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 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 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.

Mavenir Systems Private Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle-4(1)(1), Bangalore

In the result, the appeal filed by the assessee stands partly allowed

ITA 453/BANG/2022[2017-18]Status: DisposedITAT Bangalore23 Mar 2023AY 2017-18

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuit(Tp)A No. 453/Bang/2022 Assessment Year : 2017-18 M/S. Mavenir Systems Pvt. Ltd., Building Beach E1 2Nd Floor, The Deputy Manyata Embassy Business Commissioner Of Park, Income Tax, Outer Ring Road Hebbal Kr Circle – 4 (1)(1), Puram Section, Vs. Bangalore. Bengaluru – 560 045. Pan: Aaecm9663N Appellant Respondent : Smt. Tanmayee Rajkumar, Assessee By Advocate : Dr. Manjunath Karkihalli, Revenue By Cit Dr Date Of Hearing : 05-01-2023 Date Of Pronouncement : 23-03-2023 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against The Final Assessment Order Dated 29.04.2022 Passed By The Ld.Dcit, Circle 4(1)(1), Bangalore For A.Y. 2017-18. The Ld.Ar Has Relied On The Specific Grounds Of Appeal Filed Before This Tribunal Which Are As Under:

For Respondent: Smt. Tanmayee Rajkumar

…an international transaction and ALP of such international transaction has to be determined by Ld.TPO. In so far as charging of rate of interest is concerned, he relied on 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. He thus submitted that the Interest on outstanding receivables have been rightly constitute…

ACIT Cir 6(3), Mumbai vs. Hindalco Industries Ltd, Mumbai

In the result, the appeal of the learned Assessing Officer is partly allowed

ITA 5302/MUM/2013[2007-08]Status: DisposedITAT Mumbai16 Mar 2023AY 2007-08

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal, Jm Addl Cit Range 6(3) M/S Hindalco Industries Ltd 5Th Floor, Room No. 522, 3Rd Floor, Century Bhavan, Dr A.B. Vs. Rd, Worli Aayakar Bhavan,M.K. Road, Mumbai-400 030 Mumbai-20 (Appellant) (Respondent) Dcit, Cir- 6(3) M/S Hindalco Industries Ltd 5Th Floor, Room No. 522, 3Rd Floor, Century Bhavan, Dr A.B. Vs. Aayakar Bhavan,M.K. Road, Rd, Worli Mumbai-400 030 Mumbai-20 (Appellant) (Respondent) Pan No. Aaach1201R

For Appellant: ShriFor Respondent: Dr. Samuel Pitta –SR AR

Section 80Section 801ASection 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS KAVITHA RAJAGOPAL, JM ADDL CIT Range 6(3) M/s Hindalco Industries Ltd 5th Floor, Room No. 522, 3rd Floor, Century Bhavan, Dr A.B. Vs. Rd, Worli Aayakar Bhavan,M.K. Road, Mumbai-400 030 Mumbai-20 (Appellant) (Respondent) DCIT, CIR- 6(3) M/s Hindalco Industries Ltd 5th Floor, Room No. 522, 3rd Floor, Century Bhavan, Dr A.B. Vs. Aayakar Bhavan,M.K. Road, Rd, Worli Mumbai-400 030 Mumbai-20 (Appellant) (Respondent) PAN No. AAACH1201R Assessee by : Shri Percy Pardiwala & S.M. Bandi Revenue by : Dr. Samuel Pitta –SR AR Da…

