What is CIT v. Everest Kento Cylinders Ltd. authority for?

Corporate guarantee fees are subject to transfer pricing rules, and adjustments may be needed to account for differences between corporate guarantees and more liquid bank guarantees when determining arm's length price.

How many judgments cite CIT v. Everest Kento Cylinders Ltd.?

304 judgments on BharatTax cite CIT v. Everest Kento Cylinders Ltd. (378 ITR 57), spanning 2016 to 2026.

Which sections of the Income Tax Act does CIT v. Everest Kento Cylinders Ltd. come up under?

It is most often cited in judgments turning on Section 92B, Section 143(3), Section 14A, Section 115JB, Section 35(2AB), Section 37(1).

CIT v. Everest Kento Cylinders Ltd. (378 ITR 57)

Tata Consultancy Services Ltd, Mumbai vs. Addl CIT Large Tax Payer Unit, Mumbai

In the result the appeal of the assessee in AY 2008-09 is partly allowed and

ITA 794/MUM/2018[2010-11]Status: DisposedITAT Mumbai18 Aug 2020AY 2010-11

Bench: Shri Pawan Singh & Shri Rajesh Kumarvertual Court No. Iii It(Tp)A No. 3263/Mum/2017 For Ay 2008-09 It(Tp) No. 794/Mum/2018 For Ay 201-011 Tata Consultancy Services Vs Dcit Ltd.,9Th Floor, Nirmal Bldg, Large Tax Payer Unit-1, 29Th Floor, Wtc, Nariman Point. Mumbai – 21 Cufee Parade Pan Aaacr4849R Mumbai- 05. Appellant Respondednt

For Appellant: with Sh. Manish Kumar KanthFor Respondent: Shri Sanjay Singh, CIT (DR)

Section 40Section 90Section 90(1)(a)Section 92CSection 92C(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER & SHRI RAJESH KUMAR, ACCOUNTANT MEMBER Vertual Court No. III IT(TP)A No. 3263/Mum/2017 for AY 2008-09 IT(TP) No. 794/Mum/2018 For AY 201-011 Tata Consultancy Services Vs DCIT ltd.,9th Floor, Nirmal Bldg, Large Tax Payer Unit-1, 29th Floor, WTC, Nariman Point. Mumbai – 21 Cufee Parade PAN AAACR4849R Mumbai- 05. APPELLANT RESPONDEDNT IT(TP)A No. 3746/Mum2016 for AY 2008-09 IT(TP)A No. 1207/Mum2018 for AY 2010-11 DCIT Vs Tata Consultancy Services ltd.,9th Floor, Nirmal Large Tax Payer Unit-1, 29th Floor, WTC, Cufee…

DCIT 1(3)(1), Mumbai vs. Serco Bpo Pvt. Ltd. 9Formerly Known As Intelenet Global Services Pvt. Ltd.), Mumbai

In the result this ground of appeal is partly allowed

ITA 1560/MUM/2015[2010-11]Status: DisposedITAT Mumbai17 Aug 2020AY 2010-11

Bench: Shri Pawan Singh & Shri M. Balaganesh & Vertual Court No. Iv Dcit, Circle 1(3)1, .M/S. Teleperformence Global Aayakar Bhavan, Services Private Limited, M.K. Road, (Earlier Known As “Intel Mumbai-400020 Global Services Private Vs. Limited”), Teleperformence Towers, Plot Cst No. 1406-A/28, Mindspace, Malad, (West) Mumbai-400090 Pan: Aabcv2572L Appellant Respondent

For Respondent: Shri J.D. Mistry Sr Advocate

Section 143(3)Section 144C(13)Section 254(1)

…IN THE INCOME-TAX APPELLATE TRIBUNAL “K” BENCH MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND SHRI M. BALAGANESH ACCOUNTANT MEMBER AND Vertual Court No. IV DCIT, Circle 1(3)1, .M/s. Teleperformence Global Aayakar Bhavan, Services Private Limited, M.K. Road, (Earlier Known as “Intel Mumbai-400020 Global Services Private Vs. Limited”), Teleperformence Towers, Plot CST No. 1406-A/28, Mindspace, Malad, (West) Mumbai-400090 PAN: AABCV2572L Appellant Respondent ITA No.5828/Mum/2015 (Assessment Year 2011-12) M/s. Teleperformence Global DCIT, Circle 1(3)1, Services Private Limited, (Earlier Aayakar Bhavan, Known a…

