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

276 CTR 445High Court2015#887 most cited

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

The currency in which an amount is to be repaid determines the applicable rate of interest for international transactions. For notional interest on loans granted to Associated Enterprises, the arm's length rate is restricted to LIBOR, and no mark-up on the LIBOR rate is warranted.

120

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2025.

Also referred to as

CIT v. Cotton Naturals (I) Pvt. Ltd. · Section 92B · Section 92CA · international transaction · interest on outstanding receivables · arm's length price · ALP · LIBOR rate · no mark-up · loans to AEs · currency of repayment · transfer pricing

Also reported as

231 Taxmann.com 401

Sections most often in play

Section 143(3)Section 92BSection 234BSection 234CSection 144C(13)Section 144C(5)Section 92CA(3)Section 143(2)

Issues it is cited on

interest on outstanding receivablessection 92b(1)section 75section 10bacaptive service providersection 92emultiple year dataresale price methodworking capital adjustmentcost plus methodsection 92bintra group services

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

M/S.IBS SOFTWARE SERVICES P. LTD,TRIVANDRUM vs. THE DCIT, TRIVANDRUM

ITA 601/COCH/2017[2013-14]Status: DisposedITAT Cochin13 Nov 2025AY 2013-14

Bench: SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Rajakannan, AdvocateFor Respondent: Shri Sanjit Kumar Das, CIT-DR
Section 143(3)Section 144CSection 144C(5)Section 36(1)(iii)Section 36(1)(va)Section 92C

…lf of the Assessee that in case of loans and advances denominated in foreign currencies, LIBOR Rates would be more suitable for benchmarking. In the case of Commissioner of Income-tax -I vs. Cotton Naturals (I) (P.) Ltd. : [2015] 231 Taxman 401 (Delhi)/[2015] 276 CTR 445 (Delhi)[27-03-2015], it was held by the Hon’ble Delhi High Court held that when loans or trade 7 Assessment Year 2013-2014 receivables are denominated in foreign currency, the arm’s length interest rate should reference the international market rate (such as LIBOR) plus an appropriate basis point spread, not Indian domestic rates. Accordingly, w…

BRIGHTCOM GROUP LIMITED,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-1(2), HYDERABAD

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

ITA 1747/HYD/2019[2015-16]Status: DisposedITAT Hyderabad10 Sept 2025AY 2015-16

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri P. Murali Mohan Rao, C.AFor Respondent: Dr. Narendra Kumar Naik
Section 115JSection 143(2)Section 143(3)Section 144C(5)Section 14ASection 37Section 92C

…BOR) would govern the international transactions ITA No.1747/Hyd/2019 23 of lending by the assessee to the AEs. This issue also came up for consideration before the Hon'ble Delhi High Court in the case of CIT vs. Cotton Naturals (I) Private Ltd, reported in 276 CTR 445 (Del.) and the Hon'ble Delhi High Court has held in para 35 to 40 as under: “35. The LIBOR rate plus markup or the interest rate prevailing in the United States at that time, i.e. 2003 have not been examined and are not the basis on which the TPO made the adjustment and compute the interest rate for the transaction under consideration. It claimed…

SIGNODE INDIA LIMITED,HYDERABAD vs. ACIT., CIRCLE 3(1), HYDERABAD

In the result, appeal of the assessee is partly allowed for statistical

ITA 1376/HYD/2024[2021-22]Status: DisposedITAT Hyderabad25 Jul 2025AY 2021-22

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri H. Srinivasulu, C.AFor Respondent: Dr. Sachin Kumar, SR-DR
Section 143(3)Section 144BSection 144C(13)Section 153Section 92C(3)

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘B’ Bench, Hyderabad श्री विजय पाल राि, उपाध् यक्ष एिं श्री मिुसूदन सािडिया, लेखा सदस् य के समक्ष । BEFORE SHRI VIJAY PAL RAO, VICE PRESIDENT AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA No.1376/Hyd/2024 (निर्धारण वर्ा/Assessment Year:2021-22) M/s. Signode India Limited, Asst. Commissioner of Income Tax, Vs. Hyderabad. Circle 3(1), Hyderabad. PAN:AAHCS8120M (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee by: Shri H. Srinivasulu, C.A. रधजस् व द्वधरध/Revenue by: Dr. Sachin Kumar, SR-DR सुिवधई की तधरीख/Date of hear…

IVY SOFTWARE DEVELOPMENT SERVICES PRIVATE LIMITED,HYDERABAD vs. DCIT, CIRCLE -2(1), HYDERABAD

In the result, the ground no

ITA 73/HYD/2022[2017-18]Status: DisposedITAT Hyderabad16 Jul 2025AY 2017-18

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri Nageswar Rao, AdvocateFor Respondent: Shri B. Bala Krishna, CIT-DR
Section 143(2)Section 143(3)Section 144C(5)