Hindalco Industries Ltd, Mumbai vs. Addl CIT RG 6(3), Mumbai

In the result, the appeal of the learned Assessing Officer is partly allowed

ITA 5242/MUM/2013[2007-08]Status: DisposedITAT Mumbai16 Mar 2023AY 2007-08

For Appellant: ShriFor Respondent: Dr. Samuel Pitta –SR AR

Section 80Section 801ASection 80I

ACIT, Circle- 27(1), New Delhi vs. Uniparts India Ltd., New Delhi

In the result, the appeal is partly allowed

ITA 6056/DEL/2017[2010-11]Status: DisposedITAT Delhi28 Feb 2023AY 2010-11

Bench: Shri Anil Chaturvedi & Shri Saktijit Deyassessment Year: 2010-11

Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘I’ NEW DELHI BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER & SHRI SAKTIJIT DEY, JUDICIAL MEMBER Assessment Year: 2010-11 ACIT, Circle-27(1), Vs. Uniparts India Ltd., New Delhi Block 5, Gripwel House, C-6 & 7, Vasant Kunj, New Delhi PAN :AAACU0454D (Appellant) (Respondent) Department by Shri Tarandeep Singh, Adv. Assessee by Ms. Mrinal Kumar Das, Sr. DR Date of hearing 20.02.2023 Date of pronouncement 28.02.2023 ORDER PER SAKTIJIT DEY: JUDICIAL MEMBER: Captioned appeal by the Revenue arises out of order dated 23.01.2017 of learned Commissioner of Incom…

Apache Footwear India Private Limited, Nellore vs. ACIT, Circle-1(1), Tirupati

In the result, the appeal of the assessee is dismissed

ITA 568/HYD/2022[2018-19]Status: DisposedITAT Hyderabad16 Jan 2023AY 2018-19

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

For Appellant: Shri Kuriachan, CAFor Respondent: Shri Rajendra Kumar, CIT-DR

Section 142(1)Section 143(2)Section 143(3)Section 144CSection 270A

…ee is in the case of CIT vs. Vaibhav Gems Ltd reported in (2017) 88 taxmann.com 12 (Raj.). In this case, the Hon'ble Rajasthan High Court after relying upon the decision of the Hon'ble Delhi High Court in the case of CIT vs. Cotton Naturals (I) Pvt. Ltd (2015)231 Taxmann.com 401 had allowed the applicability or LIBOR+200 points interest free loan provided by the appellant to its AEs. In the present case, admittedly, the case is not pertaining to the loan transactions given by the assessee to its AEs. However, in the present case, there is a delay of receiving consideration from the AEs and the total amount due to…

M/S. Applied Materials India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle- 1(1)(1), Bangalore

In the result, the appeal filed by the assessee stands partly allowed

ITA 2582/BANG/2019[2015-16]Status: DisposedITAT Bangalore30 Dec 2022AY 2015-16

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Respondent: Shri T. Suryanarayana

Deputy Commissioner of Income Tax 14(2)(1), Mumbai vs. India Debt Management Private Limited, Mumbai

In the result, appeal by the Revenue is dismissed

ITA 5533/MUM/2017[2011-12]Status: DisposedITAT Mumbai29 Dec 2022AY 2011-12

Bench: Shri B.R. Baskaran & Shri Vikas Awasthyआअसं. 5533/मुं/2017 ("न.व. 2011-12) Dy. Commissioner Of Income Tax-14(2)(1) Room No. 432, 4Th Floor Aayakar Bhavan, M.K. Road, Mumbai 400020 ...... अपीलाथ"/Appellant बनाम Vs. M/S. India Debt Management P. Ltd. C-59, Platina, 'G' Block ..... ""तवाद"/Respondent Bkc, Bandra (East)Mumbai 400051 Pan:Aabci4256N अपीलाथ" "वारा/ Appellant By : Shri Uodal Raj Singh, Sr. Ar ""तवाद" "वारा/Respondent By : Shri Vijay Mehta