Serco Bpo P.Ltd, Mumbai vs. Asst CIT 1(3)(1), Mumbai

In the result this ground of appeal is partly allowed

ITA 5828/MUM/2015[2011-12]Status: DisposedITAT Mumbai17 Aug 2020AY 2011-12

Bench: Shri Pawan Singh & Shri M. Balaganesh & Vertual Court No. Iv Dcit, Circle 1(3)1, .M/S. Teleperformence Global Aayakar Bhavan, Services Private Limited, M.K. Road, (Earlier Known As “Intel Mumbai-400020 Global Services Private Vs. Limited”), Teleperformence Towers, Plot Cst No. 1406-A/28, Mindspace, Malad, (West) Mumbai-400090 Pan: Aabcv2572L Appellant Respondent

For Respondent: Shri J.D. Mistry Sr Advocate

Section 143(3)Section 144C(13)Section 254(1)

…IN THE INCOME-TAX APPELLATE TRIBUNAL “K” BENCH MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND SHRI M. BALAGANESH ACCOUNTANT MEMBER AND Vertual Court No. IV DCIT, Circle 1(3)1, .M/s. Teleperformence Global Aayakar Bhavan, Services Private Limited, M.K. Road, (Earlier Known as “Intel Mumbai-400020 Global Services Private Vs. Limited”), Teleperformence Towers, Plot CST No. 1406-A/28, Mindspace, Malad, (West) Mumbai-400090 PAN: AABCV2572L Appellant Respondent ITA No.5828/Mum/2015 (Assessment Year 2011-12) M/s. Teleperformence Global DCIT, Circle 1(3)1, Services Private Limited, (Earlier Aayakar Bhavan, Known a…

Laqshya Media Limited, Mumbai vs. Deputy Commissioner of Income Tax-10(2)(1), Mumbai

In the result this ground of appeal is allowed for statistical purposes

ITA 7310/MUM/2018[2014-15]Status: DisposedITAT Mumbai17 Jul 2020AY 2014-15

Bench: Shri Pawan Singh & Shri M. Balaganesh(Virtual Hearing In Vc No. –Ii) M/S. Laqshya Media Ltd. D C I T - 10(2)(1) Laqshya House Room No. 509/216A Next To Rameshwar Temple, Vs. Aayakar Bhavan, M.K. Road Saraswti Baug, Society Road, Mumbai 400020 Jogeshwari (E), Mumbai 400060 Pan – Aaacl5004C Appellant Respondent Appellant By: Shri Rajan Vora-Ar Respondent By: Shri Anand Mohancit-Dr Date Of Hearing: 08.07.2020 Date Of Pronouncement: 17.07.2020 O R D E R Per Pawan Singhthis Appeal Filed By The Assessee Is Directed Against The Assessment Order Passed By The Assessing Officer Under Section 143(3) R.W.S. 144C(1) Of The Income Tax Act, 1961 (Hereinafter "The Act") Dated 29Th October, 2018, Passed In Pursuance Of The Directions Of Dispute Resolution Penal (Drp) Dated 28Th August, 2018 For A.Y. 2014-15. 2. The Assessee Has Raised The Following Grounds Of Appeal: - “On The Facts & In The Circumstances Of The Case & In Law, The Learned Ao/ Learned Deputy Commissioner Of Income-Tax, Transfer Pricing - 3(1)(1)(Hereinafter Referred To As Tpo')/ Hon'Ble Drp Has: General Ground 1. Erred In Assessing The Total Income At 5,67,38,117As Against Returned Loss Of Rs.8,55,13,089 Computed By The Appellant; Part B -Transfer Pricing Ground: 2. Adjustment Of Rs.20.58.028/- Pertaining To Providing Of Corporate Guarantee (Cg) To Associated Enterprise (Ae)

For Appellant: Shri Rajan Vora-ARFor Respondent: Shri Anand MohanCIT-DR

Section 143(3)Section 36(1)(iii)Section 92BSection 92C

…4. However, the Tribunal has not accepted the submission of the assessee that no corporate guarantee existed in A.Y. 2013-14. However, the Tribunal, by following the decision of the Hon'ble Bombay High Court in the case of CIT vs. Everest Kanto Cylinder Ltd. (378 ITR 57), restricted the addition to 0.05%. The learned A.R. submits that during the year under consideration transaction pertaining to corporate guarantee does not exist; therefore no adjustment is liable to be made. In alternative submission the learned A.R. submits that the addition should be 7 M/s. Laqshya Media Ltd restricted to 0.05% of guarantee am…