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A’ Bench, Hyderabad BEFORE SHRI VIJAY PAL RAO, VICE PRESIDENT AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /IT(TP)A No.73/Hyd/2022 (निर्धारण वर्ा/Assessment Year:2017-18) M/s. IVY Software Development Dy. Commissioner of Income Tax, Vs. Circle-2(1), Hyderabad. Services Private Limited, Hyderabad. PAN:AADCI6283R (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee by: Shri Nageswar Rao, Advocate. रधजस् व द्वधरध/Revenue by: Shri B. Bala Krishna, CIT-DR सुिवधई की तधरीख/Date of hearing: 16/05/2025 घोर्णध की तधरीख/Pronounceme…

VAIBHAV GLOBAL LIMITED,JAIPUR vs. DCIT, CC-4, JAIPUR

ITA 1485/JPR/2024[2021-22]Status: DisposedITAT Jaipur30 Jun 2025AY 2021-22
For Appellant: Shri Vinod Kumar Gupta, AdvFor Respondent: Shri Rajesh Ojha, CIT-DR
Section 115JSection 115QSection 143(3)Section 36(1)(va)

…case for AY 2013-14, Hon'ble \nIncome Tax Appellate Tribunal (ITAT) vide order dated 24 April 2018, followed the \nHigh Court order in the VGL's case for AY 2009-10 and AY 2010-11 wherein \njudgement of Delhi High Court in case of Cotton Naturals (1) P. Ltd. (276 CTR 445 \n[2015]) was relied upon and thereby, restricted the arm's length rate to LIBOR for \nthe notional interest on loans granted to AEs. Accordingly, any mark-up on LIBOR \nrate is not warranted in the instant case. \n\n\nb) Furthermore, the Ld. AO and the Ld. AO had not followed the judgement of the \nHon'ble ITAT, Jaipur, in the case of the appell…

VAIBHAV GLOBAL LIMITED,JAIPUR vs. DCIT, CC-4, JAIPUR

In the result, the appeal of the assessee in ITA no

ITA 1144/JPR/2024[2020-21]Status: DisposedITAT Jaipur30 Jun 2025AY 2020-21
For Appellant: Shri Vinod Kumar Gupta, AdvFor Respondent: Shri Rajesh Ojha, CIT-DR
Section 115JSection 115QSection 143(3)Section 144C(5)Section 36(1)(va)

…s own case for AY 2013-14, Hon'ble Income Tax Appellate Tribunal (ITAT) vide order dated 24 April 2018, followed the High Court order in the VGL's case for AY 2009-10 and AY 2010-11 wherein judgement of Delhi High Court in case of Cotton Naturals (1) P. Ltd. (276 CTR 445 [2015]) was relied upon and thereby, restricted the arm's length rate to LIBOR for the notional interest on loans granted to AEs. Accordingly, any mark-up on LIBOR rate is not warranted in the instant case. b) Furthermore, the Ld. AO and the Ld. AO had not followed the judgement of the Hon'ble ITAT, Jaipur, in the case of the appellant, for the…

AB INBEV GCC SERVICES INDIA PRIVATE LIMITED,BANGALORE, KARNATAKA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1) , BANGALORE

In the result, appeal is allowed for statistical purposes

ITA 1635/BANG/2024[2020-21]Status: DisposedITAT Bangalore13 May 2025AY 2020-21

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubeyit(It)A No.1635/Bang/2024 Assessment Year :2020-21

For Appellant: Shri. Chavali Narayan, CAFor Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bangalore
Section 143(3)Section 144BSection 153Section 92B

…ransaction and ALP of such international transaction has to be determined by Ld.TPO. 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, IT(IT)A No.1635/Bang/2024 Page 11 of 17 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 si…

DSM SHARED SERVICES INDIA PRIVATE LIMITED,HYDERABAD vs. ACIT, CIRCLE-8(1), HYDERABAD

In the result, the appeal of the assessee is partly allowed for statistical purpose

ITA 501/HYD/2022[2018-19]Status: DisposedITAT Hyderabad05 May 2025AY 2018-19

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri Aliasgar Rampurawala, C.AFor Respondent: Shri B. Bala Krishna, CIT-DR
Section 143(3)Section 43B