For Appellant: Shri Uodal Raj Singh, Sr. ARFor Respondent: Shri Vijay Mehta

…आयकर अपील"य अ"धकरण मुंबई पीठ “के”, मुंबई "ी बी आर बा"करण, लेखाकार सद"य एवं . "ी "वकास अव"थी, "या"यक सद"य के सम" IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER & SHRI VIKAS AWASTHY, JUDICIAL MEMBER आअसं. 5533/मुं/2017 ("न.व. 2011-12) Dy. Commissioner of Income Tax-14(2)(1) Room No. 432, 4th Floor Aayakar Bhavan, M.K. Road, Mumbai 400020 ...... अपीलाथ"/Appellant बनाम Vs. M/s. India Debt Management P. Ltd. C-59, Platina, 'G' Block ..... ""तवाद"/Respondent BKC, Bandra (East)Mumbai 400051 PAN:AABCI4256N अपीलाथ" "वारा/ Appellant by : Shri Uodal Raj Singh, S…

Xchanging Solutions Limited, Bangalore vs. The Deputy Commissioner of Income Tax, Circle-7(1)(1), Bangalore

In the result, the appeal is partly allowed

ITA 292/BANG/2022[2017-18]Status: DisposedITAT Bangalore21 Dec 2022AY 2017-18

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

For Appellant: Shri Padamchand Khincha, CAFor Respondent: Shri K. Sankar Ganesh, Jt.CIT(DR)(ITAT), Bengaluru

Section 143(2)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND Ms. PADMAVATHY S, ACCOUNTANT MEMBER IT(TP)A No.292/Bang/2022 Assessment year : 2017-18 Xchanging Solutions Limited, Vs. The Assessing Officer, Kalyani Tech Park, National Faceless Assessment Centre, Magnolia Building, Survey 1#, 6 & 24, Delhi [/ ITPL Main Road, K R Puram Hobli, DCIT, Circle 7(1)(1), Bangalore – 560 066. Bangalore]. PAN: AAFCS 9303L ASSESSEE RESPONDENT Assessee by : Shri Padamchand Khincha, CA Respondent by : Shri K. Sankar Ganesh, Jt.CIT(DR)(ITAT), Bengaluru. Date of hearing : 05.12.2022…

Applied Materials India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle-1(1)(1), Bangalore

In the result, the appeal filed by the assessee stands partly allowed

ITA 209/BANG/2021[2016-17]Status: DisposedITAT Bangalore30 Nov 2022AY 2016-17

Bench: Shri Chandra Poojari & Smt. Beena Pillaiit(Tp)A No. 209/Bang/2021 Assessment Year : 2016-17 M/S. Applied Materials India Pvt. Ltd., Unit -5, 3Rd Floor, The Deputy Explorer Building, Commissioner Of International Tech Income Tax, Park, Circle – 1(1)(1), Whitefield Road, Vs. Bangalore. Bangalore – 560 001. Pan: Aaeca2635C Appellant Respondent : Shri T. Suryanarayana, Assessee By Advocate : Dr. Manjunath Karkihalli, Revenue By Cit-Dr Date Of Hearing : 30-11-2022 Date Of Pronouncement : 30-11-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against The Order Dated 31/03/2021 Passed By The National E-Assessment Centre, Delhi For A.Y. 2016-17 On Following Grounds Of Appeal:

For Respondent: Shri T. Suryanarayana

Section 143(1)Section 143(2)Section 195Section 40Section 92C

…an international transaction and ALP of such international transaction has to be determined by Ld.TPO. In so far as charging of rate of interest is concerned, he relied on 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. We have perused the submissions advanced by both the sides in the light of the records plac…

Sasken Technologies Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the appeal filed by the assessee stands partly allowed