Essel Propack Limited, Mumbai vs. Deputy Commissioner of Income Tax Range-6(3)(2), Mumbai

In the result appeal of the assessee is partly allowed

ITA 2068/MUM/2016[2011-12]Status: DisposedITAT Mumbai27 May 2020AY 2011-12

Bench: Shri Shamim Yahya & Shri Pawan Singhessel Propack Limited, Vs Deputy Commissioner Of Top Floor, Times Tower, Income Tax Range-6(3)(2), Room No. 563, 5Th Floor, Kamala City, Senapati Bapat Marg, Lower Parel, Aayakar Bhawan, M.K. Road, Mumbai-400013 Mumbai-400020. Pan : Aaace 1568L Appellant Respondednt

Section 14Section 143(3)Section 14ASection 36Section 36(1)(iii)

…rned AR for the assessee submits that the benches of Tribunal in a number of other decisions, 0.5% of guarantee amount has been held to be in 11 ITA 2068 /Mum/2016 Essel Propack Limited arm’s length commission for giving corporate guarantee. In support of (378 ITR 57 Bombay) and Zee Entertainment Enterprises Ltd versus ACIT (81 taxmann.com 379) (Mumbai). The learned AR of the assessee finally prayed that in view of the consistent finding of various courts and benches of Tribunal that 0.5% of guarantee amount is the ALP for guarantee commission, in case where the assessee has charged guarantee commission in…

Asst CIT(Ltu) 1, Mumbai vs. Aditya Birla Nuvo Ltd, Mumbai

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

ITA 4704/MUM/2015[2010-11]Status: DisposedITAT Mumbai24 Feb 2020AY 2010-11

Bench: Shri Vikas Awasthy & Shri N.K.Pradhanaditya Birla Nuvo Limited, A4, Aditya Birla Center, S.K.Ahire Marg, Worli, Mumbai 400 020 Pan:Aaaci 1747H ...... Appellant Vs. Addl. Commissioner Of Income Tax- Ltu-1 World Trade Centre, 29Th Floor, Centre -1, Cuffe Parade, Mumbai 400 005. ..... Respondent Asstt. Commissioner Of Income Tax- Ltu-1 World Trade Centre, 29Th Floor, Centre -1, Cuffe Parade, Mumbai 400 005. ..... Appellant

For Appellant: S/Shri Jahangir D. Mistri/For Respondent: Shri Anand Mohan

Section 14ASection 14A(2)Section 8D(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K ”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI N.K.PRADHAN, ACCOUNTANT MEMBER Aditya Birla Nuvo Limited, A4, Aditya Birla Center, S.K.Ahire Marg, Worli, Mumbai 400 020 PAN:AAACI 1747H ...... Appellant Vs. Addl. Commissioner of Income Tax- LTU-1 World Trade Centre, 29th Floor, Centre -1, Cuffe Parade, Mumbai 400 005. ..... Respondent Asstt. Commissioner of Income Tax- LTU-1 World Trade Centre, 29th Floor, Centre -1, Cuffe Parade, Mumbai 400 005. ..... Appellant Vs. Aditya Birla Nuvo Limited, A4, Aditya Birla Center, S.K.Ahire Marg, Worli, Mumba…

Bilakhia Holdings Pvt. Ltd., Vapi vs. The ACIT., Vapi Circle, Vapi

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 795/AHD/2016[2011-12]Status: DisposedITAT Surat04 Feb 2020AY 2011-12

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…Bilakhia Holdings Pvt. Ltd. v. ACIT- Vapi/ I.T.A.No.507/Ahd/2013/AY08-09/A.Y. 08-09 I.T.A.No’s.1415 & 1416/Ahd/2015/A.Y. 09-10 & 10-11 AND I.T.A.No.795/Ahd/2016/A.Y. 11-12 Page 1 of 66 आयकर अपीलीय अिधकरण,सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH – SURAT BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUTANT MEMBER आ.अ.सं/.I.T.A No.507/AHD/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415AHD/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/AHD/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/AHD/2016: िनधा"रण वष"/Assessment Y…

Bilakhia Holdings Pvt. Ltd., Vapi vs. The Addl.CIT., Vapi Range, Vapi

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 1416/AHD/2015[2010-11]Status: DisposedITAT Surat04 Feb 2020AY 2010-11