…आआआआ आआआआआआ आआआआआआ, आआआआआआआआ आआआ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A’ Bench, Hyderabad BEFORE SHRI VIJAY PAL RAO, VICE PRESIDENT AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA No.501/Hyd/2022 (निर्धारण वर्ा/Assessment Year:2018-19) M/s. DSM Shared Services India Asst. Commissioner of Income Tax, Vs. Circle-8(1), Hyderabad. Pvt. Ltd., Hyderabad. PAN: AADCD8407C (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee by: Shri Aliasgar Rampurawala, C.A. रधजस् व द्वधरध/Revenue by: Shri B. Bala Krishna, CIT-DR सुिवधई की तधरीख/Date of hearing: 06/03/2025 घोर्णध की तधरीख/Pronouncement: 05/05/2…

OAKTON GLOBAL TECHNOLOGY SERVICES CENTRE (I) PRIVATE LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(2), HYDERABAD

In the result, the appeal of the assessee in ITA No

ITA 32/HYD/2019[2014-15]Status: DisposedITAT Hyderabad16 Apr 2025AY 2014-15

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri Ravi Bharadawaj, C.AFor Respondent: Shri B. Bala Krishna, CIT-DR
Section 143(3)Section 92B

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A’ Bench, Hyderabad BEFORE SHRI VIJAY PAL RAO, VICE PRESIDENT AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA Nos.2130/Hyd/2017 & 32/Hyd/2019 (निर्धारण वर्ा/Assessment Years:2013-14 & 2014-15) M/s. Oakton Global Technology Dy. Commissioner of Income Tax, Vs. Circle-16(2), Hyderabad. Services Centre (India) Private Limited, Hyderabad. PAN:AAACO8824H (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee by: Shri Ravi Bharadawaj, C.A. रधजस् व द्वधरध/Revenue by: Shri B. Bala Krishna, CIT-DR सुिवधई की तधरीख/Date of hearing:…

OAKTON GLOBAL TECHNOLOGY SERVICES CENTRE (INDIA) PRIVATE LIMITED,HYDERABAD vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-16(2), HYDERABAD

In the result, the appeal of the assessee in ITA No

ITA 2130/HYD/2017[2013-14]Status: DisposedITAT Hyderabad16 Apr 2025AY 2013-14

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri Ravi Bharadawaj, C.AFor Respondent: Shri B. Bala Krishna, CIT-DR
Section 143(3)Section 92B

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A’ Bench, Hyderabad BEFORE SHRI VIJAY PAL RAO, VICE PRESIDENT AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA Nos.2130/Hyd/2017 & 32/Hyd/2019 (निर्धारण वर्ा/Assessment Years:2013-14 & 2014-15) M/s. Oakton Global Technology Dy. Commissioner of Income Tax, Vs. Circle-16(2), Hyderabad. Services Centre (India) Private Limited, Hyderabad. PAN:AAACO8824H (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee by: Shri Ravi Bharadawaj, C.A. रधजस् व द्वधरध/Revenue by: Shri B. Bala Krishna, CIT-DR सुिवधई की तधरीख/Date of hearing:…

HARSCO INDIA PRIVATE LIMITED,HYDERABAD vs. DCIT., CIRCLE 2(1), HYDERABAD

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 1041/HYD/2024[2021-22]Status: DisposedITAT Hyderabad06 Mar 2025AY 2021-22

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G.आ.अपी.सं /Ita No.1041/Hyd/2024 (िनधा"रण वष"/Assessment Year: 2021-22) Harsco India (P) Ltd Vs. Dy. Commissioner Of Hyderabad Income Tax, Circle 2(1) Pan:Aacch0555L Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Ca Suvibha Nolka राज" व "ारा/Revenue By:: Shri B Bala Krishna, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 08/01/2025 घोषणा की तारीख/Pronouncement: 06/03/2025 आदेश/Order

For Appellant: CA Suvibha NolkaFor Respondent: : Shri B Bala Krishna, CIT(DR)
Section 143(3)Section 144C(5)

…ITA No 1041 of 2024 HARSCO India Private Ltd आयकर अपील"य अ"धकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘ A ‘ Bench, Hyderabad Before Shri Vijay Pal Rao, Vice-President A N D Shri Manjunatha, G. Accountant Member आ.अपी.सं /ITA No.1041/Hyd/2024 (िनधा"रण वष"/Assessment Year: 2021-22) HARSCO India (P) Ltd Vs. Dy. Commissioner of Hyderabad Income Tax, Circle 2(1) PAN:AACCH0555L Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee by: CA Suvibha Nolka राज" व "ारा/Revenue by:: Shri B Bala Krishna, CIT(DR) सुनवाई की तारीख/Date of hearing: 08/01/2025 घोषणा की तारीख/Pronouncement: 06/03/20…

