How many judgments cite CIT v. Cotton Naturals (I) (P.) Ltd.?

273 judgments on BharatTax cite CIT v. Cotton Naturals (I) (P.) Ltd. (55 Taxmann.com 523), spanning 2015 to 2026.

Which sections of the Income Tax Act does CIT v. Cotton Naturals (I) (P.) Ltd. come up under?

It is most often cited in judgments turning on Section 143(3), Section 92B, Section 144C(13), Section 144B, Section 144C(5), Section 234B.

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 368,382 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 92B Section 144C(13)Section 144B Section 144C(5)Section 234B Section 92CA(3)Section 234C

Read the full judgment

Issues it is cited on

interest on outstanding receivables section 92b(1)safe harbour rules safe harbour section 92b section 72a section 92(1)preliminary expenses cup method corporate guarantee working capital adjustment transfer pricing order

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

DCIT, New Delhi vs. M/S. Delhi Call Centers Pvt. Ltd., New Delhi

In the result, appeal of the Revenue is allowed partly for statistical purposes

ITA 6132/DEL/2014[2009-10]Status: DisposedITAT Delhi30 Nov 2017AY 2009-10

Bench: Sh. Amit Shukla & Sh. O.P. Kantassessment Year: 2009-10 Vs. M/S. Delhi Call Centers Pvt. Dcit, Circle -10(1), New Delhi Ltd., I-10, Lajpat Nagar –Ii, New Delhi Pan : Aabcd9233C (Appellant) (Respondent) Department By Sh. Sanjay Kumar Yadav, Sr.Dr Assessee By Sh. Tarun Rohatagi, Ca Date Of Hearing 14.11.2017 Date Of Pronouncement 30.11.2017 Order Per O.P. Kant, A.M.:

Section 143(2)Section 143(3)Section 144C

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘I-2’, NEW DELHI BEFORE SH. AMIT SHUKLA, JUDICIAL MEMBER AND SH. O.P. KANT, ACCOUNTANT MEMBER Assessment Year: 2009-10 Vs. M/s. Delhi Call Centers Pvt. DCIT, Circle -10(1), New Delhi Ltd., I-10, Lajpat Nagar –II, New Delhi PAN : AABCD9233C (Appellant) (Respondent) Department by Sh. Sanjay Kumar Yadav, Sr.DR Assessee by Sh. Tarun Rohatagi, CA Date of hearing 14.11.2017 Date of pronouncement 30.11.2017 ORDER PER O.P. KANT, A.M.: This Appeal by the Revenue is directed against order dated 15/08/2014 of the Ld. Commissioner of Income-tax (Appeals)-XX, New Delhi for as…

ACIT, New Delhi vs. M/S Wave Industries Pvt. Ltd., New Delhi

The appeals of the Revenue are dismissed

ITA 6607/DEL/2016[2013-14]Status: DisposedITAT Delhi08 Nov 2017AY 2013-14

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

Section 14ASection 14A(2)

…आयकर अपील"य अ"धकरण, "द"ल", "यायपीठ, ‘जी’,"द"ल"। IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “G”, DELHI "ी एन.के. सैनी, लेखा सद"य एवं "ी जो"ग"दर "संह, "या"यक सद"य, के सम! Before Shri N.K. Saini, Accountant Member and Shri Joginder Singh, Judicial Member, ITA Nos.6606 & 6607/Del/2016 Assessment Year: 2013-14 ACIT, M/s Wave Infratech Pvt Ltd. Central Circle-29, C-1, Sec-3, Noida, बनाम/ Room No.318, U.P.-201301 Vs. 3rd Floor, ARA Centre, Or Jhandewalan Extn. M/s Wave Infratech Pvt. Ltd. New Delhi Mezzaine Floor, M-4, South Extension, Part-II, New Delhi-110049 (राज"व /Revenue) ("नधा&'रती /Assessee) PAN. No.…

ACIT, New Delhi vs. M/S Wave Infratech Pvt. Ltd., Noida

The appeals of the Revenue are dismissed

ITA 6606/DEL/2016[2013-14]Status: DisposedITAT Delhi08 Nov 2017AY 2013-14

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

Section 14ASection 14A(2)

Ddb Mudra P.Ltd, Mumbai vs. DCIT Cir 6(3), Mumbai

The appeal of the assessee is partly allowed

ITA 5656/MUM/2016[2011-12]Status: DisposedITAT Mumbai02 Nov 2017AY 2011-12

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2011-12 M/S Ddb Mudra Pvt. Ltd. Dcit, Opp. Grand Hyatt, Circle-6(3), बनाम/ Santacruz (E) Mumbai Vs. Mumbai-400055 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaacm5763H