ITA 404/BANG/2017[2012-13]Status: DisposedITAT Bangalore30 Nov 2022AY 2012-13

Bench: Shri Chandra Poojari & Smt. Beena Pillaiit(Tp)A No. 404/Bang/2017 Assessment Year : 2012-13 M/S. Sasken Technologies Ltd., (Formerly Known As The Deputy Sasken Communication Commissioner Of Technologies Ltd.), Income Tax, No. 139/25, Domlur Circle – 6(1)(1), Ring Road, Vs. Bangalore. Bangalore – 560 071. Pan: Aaecs6424R Appellant Respondent : Shri Padam Chand Khincha, Assessee By Ca : Shri K. Sankar Ganesh, Jcit Revenue By Dr Itat Date Of Hearing : 15-11-2022 Date Of Pronouncement : 30-11-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against The Assessment Order Dated 31.01.2017 Passed By Ld.Dcit, Circle – 6(1)(1), Bangalore For A.Y. 2012-13 On Following Concise Grounds Of Appeal: “1. General:- The Learned Ao & The Drp Erred In Passing The Order / Directions In The Manner Passed By Them. The Orders Passed Being Bad In Law Is Liable To Be Quashed.

For Respondent: Shri Padam Chand Khincha

Section 133(6)Section 2(24)Section 92BSection 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH : BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER IT(TP)A No. 404/Bang/2017 Assessment Year : 2012-13 M/s. Sasken Technologies Ltd., (Formerly known as The Deputy Sasken Communication Commissioner of Technologies Ltd.), Income Tax, No. 139/25, Domlur Circle – 6(1)(1), Ring Road, Vs. Bangalore. Bangalore – 560 071. PAN: AAECS6424R APPELLANT RESPONDENT : Shri Padam Chand Khincha, Assessee by CA : Shri K. Sankar Ganesh, JCIT Revenue by DR ITAT Date of Hearing : 15-11-2022 Date of Pronouncement : 30-11-2022 ORDER PER BEENA…

Bsc C&C Jv, New Delhi vs. Neac, New Delhi

In the result, the appeal of the assessee is partly allowed as

ITA 705/DEL/2021[2016-17]Status: DisposedITAT Delhi30 Nov 2022AY 2016-17

Bench: Shri G.S. Pannu, Hon’Ble & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.705/Del/2021 िनधा"रणवष"/Assessment Year: 2016-17 बनाम Bsc C&C Jv Assessing Officer, 74, Hemkunt Colony, Vs. National E-Assessment New Delhi. Centre, Delhi. Pan No. Aadfb8115G अपीलाथ" Appellant ""यथ"/Respondent

Section 143(2)Section 143(3)Section 144BSection 144C(13)Section 144C(5)Section 80I

…I.T.A.No.705/Del/2021 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “I-1” NEW DELHI BEFORE SHRI G.S. PANNU, HON’BLE PRESIDENT AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER आ.अ.सं/.I.T.A No.705/Del/2021 िनधा"रणवष"/Assessment Year: 2016-17 बनाम BSC C&C JV Assessing Officer, 74, Hemkunt Colony, Vs. National e-Assessment New Delhi. Centre, Delhi. PAN No. AADFB8115G अपीलाथ" Appellant ""यथ"/Respondent Shri Tarandeep Singh, Adv. िनधा"रतीक"ओरसे /Assessee by Shri Surender Pal, CIT DR राज"वक"ओरसे /Revenue by सुनवाईक"तारीख/ Date of hearing: 23.09.2022 30.11.2022 उ"ोषणाक"तारीख/Pronouncement on आदेश /O R D E R PER C.N…

Finastra Software Solutions (India) Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle-3(1)(1), Bangalore

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

ITA 268/BANG/2021[2016-17]Status: DisposedITAT Bangalore28 Nov 2022AY 2016-17

Bench: Shri George George K. & Ms. Padmavathy S.It(Tp)A No. 268/Bang/2021 (Assessment Year: 2016-17)

For Appellant: Shri T. Suryanarayana, AdvFor Respondent: Shri Manjunath Karkihalli, CIT-DR