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…Bilakhia Holdings Pvt. Ltd. v. ACIT- Vapi/ I.T.A.No.507/Ahd/2013/AY08-09/A.Y. 08-09 I.T.A.No’s.1415 & 1416/Ahd/2015/A.Y. 09-10 & 10-11 AND I.T.A.No.795/Ahd/2016/A.Y. 11-12 Page 1 of 66 आयकर अपीलीय अिधकरण,सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH – SURAT BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUTANT MEMBER आ.अ.सं/.I.T.A No.507/AHD/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415AHD/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/AHD/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/AHD/2016: िनधा"रण वष"/Assessment Y…

Bilakhia Holdings Pvt. Ltd., Vapi vs. The Jt.CIT., Vapi Range, Vapi

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 1415/AHD/2015[2009-10]Status: DisposedITAT Surat04 Feb 2020AY 2009-10

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…Bilakhia Holdings Pvt. Ltd. v. ACIT- Vapi/ I.T.A.No.507/Ahd/2013/AY08-09/A.Y. 08-09 I.T.A.No’s.1415 & 1416/Ahd/2015/A.Y. 09-10 & 10-11 AND I.T.A.No.795/Ahd/2016/A.Y. 11-12 Page 1 of 66 आयकर अपीलीय अिधकरण,सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH – SURAT BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUTANT MEMBER आ.अ.सं/.I.T.A No.507/AHD/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415AHD/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/AHD/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/AHD/2016: िनधा"रण वष"/Assessment Y…

Bilakhia Holding P Ltd, Vapi vs. The Jt.CIT., Vapi Range, Vapi

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 507/AHD/2013[2008-09]Status: DisposedITAT Surat04 Feb 2020AY 2008-09

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…Bilakhia Holdings Pvt. Ltd. v. ACIT- Vapi/ I.T.A.No.507/Ahd/2013/AY08-09/A.Y. 08-09 I.T.A.No’s.1415 & 1416/Ahd/2015/A.Y. 09-10 & 10-11 AND I.T.A.No.795/Ahd/2016/A.Y. 11-12 Page 1 of 66 आयकर अपीलीय अिधकरण,सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH – SURAT BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUTANT MEMBER आ.अ.सं/.I.T.A No.507/AHD/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415AHD/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/AHD/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/AHD/2016: िनधा"रण वष"/Assessment Y…

Tata International Ltd, Mumbai vs. Addl CIT 7(3), Mumbai

In the result, Ground No. 6 to 9 (additional ground) of

ITA 4376/MUM/2010[2005-06]Status: DisposedITAT Mumbai29 Jan 2020AY 2005-06

Bench: Shri Pawan Singh & Shri S. Rifaur Rahmantata International Limited, Acit-7(3), Room No. 675, 6Th Floor, Block A, Shivsagar Estates, Dr. Annie Besant Road, Worli, Vs. Aayakar Bhavan, M.K. Road, Mumbai-400018 Mumbai-400020 Pan: Aaact3198F Appellant Respondent Acit-7(3), Tata International Limited, Room No. 675, 6Th Floor, Block A, Shivsagar Estates, Vs. Dr. Annie Besant Road, Worli, Aayakar Bhavan, M.K. Road, Mumbai-400018 Mumbai-400020 Pan: Aaact3198F Appellant Respondent Cross Objection No. 223/Mum/2013 In Ita No. 4451/Mum/2010 Tata International Limited, Acit-7(3), Room No. 675, 6Th Floor, Block A, Shivsagar Estates, Dr. Annie Besant Road, Worli, Vs. Aayakar Bhavan, M.K. Road, Mumbai-400018 Mumbai-400020 Pan: Aaact3198F Appellant Respondent Appellant By : Shri P.J. Pardiwala, Shri Nitesh Joshi, Shri Milin Thakore & Ms. Astha Shah (Ar) Respondent By : Shri A. Mohan (Cit- Dr)

For Appellant: Shri P.J. Pardiwala, Shri Nitesh JoshiFor Respondent: Shri A. Mohan (CIT- DR)

Section 14ASection 253Section 254(1)