Section 14ASection 14A(2)

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘सी’ ,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, ‘C’ 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 M/s DDB Mudra Pvt. Ltd. DCIT, Opp. Grand Hyatt, Circle-6(3), बनाम/ Santacruz (E) Mumbai Vs. Mumbai-400055 ("नधा"रती /Assessee) (राज"व /Revenue) PAN. No.AAACM5763H "नधा"रती क" ओर से / Assessee by Shri Rishabh Shah Shri Rajat Mittal-DR राज"व क" ओर से / Revenue by 02/11/2017 सुनवाई क" तार"ख / Date of Hearing : 02/11/2017 आदेश…

M/S.Tuppadahalli Energy India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

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

ITA 2207/BANG/2016[2012-13]Status: DisposedITAT Bangalore13 Oct 2017AY 2012-13

For Appellant: ShriFor Respondent: Shri S.K. Singh, CIT (DR)

Section 143(3)Section 244A

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : BANGALORE BEFORESHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER IT(TP)A No. 2207/Bang/2016 Assessment Year : 2012-13 M/s. Tuppadahalli Energy India Pvt. Ltd., C-402, 4th Floor, Tower C, The Deputy Commissioner of The Millenia 1 & 2, Income-tax, Vs. Murphy Road, Ulsoor, Circle 7(1)(1), Bangalore – 560 008. Bangalore. PAN: AADCT 5680R APPELLANT RESPONDENT Assessee by : Shri Sampath Raghunathan, Advocate Revenue by : Shri S.K. Singh, CIT (DR) Date of hearing : 03.10.2017 Date of Pronouncement : 13.10.2017 O R D E R Per Shri…

DCIT, Circle-4(1), Kolkata vs. M/S. M.K. Shah Exports Ltd., Kolkata

In the result the appeal by the revenue is dismissed

ITA 2149/KOL/2014[2008-2009]Status: DisposedITAT Kolkata12 May 2017AY 2008-2009

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am] I.T.A No. 2149/Kol/2014 Assessment Year : 2008-09 D.C.I.T., Circle-4(1), -Vs.- M/S. M.K.Shah Exports Ltd. Kolkata Kolkata [Pan : Aaccm 0884 H] (Respondent) (Appellant) For The Appellant : None (Dr)(Adj. Request Is Rejected) For The Respondent : Shri Rohit Shukla, Fca Date Of Hearing : 03.05.2017. Date Of Pronouncement : 12.05.2017. Order Per N.V.Vasudevan, Jm This Is An Appeal By The Revenue Against The Order Dated 15.09.2014 Of C.I.T.(A)-Vi, Kolkata Relating To A.Y.2008-09. 2. Grounds Of Appeal Raised By The Revenue Read As Follows :- 1. That On The Facts & Circumstances Of The Case, The Ld. Cit(A) Erred In Law As Well As On Facts In Holding That Addition On Account Of Adjustment Of Interest Of Rs.40,32,011 Charged To The Subsidiary Company Zao Classic Russia Was Not Warranted, Ignoring The Fact That The Addition Was Made On The Arms Length Price Determined By The Tpo U/S 92(Ca)(1). 2 That On The Facts & In Circumstances Of The Case, The Cit(A) Erred In Law As Well As On Facts In Holding That Cess On Green Leaf Of Rs.1 ,44,03,221/- Is An Allowable Expenditure, Ignoring The Fact That It Is Directly Attributable To Core Agriculture Activities Which Is Taxable Under State Agriculture Income Tax, Beyond The Purview Of Central Income Tax & On The Same Issue Slp Is Pending In The Case Of Aft Industries. 3 That The Appellant Craves For Leave To Add, Delete Or Modify Any Of The Grounds Of Appeal Before Or At The Time Of Hearing.

For Appellant: None (DR)(Adj. request is rejected)For Respondent: Shri Rohit Shukla, FCA

Section 92

…dered while determining the arms length rate of interest in respect of transactions of loan in foreign currency between the associated enterprises. This view has also been accepted by the Hon’ble Delhi High Court in the case of CIT vs Cotton Naturals (I) Ltd. 276 CTR 445 (Delhi) and by the Hon’ble Bombay High Court in the case of Tata Auto Comp System Ltd approving the decision of ITAT in the case of Tata Auto Comp Vol.52 SOT 48 (Mum). In view of the above settled legal position we find no merits in ground no.1 and dismiss the same. 11. As far as ground no.2 raised by the revenue is concerned Income from growing…