Section 143(3)Section 80G

…IN THE INCOME TAX APPELLATE TRIBUNAL BENGALURU “B” BENCH, BENGALURU Before Shri George George K., Judicial Member and Ms. Padmavathy S., Accountant Member IT(TP)A No. 268/Bang/2021 (Assessment Year: 2016-17) M/s. Finastra Software Solutions vs DCIT, Circle 3(1)(1) (India) Pvt. Ltd. 2nd Floor, BMTC Building 4th to 6th Floor, Virgo Building 80 Feet Road, Koramangala Bengaluru 560095 Bagmane Constellatin Business Park, Other Ring Road, Dodanekundi, Bangalore 560037 PAN – AAACK9067G (Assessee) (Respondent) Assessee by: Shri T. Suryanarayana, Adv Revenue by: Shri Manjunath Karkihalli, CIT-DR Date of hearing: 21/11/2…

M/S Infosys Limited, Bangalore vs. The Deputy Commissioner of Income Tax, Circle-3(1)(1), Bangalore

In the result, the appeal filed by the assessee stands partly allowed

ITA 718/BANG/2017[2012-13]Status: DisposedITAT Bangalore28 Nov 2022AY 2012-13

Bench: Shri Chandra Poojaria & Smt. Beena Pillaiassessment Appeal No. Appellant Respondent Year M/S. Infosys Ltd., The Assistant Electronic City, Commissioner It(Tp)A No. Hosur Road, Of Income Tax, 2012-13 718/Bang/2017 Bangalore – 560 Circle – 100. 3(1)(1), Pan: Bangalore. Aaaci4798L : Shri Padamchand Khincha, Assessee By Ca : Shri K.V. Arvind & Shri Dilip, Revenue By Standing Counsels For Dept. Date Of Hearing : 15-09-2022 Date Of Pronouncement : 28-11-2022 Order Per Beena Pillaipresent Appeal Arises Out Of Final Assessment Order Dated 28/02/2017 Passed By The Ld.Acit, Circle – 3(1)(1), Bangalore For A.Y. 2012-13 On Following Grounds Of Appeal: General & Legal Grounds 1. The Order Passed By The Learned Assessing Officer & The Directions Of Hon’Ble Drp To The Extent Prejudicial To The Appellant Is Bad In Law & Liable To Be Quashed. Grounds On Denial Of Deduction Claimed Under Section 10Aa In Respect Of 4 Sez Units Viz., Chennai – Unit 1, Chandigarh, Mangalore - Unit 1 & Pune Unit 1 2. The Learned Assessing Officer Has Erred In Denying Deduction Claimed Under Section 10Aa In The Return Of Income Totally Amounting To Rs. 2227,82,65,630 In Respect

Section 10ASection 14ASection 2Section 2(24)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH : BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBERA AND SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment Appeal No. Appellant Respondent Year M/s. Infosys Ltd., The Assistant Electronic City, Commissioner IT(TP)A No. Hosur Road, of Income Tax, 2012-13 718/Bang/2017 Bangalore – 560 Circle – 100. 3(1)(1), PAN: Bangalore. AAACI4798L : Shri Padamchand Khincha, Assessee by CA : Shri K.V. Arvind & Shri Dilip, Revenue by Standing Counsels for Dept. Date of Hearing : 15-09-2022 Date of Pronouncement : 28-11-2022 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal ari…

M/S. Praxair India Private Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle-3(1)(1), Bangalore

In the result, both the appeals of the assessee in IT(TP)A No

ITA 199/BANG/2021[2015-16]Status: DisposedITAT Bangalore22 Nov 2022AY 2015-16

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri T. Suryanarayana, Senior A.RFor Respondent: Shri K. Sankar Ganesh, D.R

Section 143Section 143(3)Section 92C

…IT(TP)A No.3336/Bang/2018 & IT(TP)A No.199/Bang/2021 M/s. Praxier India Pvt. Ltd., Bengaluru IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER IT(TP)A No.3336/Bang/2018 Assessment Year: 2014-15 M/s. Praxier India Pvt. Ltd. Mercury 2B Block 6th Floor, Prestige Technology Park Outer Ring Road, Marathahalli Vs. ACIT Ci rcle-2 Bengaluru 566 103 Bengaluru PAN NO : AAACP9993J APPELLANT RESPONDENT IT(TP)A No.199/Bang/2021 Assessment Year: 2015-16 M/s. Praxier India Pvt. Ltd. Mercury 2B Block 6th Floor, Prestige Tech…