…t the assessee rendered services to its AE by issuing Letter of Comfort to the lender of its AE and therefore, the issuance of Letter of Comfort is an international transaction as held by Hon’ble Bombay High Court in CIT vs. in Everest Kento Cylinders Ltd. [378 ITR 57]. The ld. DR further submits that after amendment in Explanation in Section 92B, any capital financing, lending on guarantee have become international transaction. 21. In the rejoinder submission, the ld. AR of the assessee submits that in Everest Kento Cylinders Ltd. there was no question before the Hon’ble High Court, if giving a corporate gu…

Greaves Cotton Ltd, Mumbai vs. Asst CIT Cir 6(3), Mumbai

In the result this appeal is partly allowed

ITA 279/MUM/2013[2008-09]Status: DisposedITAT Mumbai17 Jan 2020AY 2008-09

Bench: Shri Shamim Yahya & Shri Pawan Singh

For Appellant: Smt. Arati Vissanji with Shri Amol Patankar (AR)For Respondent: Shri Sunil K. Jha (CIT-DR)

Section 115JSection 143(3)Section 144CSection 14ASection 234DSection 244ASection 254(1)Section 3Section 36(1)(iii)Section 92C

…ment required, it should be restricted to .5% of amounted guarantee and for the period, the guarantee was given. In support of her submission, the ld. AR of the assessee relied upon the decision of Hon’ble Bombay High Court in Everest Canto Cylinders Ltd. (378 ITR 57) and decision of Tribunal in IL & FS Technology Ltd. (2019) 105 taxmann.com 117 (Mum Trib.). 21. On the other hand, the ld. DR for the revenue relied upon the order of lower authorities. 22. We have considered the submission of both the parties and perused the material available on record. So far as contention of ld. AR of the assessee that pro…

DCIT 14(2)(1), Mumbai vs. Hindustan Construction Ltd, Mumbai

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

ITA 2432/MUM/2018[2011-12]Status: DisposedITAT Mumbai13 Jan 2020AY 2011-12

Bench: Shri Vikas Awasthy () & Shri N.K. Pradhan () Assessment Year: 2011-12 Hindustan Construction Co. Assistant Commissioner Of Ltd.,Hincon House, L.B.S. Vs. Income Tax-14(2)(1), Marg, Vikhroli (West), 4Th Floor, Aayakarbhavan, Mumbai-400083. New Marine Lines, Mumbai-400020. Pan No. Aaach0968B Appellant Respondent Assessment Year: 2011-12 The D.C.I.T.-14(2)(1), Hindustan Construction 432, Aayakarbhavan, 4Th Vs. Co. Ltd.,Hincon House, 11Th Floor, M.K. Marg, Floor,247 Park, L.B.S. Mumbai-400020. Marg, Vikhroli (West), Mumbai-400083. Pan No. Aaach0968B Appellant Respondent

For Appellant: Mr. H.P. Mahajani / Ms. Shweta Mahadik, ARsFor Respondent: Mr. Anand Mohan, CIT-DR

Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K” MUMBAI BEFORE SHRI VIKAS AWASTHY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2011-12 Hindustan Construction Co. Assistant Commissioner of Ltd.,Hincon House, L.B.S. Vs. Income Tax-14(2)(1), Marg, Vikhroli (West), 4th floor, AayakarBhavan, Mumbai-400083. New Marine Lines, Mumbai-400020. PAN No. AAACH0968B Appellant Respondent Assessment Year: 2011-12 The D.C.I.T.-14(2)(1), Hindustan Construction 432, AayakarBhavan, 4th Vs. Co. Ltd.,Hincon House, 11th floor, M.K. Marg, Floor,247 Park, L.B.S. Mumbai-400020. Marg, Vikhroli (West),…

Hindustan Construction Co. Ltd, Mumbai vs. Asst CIT 14(2)(1), Mumbai

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

ITA 2351/MUM/2018[2011-12]Status: DisposedITAT Mumbai13 Jan 2020AY 2011-12

Bench: Shri Vikas Awasthy () & Shri N.K. Pradhan () Assessment Year: 2011-12 Hindustan Construction Co. Assistant Commissioner Of Ltd.,Hincon House, L.B.S. Vs. Income Tax-14(2)(1), Marg, Vikhroli (West), 4Th Floor, Aayakarbhavan, Mumbai-400083. New Marine Lines, Mumbai-400020. Pan No. Aaach0968B Appellant Respondent Assessment Year: 2011-12 The D.C.I.T.-14(2)(1), Hindustan Construction 432, Aayakarbhavan, 4Th Vs. Co. Ltd.,Hincon House, 11Th Floor, M.K. Marg, Floor,247 Park, L.B.S. Mumbai-400020. Marg, Vikhroli (West), Mumbai-400083. Pan No. Aaach0968B Appellant Respondent