Zoom Entertainment Network Ltd, Mumbai vs. Asst CIT Cir 11(1), Mumbai

The appeal of the assessee is allowed

ITA 3453/MUM/2016[2010-11]Status: DisposedITAT Mumbai21 Apr 2017AY 2010-11

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2010-11 Zoom Entertainment Acit, Network Limited, Circle-11(1), बनाम/ 1St Floor, Trade Garden Aayakar Bhavan, Vs. Kamala Mills Compound Mumbai-400020 Senapati Bapat Marg, Lower Parel, Mumbai-400013 Pan No.Aaacz2897B ("नधा"रती /Assessee) (राज"व /Revenue)

Section 143(3)Section 144CSection 14ASection 14A(2)Section 153A

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ’ ए, मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “A”, MUMBAI "ी जोिग"दर "सह, "याियक सद"य एवं "ी राजे"", लेखा सद"य, के सम" । Before Shri Joginder Singh, Judicial Member and Shri Rajendra, Accountant Member Assessment Year-2010-11 Zoom Entertainment ACIT, Network Limited, Circle-11(1), बनाम/ 1st Floor, Trade Garden Aayakar Bhavan, Vs. Kamala Mills Compound Mumbai-400020 Senapati Bapat Marg, Lower Parel, Mumbai-400013 PAN No.AAACZ2897B ("नधा"रती /Assessee) (राज"व /Revenue) "नधा"रती क" ओर से / Assessee by Shri S. Venkatraman राज"व क" ओर से / Revenue by Shri Rajesh Kum…

M/S. Sis Live, Gurgaon vs. ACIT, New Delhi

In the result the ground No

ITA 1313/DEL/2015[2011-12]Status: DisposedITAT Delhi13 Feb 2017AY 2011-12

Bench: I.C.Sudhir & Shri Prashant Maharishisis Live Acit, C/O. Srbc & Associates Llp, Central Circle-17, Room No. Vs. Golf View Corporate Tower B, 356, E-2, Sector-42, Sector Road, Gurgaon Pan:Abrfs4787L (Appellant) (Respondent)

For Appellant: Sh. Deepak Chopra, AdvFor Respondent: Shri NC Swain, CIT DR (OSD)

Section 142(1)

…013-14 and if without prejudice, in any subsequent period it is to be benchmarked than LIBOR rate ought to be applied. On applicability of LIBOR, reliance is placed on decision of Hon'ble Delhi High Court in CIT vs Cotton Naturals India Private Limited [2015] 276 CTR 445 (Delhi). At this juncture it would be relevant to re-iterate that the appellant is following cash system of accounting and as far as the transactions with AE are concerned they do not have any bearing on the profitability during the relevant AY, thus any adjustment on account of transfer pricing issues on notional basis are strictly barred. The a…

Everest Kanto Cylinder Ltd, Mumbai vs. DCIT (Ltu) 1, Mumbai

ITA 1131/MUM/2015[2010-11]Status: DisposedITAT Mumbai07 Oct 2016AY 2010-11

For Appellant: Shri Shekhar GuptaFor Respondent: Shri N.K. Chand-CIT

Section 143(3)Section 14ASection 254(1)

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, , , , मुंबई आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई “ केकेकेके” खंडपीठ मुंबई खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“K”Bench Mumbai सव"ी सव"ी सव"ी राजे"" सव"ी राजे"" राजे"",लेखा राजे"" लेखा लेखा सद"य लेखा सद"य सद"य एवं सद"य एवं एवं, , , , शि"जीत डे एवं शि"जीत डे शि"जीत डे, "याियक शि"जीत डे "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Shri Rajendra,Accountant Member and Saktijit Dey,Judicial Member आयकर आयकर आयकर अपील आयकर अपील अपील संसंसंसं/ ITA No.1131/Mum/2015 : िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष"/Assessment Year-2010-11 वष" M/s…

M/S. Dlf Hotel Holdings Limited, New Delhi vs. DCIT, New Delhi

ITA 6336/DEL/2012[2008-09]Status: DisposedITAT Delhi30 Jun 2016AY 2008-09

Bench: Smt Diva Singh & Sh.L.P.Sahu

Section 143(3)Section 14ASection 271(1)(c)Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘I-2’ NEW DELHI BEFORE SMT DIVA SINGH, JUDICIAL MEMBER AND SH.L.P.SAHU, ACCOUNTANT MEMBER I.T.A .No.-6336/Del/2012 (ASSESSMENT YEAR-2008-09) DLF Hotel Holdings Ltd., vs DCIT, 9th Floor, DLF Centre, Circle-10(1), Sansad Marg, New Delhi-110001. New Delhi. PAN-AACCD5033D (Respondent) (Appellant) Appellant by Shri R.S.Singhvi, CA Respondent by Shri A.M. Govil, CIT(DR) Date of Hearing 21.04.2016 Date of pronouncement 30.06.2016 O R D E R PER SMT. DIVA SINGH, JUDICIAL MEMBER The present appeal has been filed by the assessee. The correctness of the order dated…