PR. COMMISSIONER OF INCOME TAX -1 (INTERNATIONAL TAXATION) vs. M/S A T KEARNEY LIMITED (INDIA BRANCH OFFICE)

ITA/463/2022HC Delhi21 Mar 2024

Bench: HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV,HON'BLE MR. JUSTICE YASHWANT VARMA

…any expenditure incurred by him for the purpose of business carried on by him has actually resulted in profit or income either in the same year or in the subsequent years. 15. The Hon'ble High Court of Delhi in the case of Cotton Naturals India [P] Ltd 276 CTR 445 at para 17 of its order has held that “Chapter X and Transfer Pricing rules do not permit the Revenue authorities to step into the shoes of the assessee and decide whether or not a transaction should have been entered. It is for the assessee to take commercial decisions and decide how to conduct and carry on its business.” 16. It is incorr…

AT KEARNEY LTD.- INDIA BRANCH OFFICE,GURGAON vs. DCIT, CIRCLE- 1(1)(1), INTERNATIONAL TAXATION, NEW DELHI

In the result, appeals of the Assessee’s in ITA Nos

ITA 960/DEL/2018[2013-14]Status: DisposedITAT Delhi28 Feb 2024AY 2013-14

Bench: SHRI SHAMIM YAHYA (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

Section 234ASection 271(1)(c)Section 27l

…w that any expenditure incurred by him for the purpose of business carried on by him has actually resulted in profit or income either in the same year or in the subsequent years. 15. The Hon'ble High Court of Delhi in the case of Cotton Naturals India [P] Ltd 276 CTR 445 at para 17 of its order has held that “Chapter X and Transfer Pricing rules do AT Kearney Limited vs. DCIT not permit the Revenue authorities to step into the shoes of the assessee and decide whether or not a transaction should have been entered. It is for the assessee to take commercial decisions and decide how to conduct and carry on its busin…

AT KEARNEY LTD.- INDIA BRANCH OFFICE,GURGAON vs. DCIT, CIRCLE- 1(1)(1), INTERNATIONAL TAXATION, NEW DELHI

In the result, appeals of the Assessee’s in ITA Nos

ITA 959/DEL/2018[2012-13]Status: DisposedITAT Delhi28 Feb 2024AY 2012-13

Bench: SHRI SHAMIM YAHYA (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

Section 234ASection 271(1)(c)Section 27l

…w that any expenditure incurred by him for the purpose of business carried on by him has actually resulted in profit or income either in the same year or in the subsequent years. 15. The Hon'ble High Court of Delhi in the case of Cotton Naturals India [P] Ltd 276 CTR 445 at para 17 of its order has held that “Chapter X and Transfer Pricing rules do AT Kearney Limited vs. DCIT not permit the Revenue authorities to step into the shoes of the assessee and decide whether or not a transaction should have been entered. It is for the assessee to take commercial decisions and decide how to conduct and carry on its busin…

DCIT, CIRCLE- 1(1)(1), INTERNATIONAL TAXATION, NEW DELHI vs. A.T. KEARNEY LTD., GURGAON

In the result, appeals of the Assessee’s in ITA Nos

ITA 1306/DEL/2018[2013-14]Status: DisposedITAT Delhi28 Feb 2024AY 2013-14

Bench: SHRI SHAMIM YAHYA (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

Section 234ASection 271(1)(c)Section 27l

…w that any expenditure incurred by him for the purpose of business carried on by him has actually resulted in profit or income either in the same year or in the subsequent years. 15. The Hon'ble High Court of Delhi in the case of Cotton Naturals India [P] Ltd 276 CTR 445 at para 17 of its order has held that “Chapter X and Transfer Pricing rules do AT Kearney Limited vs. DCIT not permit the Revenue authorities to step into the shoes of the assessee and decide whether or not a transaction should have been entered. It is for the assessee to take commercial decisions and decide how to conduct and carry on its busin…

DCIT, CIRCLE- 1(1)(1), INTERNATIONAL TAXATION, NEW DELHI vs. A.T. KEARNEY LTD., GURGAON

In the result, appeals of the Assessee’s in ITA Nos

ITA 1305/DEL/2018[2012-13]Status: DisposedITAT Delhi28 Feb 2024AY 2012-13

Bench: SHRI SHAMIM YAHYA (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

Section 234ASection 271(1)(c)Section 27l

…w that any expenditure incurred by him for the purpose of business carried on by him has actually resulted in profit or income either in the same year or in the subsequent years. 15. The Hon'ble High Court of Delhi in the case of Cotton Naturals India [P] Ltd 276 CTR 445 at para 17 of its order has held that “Chapter X and Transfer Pricing rules do AT Kearney Limited vs. DCIT not permit the Revenue authorities to step into the shoes of the assessee and decide whether or not a transaction should have been entered. It is for the assessee to take commercial decisions and decide how to conduct and carry on its busin…