For Appellant: Mr. H.P. Mahajani / Ms. Shweta Mahadik, ARsFor Respondent: Mr. Anand Mohan, CIT-DR

Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K” MUMBAI BEFORE SHRI VIKAS AWASTHY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2011-12 Hindustan Construction Co. Assistant Commissioner of Ltd.,Hincon House, L.B.S. Vs. Income Tax-14(2)(1), Marg, Vikhroli (West), 4th floor, AayakarBhavan, Mumbai-400083. New Marine Lines, Mumbai-400020. PAN No. AAACH0968B Appellant Respondent Assessment Year: 2011-12 The D.C.I.T.-14(2)(1), Hindustan Construction 432, AayakarBhavan, 4th Vs. Co. Ltd.,Hincon House, 11th floor, M.K. Marg, Floor,247 Park, L.B.S. Mumbai-400020. Marg, Vikhroli (West),…

Essar Ports Ltd, Mumbai vs. DCIT 5(1)(2), Mumbai

The appeal of the assessee is partly allowed in terms of our aforesaid observations

ITA 1831/MUM/2015[2010-11]Status: DisposedITAT Mumbai06 Jan 2020AY 2010-11

Bench: Shri M.Balaganesh & Shri Ravish Soodm/S Essar Ports Ltd. Dcit, 5(1)(2) (Formerly Known As Essar Shipping Ports & Logistics Ltd.) Aayakar Bhavan, 11, K.K. Marg, Mahalaxmi, Vs. Mumbai - 400020 Mumbai – 400 034

For Appellant: Shri Anuj Kisnadwala, A.RFor Respondent: Shri Anand Mohan, cit D.R

Section 115JSection 143(1)Section 143(2)Section 143(3)Section 144C(1)Section 14ASection 92C

…TTJ 204 (Mum), had held, that corporate guarantee commission charged by the assessee from its AE @ 0.5% was adequate. On appeal by the revenue, the Hon‟ble High Court of Bombay had upheld the order of the Tribunal in CIT Vs. Everest Kento Cylinder Ltd. (2015) 378 ITR 57 (Bom). Also, we find that the Hon‟ble High Court of Bombay in the case of CIT Vs. Glenmark P a g e | 10 ITA No.1831/Mum/2015 A.Y. 2010-11 M/s Essar Ports Ltd. Vs. DCIT,5(1)(2) Pharmaceuticals Ltd. (2017) 398 ITR 439 (Bom), had upheld the order of the Tribunal wherein the ALP of the corporate guarantee commission was determined at 0.5%. Further, t…

Oriental Aromatics Ltd, Mumbai vs. Asst CIT Cir 1(2)(1), Mumbai

In the result, the appeals filed by the Revenue challenging the judgment of the Punjab and Haryana High Court in State Bank of Patiala also fail, though law in this respect has been clarified herei...

ITA 687/MUM/2016[2011-12]Status: HeardITAT Mumbai31 Dec 2019AY 2011-12

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am आयकर अपील सुं./ Ita No. 1039/Mum/2015 (यनर्ाारण वर्ा / Assessment Year 2010-11) आयकर अपील सुं./ Ita No. 687/Mum/2016 (यनर्ाारण वर्ा / Assessment Year 2011-12) Oriental Aromatics Limited The Dy. Commissioner Of (Amalgamated With Camphor Income-Tax & Allied Products Limited. Circle-1(2)(2), Mumbai Changed Its Name To Oriental बनाम/ Aromatics Limited) Vs. Jehangir Bldg., 2Nd Floor 133, M.G. Road, Mumbai-400 001 (प्रत्यर्थी/ Respondent) (अपीलार्थी / Appellant) स्र्थायी लेखा सुं./Pan No. Aaaco4618F अपीलार्थी की ओर से / Appellant By : Shri Vipti T. Patel, Ar प्रत्यर्थी की ओर से / Respondent By : Shri. Pavan Kumar Veerla, Dr सुनवाई की तारीख / Date Of Hearing: 11.09.2019 घोर्णा की तारीख / Date Of Pronouncement: 31.12.2019 A A D O S A / O R D E R

For Appellant: Shri Vipti T. Patel, ARFor Respondent: Shri. Pavan Kumar Veerla, DR