Essar Steel Orissa Ltd, Mumbai vs. Asst CIT RG 5(1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 2289/MUM/2014[2008-09]Status: DisposedITAT Mumbai22 Jun 2016AY 2008-09

Bench: Shri Rajendra & Shri C.N. Prasad, आयकर अपील सं /I.Ta No. 2289/Mum/2014 ("नधा"रण वष" / Assessment Year:2008-09 M/S. Essar Steel Orissa The Acit, Range 5(1), बनाम/ Ltd., (Since Merged With Aayakar Bhavan, Vs. Essar Steel India Ltd.), Mumbai-40 020 Essar House, 11, K.K. Marg, Mahalaxmi, Mumbai-400 034 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aacfe 1526H .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Shri Vijay Mehta अपीलाथ" ओर से/ Appellant By: Shri Vivek A Peram ""यथ" क" ओर से/Respondent By: Purna

For Appellant: Shri Vivek A PeramFor Respondent: Purna

Section 133(6)Section 143(3)Section 144CSection 92C

…the rate of interest to be applied on the said amount ought to be at LIBOR and not the prime lending rate as applied by the TPO. In order to support the said contention, reliance is placed on the following decisions: a) Cotton Naturals (I) Pvt. Ltd. v DCIT [276 CTR 445 (Del)] b) Hinduja Global Solutions Ltd v Addl.CIT [145 ITD 361 (Mum)] c) Siva Industries & Holding Ltd. vs. CIT [145 DJ 497 (Chen)] . advanced by the assessee on 31.01.2008. Hence, if at all interest is to be computed, it has to be computed for 60 days and not 72 days as calculated by the TPO. The TPO has erred in calculating interest from the d…

Baba Global Ltd., Delhi vs. DCIT, New Delhi

Accordingly we direct the AO to restrict the addition to the exempt income. Accordingly this ground is partly allowed in favour of the assessee

ITA 1086/DEL/2015[2006-07]Status: DisposedITAT Delhi05 May 2016AY 2006-07

Bench: Shri I.C. Sudhir & Shri Prashant Maharishi

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Sanjay Kumar, Sr. DR

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

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH “I-2” NEW DELHI) BEFORE SHRI I.C. SUDHIR AND SHRI PRASHANT MAHARISHI ITA Nos. 1086 to 1091/Del/2015 Assessment Years: 2006-07 to 2011-12 Baba Global Ltd., vs. DCIT, 4873-Chandni Chowk, Central Circle-29, Delhi. New Delhi (PAN: AAACB6357N) (Appellant) (Respondent) Assessee by: Shri Ved Jain, Adv. Department by: Shri Sanjay Kumar, Sr. DR Date of hearing : 08 .02.2016 Date of pronouncement: 05:05.2016 ORDER PER I.C. SUDHIR: JUDICIAL MEMBER These are six appeals filed by the assessee against the action of the learned DRP upholding the order passed by the AO under Sect…

M/S. Rampgreen Solutions Pvt. Ltd., Delhi vs. DCIT, New Delhi

In the result, assessee’s appeal stands partly allowed for statistical

ITA 1066/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2015AY 2010-11

Bench: Shri S.V. Mehrotra : & Shri A.T. Varkey:Asstt. Yr: 2010-11 M/S Rampgreen Solutions Pvt. Ltd. Vs. Dcit Circle 20(2), (Erstwhile Vcustomer Services New Delhi. India Pvt. Ltd.), C-95, Lower Ground Floor, Lajpat Nagar-I, Delhi-110024. Pan: Aabcv 0770 E ( Appellant ) (Respondent)

For Appellant: Sh. S.D. Kapila Adv. &For Respondent: Sh. Syed Nasir Ali CIT (DR)

Section 143(3)Section 271Section 92C

…le companies. 34 57. Ld. counsel pointed out that assessee is receiving only in US dollar and, therefore, the interest rate is to be as per the US currency. He relied on the decision of Hon’ble Delhi High Court in the case of Cotton Natural (P) Ltd. (2015) 276 CTR 445, wherein it is observed as under: “Interest rates should not be computed on the basis of interest payable on the currency or legal tender of the place or the country of residence of either party, Interest rates applicable to loans and deposits in the national currency of the borrower or the lender would vary and are dependent upon the fiscal pol…