M/S Praxair India Private Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-2, Bangalore

In the result, both the appeals of the assessee in IT(TP)A No

ITA 3336/BANG/2018[2014-15]Status: DisposedITAT Bangalore22 Nov 2022AY 2014-15

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri T. Suryanarayana, Senior A.RFor Respondent: Shri K. Sankar Ganesh, D.R

Section 143Section 143(3)Section 92C

Ab Inbev Gcc Services India Private Limited (Earlier Known As Gcc Services India Private Limited), Bangalore vs. The Deputy Commissioner of Income Tax, Circle-3(1)(1), Bangalore

In the result, the appeal filed by the assessee stands partly allowed as indicated hereinabove

ITA 290/BANG/2022[2017-18]Status: DisposedITAT Bangalore14 Nov 2022AY 2017-18

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuit(Tp)A No. 290/Bang/2022 Assessment Year : 2017-18 M/S. Ab Inbev Gcc Services India Pvt. Ltd., (Earlier Known As Gcc Services India Pvt. Ltd.), The Deputy 12Th & 13Th Floor, Commissioner Of Peridot Block, Bagmane Income Tax, World Technology Centre Circle 3(1)(1), Sez, Vs. Bangalore. Marthalli Road, Kr Puram, Bangalore – 560 048. Pan: Aafcg8223M Appellant Respondent Assessee By : Shri Chavali Narayan, Ca : Dr. Manjunath Karkihalli, Revenue By Cit-Dr Date Of Hearing : 20-09-2022 Date Of Pronouncement : 14-11-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against The Final Assessment Order Passed By The Nfac, Delhi Dated 21/02/2022 For A.Y. 2017-18 On Following Grounds Of Appeal:

For Appellant: Shri Chavali Narayan, CA

Section 115JSection 143(1)Section 244ASection 270ASection 92B

…transaction has to be determined by Ld.TPO. Page 10 of 17 IT(TP)A No. 290/Bang/2022 3.3 In so far as charging of rate of interest is concerned, he relied on decision of the Hon’ble Delhi High Court in CIT vs. Cotton Naturals (I) Pvt. Ltd. reported in (2015) 276 CTR 445 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. We have perused the submissions advanced by both the sides in the light of the records placed bef…

Fireeye Cybersecurity Private Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle-3(1)(1), Bangalore

In the result, the appeal filed by the assessee stands partly allowed

ITA 292/BANG/2021[2016-17]Status: DisposedITAT Bangalore10 Nov 2022AY 2016-17

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuit(Tp)A No. 292/Bang/2021 Assessment Year : 2016-17 M/S. Mandiant Cyber Security Pvt. Ltd. (Formerly Known As Fireeye The Deputy Cybersecurity Pvt. Commissioner Of Ltd.), Income Tax, No. 5, Front Wing Circle – 3(1)(1), Salarpuria Infinity, Vs. Bengaluru. 2Nd Floor, Bannerghatta Road, Bengaluru – 560 029. Pan: Aaccf1341A Appellant Respondent : Shri T. Suryanarayana, Assessee By Senior Advocate Revenue By : Shri Vilas Shinde, Cit Dr Date Of Hearing : 26-09-2022 Date Of Pronouncement : 10-11-2022 Order Per Beena Pillaipresent Appeal Arises Out Of Order Passed By National E- Assessment Centre, Delhi Dated 30/04/2021 On Following Revised Grounds Of Appeal:

For Respondent: Shri T. Suryanarayana

Medreich Limited, Bangalore vs. Assistant Commissioner of Income Tax, Central Circle-1(2), Bangalore

In the result, the appeal filed by the assessee stands allowed as indicated hereinabove