Section 143(3)Section 144CSection 144C(3)Section 92CSection 92E

…he other grounds in respect to jurisdiction of Transfer Pricing Officer as well as on merits. He stated that this issue is covered in favour of assessee in the case of CIT vs. 8 | P a g e ITAs No.1039/Mum/2015 687/Mum/2016 Everest Kento Cylinders Ltd. (2015) 378 ITR 57 (Bom), wherein LIBOR rate has been applied as benchmarking for determination of arms’ length price, the same can be directed to the Transfer Pricing Officer. The learned Sr. Departmental Representative fairly argued that application of LIBOR rate on this interest can be directed by the Bench to the Transfer Pricing Officer. 9. We have gone throug…

M/S Mvikarsha Mobile Solutions Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Circle-4(1)(2), Bangalore

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

ITA 1265/BANG/2018[2014-15]Status: DisposedITAT Bangalore11 Dec 2019AY 2014-15

Bench: Shri B.R Baskaran & Shri Pavan Kumar Gadaleassessment Years : 2014-15

For Appellant: Shri J Krishnakumar, C.AFor Respondent: Smt. R Premi, JCIT (DR)

Section 14ASection 56(2)(viib)

…6(2)(viib) of the Act during the course of assessment proceedings. It is not the case that the assessee itself has disallowed or added the above said amount in its return of income. In the case of CIT vs. Everest Kento Cylinders Ltd (2015)(58 taxmann.com 254)(378 ITR 57), the Hon’ble Bombay High Court had an occasion to examine an identical issue. In the case before Hon’ble Bombay High Court, the assessee had agreed for addition of Rs.4,47,649/- u/s 14A of the Act before the AO during the course of assessment proceedings. It had not itself disallowed the above said amount in its return of income. However, the ass…

Oriental Aromatics Ltd, Mumbai vs. DCIT Cir 1(2)(2), Mumbai

In the result, the appeals filed by the Revenue challenging the judgment of the Punjab and Haryana High Court in State Bank of Patiala also fail, though law in this respect has been clarified herei...

ITA 1039/MUM/2015[2010-11]Status: DisposedITAT Mumbai06 Dec 2019AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am आयकर अपील सुं./ Ita No. 1039/Mum/2015 (यनर्ाारण वर्ा / Assessment Year 2010-11) आयकर अपील सुं./ Ita No. 687/Mum/2016 (यनर्ाारण वर्ा / Assessment Year 2011-12) Oriental Aromatics Limited The Dy. Commissioner Of (Amalgamated With Camphor Income-Tax & Allied Products Limited. Circle-1(2)(2), Mumbai Changed Its Name To Oriental बनाम/ Aromatics Limited) Vs. Jehangir Bldg., 2Nd Floor 133, M.G. Road, Mumbai-400 001 (प्रत्यर्थी/ Respondent) (अपीलार्थी / Appellant) स्र्थायी लेखा सुं./Pan No. Aaaco4618F अपीलार्थी की ओर से / Appellant By : Shri Vipti T. Patel, Ar प्रत्यर्थी की ओर से / Respondent By : Shri. Pavan Kumar Veerla, Dr सुनवाई की तारीख / Date Of Hearing: 11.09.2019 घोर्णा की तारीख / Date Of Pronouncement: 06.12.2019 A A D O S A / O R D E R

For Appellant: Shri Vipti T. Patel, ARFor Respondent: Shri. Pavan Kumar Veerla, DR

Section 143(3)Section 144CSection 144C(3)Section 92CSection 92E

…he other grounds in respect to jurisdiction of Transfer Pricing Officer as well as on merits. He stated that this issue is covered in favour of assessee in the case of CIT vs. 8 | P a g e ITAs No.1039/Mum/2015 687/Mum/2016 Everest Kento Cylinders Ltd. (2015) 378 ITR 57 (Bom), wherein LIBOR rate has been applied as benchmarking for determination of arms’ length price, the same can be directed to the Transfer Pricing Officer. The learned Sr. Departmental Representative fairly argued that application of LIBOR rate on this interest can be directed by the Bench to the Transfer Pricing Officer. 9. We have gone throug…

Tata Consultancy Services Ltd, Mumbai vs. Addl CIT Ltu -1, Mumbai

In the result, Revenue’s appeal is dismissed and assessee’s appeal is partly allowed