TATA CHEMICALS LTD,MUMBAI vs. ADDL CIAT 2(3), MUMBAI

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

ITA 120/MUM/2013[2008-09]Status: DisposedITAT Mumbai10 Nov 2023AY 2008-09

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

Section 144C(5)Section 14ASection 43BSection 80

…er LIBOR interest rate should be adopted in respect of loans given in foreign currency in which the said loan is to be recovered was subject matter of consideration by the Hon’ble Delhi High Court in the case of CIT vs. Cotton Naturals (I)(P) Ltd. reported in 276 CTR 445 (Del). The relevant operative portion in this regard is reproduced hereunder:- “39. The question whether the interest rate prevailing in India should be applied, for the lender was an Indian company/assessee, or the lending rate prevalent in the United States should be applied, for the borrower was a resident and an assessee of the said country,…

JCIT(OSD), CIR-II(1). , KOLKATA vs. M./S AA INFRAPROPERTIES PVT. LTD, KOLKATA

In the result, both the appeals of the revenue are dismissed

ITA 201/KOL/2023[2015-16]Status: DisposedITAT Kolkata13 Jul 2023AY 2015-16

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Ble

For Appellant: Shri Akkal Dudhewala, FCAFor Respondent: Shri G.H. Sema, CIT D/R

…mentioned cases, that if the loan transactions are denominated in a foreign currency then international rate of interest i.e. LIBOR plus rate may be adopted as an appropriate benchmark: i. The Delhi High Court in case of CIT Vs. Cotton Naturals (l) Pvt. Ltd. [276 CTR 475] ii. Chennai Bench of Tribunal in case of Siva Industries & Holdings Ltd. Vs. ACIT [145 TTJ (Chennai) 497] iii. The Mumbai Tribunal in case of Tata Autocomp System Ltd. Vs. ACIT [149 TTJ 233]. The said decision has been affirmed by the Hon'ble Bombay High Court in case of CIT vs. Tata Autocomp System Ltd. (374 ITR 516). Applying this settled prop…

JCIT (OSD), CIR-11(1), , KOLKATA vs. M/S. AA INFRAPROPERTIES PVT. LTD, KOLKATA

In the result, both the appeals of the revenue are dismissed

ITA 200/KOL/2023[2014-15]Status: DisposedITAT Kolkata13 Jul 2023AY 2014-15

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Ble

For Appellant: Shri Akkal Dudhewala, FCAFor Respondent: Shri G.H. Sema, CIT D/R

…mentioned cases, that if the loan transactions are denominated in a foreign currency then international rate of interest i.e. LIBOR plus rate may be adopted as an appropriate benchmark: i. The Delhi High Court in case of CIT Vs. Cotton Naturals (l) Pvt. Ltd. [276 CTR 475] ii. Chennai Bench of Tribunal in case of Siva Industries & Holdings Ltd. Vs. ACIT [145 TTJ (Chennai) 497] iii. The Mumbai Tribunal in case of Tata Autocomp System Ltd. Vs. ACIT [149 TTJ 233]. The said decision has been affirmed by the Hon'ble Bombay High Court in case of CIT vs. Tata Autocomp System Ltd. (374 ITR 516). Applying this settled prop…

LARSEN & TOUBRO INFOTECH LTD,MUMBAI vs. ADDL CIT RG 2(2), MUMBAI

ITA 1924/MUM/2014[2009-10]Status: DisposedITAT Mumbai31 May 2023AY 2009-10
For Appellant: Shri Percy J PardiwallaFor Respondent: Dr. Yogesh Kamat, CIT DR
Section 10ASection 143(2)Section 143(3)Section 144C(13)Section 144C(5)Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL "K" BENCH, MUMBAI SHRI B.R. BASKARAN, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER LTIMindtree Limited (Formerly Larsen & Toubro Infotech Ltd.) Taxation Department, L&T House, 2nd Floor, N. M. Marg, Ballard Estate, Mumbai-400001 [PAN: AAACL1681P] …………… Appellant Vs Additional Commissioner of Income Tax, Range-2(2), Room No. 577, 5th Floor, Aaykar Bhavan, Respondent …………… M. K. Marg, Mumbai-400020 Appearance For the Appellant/Assessee : Shri Percy J Pardiwalla Ms. Arti Sathe For the Respondent/Department : Dr. Yogesh Kamat, CIT DR Date Conclusion of hearing : 02.03.…

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