ITA 451/BANG/2022[2017-18]Status: DisposedITAT Bangalore21 Oct 2022AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillaiit(Tp)A No. 451/Bang/2022 Assessment Year : 2017-18 M/S. Medreich Ltd., No. 12/8, Medreich The Assistant House, Commissioner Of Saraswati Ammal Income Tax, Street, Central Circle – Maruti Seva Nagar, 1(2), Vs. Bangalore – 560 033. Bangalore. Pan: Aabcm1458Q Appellant Respondent : Shri Padam Chand Assessee By Khincha, Ca : Shri Praveen Karanth, Revenue By Cit-Dr Date Of Hearing : 27-07-2022 Date Of Pronouncement : 21-10-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against The Final Assessment Order Passed By The Ld.Acit, Central Circle – 1(2), Bangalore Dated 26/04/2022 For A.Y. 2017-18 On Following Grounds Of Appeal: “General Ground 1.1 The Learned Assistant Commissioner Of Income Tax, Central Circle-1(2), Bangalore (`A0') Erred In Passing The Assessment Order Under Section 143(3) R.W.S 144C(13) Of The Income Tax Act, 1961 (`The Act) In The Manner Passed

For Respondent: Shri Padam Chand

Section 143(3)Section 14ASection 92B

M/.S Synamedia India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle- 6(1)(2), Bangalore

In the result, the appeal filed by assessee stands allowed in respect of the issues argued and considered hereinabove

ITA 2595/BANG/2019[2015-16]Status: DisposedITAT Bangalore21 Oct 2022AY 2015-16

Bench: Shri Chandra Poojari & Smt. Beena Pillaiit(Tp)A No. 2595/Bang/2019 Assessment Year : 2015-16 M/S. Synamedia India Pvt. Ltd., Block 9A & 9B, The Deputy Pritech Park, Commissioner Of Survey No. 51-64/4, Income Tax, Sarjapur Outer Ring Circle – 6(1)(2), Road, Bengaluru. Vs. Bellandur Village, Bengaluru – 560 103. Pan: Aaccn1140K Appellant Respondent Assessee By : Shri Ankur Pai, Advocate : Shri Praveen Karanth, Revenue By Cit-Dr Date Of Hearing : 28-07-2022 Date Of Pronouncement : 21-10-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against The Final Assessment Order Dated 29/10/2019 Passed By The Ld.Dcit, Circle – 6(1)(2), Bangalore For A.Y. 2014-15 On Following Grounds Of Appeal:

For Appellant: Shri Ankur Pai, Advocate

Section 143(2)

…an international transaction and ALP of such international transaction has to be determined by Ld.TPO. In so far as charging of rate of interest is concerned, he relied on 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. We have perused the submissions advanced by both the sides in the light of the records plac…

M/S. Tivo Tech Private Limited (Formerly Known As Veveo (India) Private Limited), Bangalore vs. Deputy Commissioner of Income Tax, Circle-7(1)(1), Bangalore

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

ITA 237/BANG/2021[2016-17]Status: DisposedITAT Bangalore12 Oct 2022AY 2016-17

Bench: Shri George George K. & Ms. Padmavathy S

For Appellant: Smt. Tanmayee Rajkumar, AdvocateFor Respondent: Dr. Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru

Section 143(2)Section 234BSection 37

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND Ms. PADMAVATHY S, ACCOUNTANT MEMBER IT(TP)A No.237/Bang/2021 Assessment year : 2016-17 M/s. TiVo Tech Private Limited Vs. The Deputy Commissioner [formerly Veveo (India) Private Ltd.), of Income Tax, 10th Floor, Primrose 7B, Circle 7(1)(1), Embassy Tech Village, Bangalore. Outer Ring Road, Devarabisanahalli Village, Bangalore – 560 103. PAN: AABCV 9504G ASSESSEE RESPONDENT Assessee by : Smt. Tanmayee Rajkumar, Advocate Respondent by : Dr. Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru. Date of hearing…