ITA 5713/MUM/2016[2009-10]Status: DisposedITAT Mumbai30 Oct 2019AY 2009-10

Bench: Shri Saktijit Dey & Shri N.K. Pradhan

For Appellant: Shri Porus KakaFor Respondent: Shri Manish Kumar Singh

Section 10ASection 115JSection 2(43)Section 37Section 40Section 90

…hout prejudice, the learned Sr. Counsel for the assessee submitted, if at all, guarantee commission should be charged @ 0.5%. In this context, he relied upon the decision of the Hon'ble Jurisdictional High Court in CIT v/s Everest Canto Cylinders Ltd., [2015] 378 ITR 57 (Bom.). Further, he relied upon the decision of the Tribunal in WNS Global Services Pvt. Ltd. v/s ITO, ITA no.7378/Mum./ 2012, dated 16th January 2019. 42. The learned Departmental Representative relying upon the observations of the Transfer Pricing Officer submitted, the guarantee fee charged by the Transfer Pricing Officer should be restored. 4…

Five Stars Bulkcarriers P.Ltd, Mumbai vs. DCIT Cir 15(1), Mumbai

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

ITA 590/MUM/2015[2010-11]Status: DisposedITAT Pune16 Oct 2019AY 2010-11

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

For Appellant: Shri Nikhil PathakFor Respondent: Shri Vodal Raj Singh

Section 115VSection 143(3)Section 92B

…of the assessee that no addition be made, Ld.A.R. submitted that the rate of guarantee commission of 1.5% considered by the AO is too high. He submitted that Hon’ble Bombay High Court in the case of CIT Vs. Everest Kanto Cylinder Ltd., Vs. DCIT reported in 378 ITR 57 has held the addition on account of guarantee commission be made at 0.5%. He further submitted that in the case of Everest Kanto Cylinder Ltd., (supra), there was no stipulation or condition by the Bank for not charging commission. He therefore submitted that no addition is called for in the present case. Ld. D.R. on the other hand supported th…

CIT v. Everest Kento Cylinders Ltd.

What is CIT v. Everest Kento Cylinders Ltd. authority for?

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Issues it is cited on

Judgments citing CIT v. Everest Kento Cylinders Ltd.

Tata Consultancy Services Ltd, Mumbai vs. Addl CIT Large Tax Payer Unit, Mumbai

DCIT 1(3)(1), Mumbai vs. Serco Bpo Pvt. Ltd. 9Formerly Known As Intelenet Global Services Pvt. Ltd.), Mumbai

Serco Bpo P.Ltd, Mumbai vs. Asst CIT 1(3)(1), Mumbai

Laqshya Media Limited, Mumbai vs. Deputy Commissioner of Income Tax-10(2)(1), Mumbai

Essel Propack Limited, Mumbai vs. Deputy Commissioner of Income Tax Range-6(3)(2), Mumbai

Asst CIT(Ltu) 1, Mumbai vs. Aditya Birla Nuvo Ltd, Mumbai

Bilakhia Holdings Pvt. Ltd., Vapi vs. The ACIT., Vapi Circle, Vapi

Bilakhia Holdings Pvt. Ltd., Vapi vs. The Addl.CIT., Vapi Range, Vapi

Bilakhia Holdings Pvt. Ltd., Vapi vs. The Jt.CIT., Vapi Range, Vapi

Bilakhia Holding P Ltd, Vapi vs. The Jt.CIT., Vapi Range, Vapi

Tata International Ltd, Mumbai vs. Addl CIT 7(3), Mumbai

Greaves Cotton Ltd, Mumbai vs. Asst CIT Cir 6(3), Mumbai

DCIT 14(2)(1), Mumbai vs. Hindustan Construction Ltd, Mumbai

Hindustan Construction Co. Ltd, Mumbai vs. Asst CIT 14(2)(1), Mumbai

Essar Ports Ltd, Mumbai vs. DCIT 5(1)(2), Mumbai

Oriental Aromatics Ltd, Mumbai vs. Asst CIT Cir 1(2)(1), Mumbai

M/S Mvikarsha Mobile Solutions Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Circle-4(1)(2), Bangalore

Oriental Aromatics Ltd, Mumbai vs. DCIT Cir 1(2)(2), Mumbai

Tata Consultancy Services Ltd, Mumbai vs. Addl CIT Ltu -1, Mumbai

Five Stars Bulkcarriers P.Ltd, Mumbai vs. DCIT Cir 15(1), Mumbai