, Accountant Member Assessment Year: 2011-12 Income Tax Officer-3(2)(2), M/s Millenium Room No.673, 6th Floor, Appliances India Ltd. बनाम/ Aayakar Bhavan, 171-C, Mittal Court, Vs. M.K. Road, Nariman Point, Mumbai-400020 Mumbai-400021 (राज"व /Revenue) ("नधा"रती /Assessee) PAN. No.AACCM7838D राज"व क" ओर से / Revenue by Shri Sumar Kumar-DR "नधा"रती क" ओर से / Assessee by Sh…