CIT v. Everest Kento Cylinders Ltd.

378 ITR 57High Court2015#258 most cited

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.

304

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. Everest Kento Cylinders Ltd. · corporate guarantee · transfer pricing · section 92B · section 92CA · arm's length price · associated enterprises · benchmarking · bank guarantee · discount · 378 ITR 57

Also reported as

58 Taxmann.com 254232 Taxmann 307

Sections most often in play

Section 92BSection 143(3)Section 14ASection 115JBSection 35(2AB)Section 37(1)Section 92CASection 92CA(3)
Read the full judgment

Issues it is cited on

corporate guaranteesafe harbour rulessection 92b(1)safe harboursection 92bsection 92fcup methodassociated enterprisessection 92c(3)retrospective amendmentbenchmarking analysissection 92ca(3)

Judgments citing CIT v. Everest Kento Cylinders Ltd.

DCIT CC- 7(3), Mumbai vs. Acg Associated Capsules Pvt. Ltd., Mumbai

In the result, no question of law arises

ITA 3282/MUM/2018[2012-13]Status: DisposedITAT Mumbai04 Dec 2023AY 2012-13

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ketan Ved/For Respondent: Shri Akhtar Hussain Ansari
Section 143(2)Section 143(3)Section 250Section 92C

…h by the Tribunal in A.Y. 2008-09 in ITA No. 2750/Mum/2014 where the Tribunal has restricted the corporate guarantee commission @ 0.5% by relying on the decision of the Hon'ble Jurisdictional High Court in the case of CIT vs. Everest Kento Cylinders [2015] 378 ITR 57 (Bom). It is also pertinent to point out that the issue of the impugned transaction whether an international transaction falling within the meaning of section 92B of the Act has also been dealt with by the Tribunal holding the said transaction to be an international transaction. The ld. DR relied on the decision in the case of Glenmark Pharmaceut…

Acg Assocation Capsules P. Ltd, Mumbai vs. DCIT Cen Cir 7(3), Mumbai

In the result, no question of law arises

ITA 2384/MUM/2018[2013-14]Status: DisposedITAT Mumbai04 Dec 2023AY 2013-14

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ketan Ved/For Respondent: Shri Akhtar Hussain Ansari
Section 143(2)Section 143(3)Section 250Section 92C

…h by the Tribunal in A.Y. 2008-09 in ITA No. 2750/Mum/2014 where the Tribunal has restricted the corporate guarantee commission @ 0.5% by relying on the decision of the Hon'ble Jurisdictional High Court in the case of CIT vs. Everest Kento Cylinders [2015] 378 ITR 57 (Bom). It is also pertinent to point out that the issue of the impugned transaction whether an international transaction falling within the meaning of section 92B of the Act has also been dealt with by the Tribunal holding the said transaction to be an international transaction. The ld. DR relied on the decision in the case of Glenmark Pharmaceut…

Acg Assocation Capsules P. Ltd, Mumbai vs. DCIT Cen Cir 7(3), Mumbai

In the result, no question of law arises

ITA 2383/MUM/2018[2012-13]Status: DisposedITAT Mumbai04 Dec 2023AY 2012-13

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ketan Ved/For Respondent: Shri Akhtar Hussain Ansari
Section 143(2)Section 143(3)Section 250Section 92C

…h by the Tribunal in A.Y. 2008-09 in ITA No. 2750/Mum/2014 where the Tribunal has restricted the corporate guarantee commission @ 0.5% by relying on the decision of the Hon'ble Jurisdictional High Court in the case of CIT vs. Everest Kento Cylinders [2015] 378 ITR 57 (Bom). It is also pertinent to point out that the issue of the impugned transaction whether an international transaction falling within the meaning of section 92B of the Act has also been dealt with by the Tribunal holding the said transaction to be an international transaction. The ld. DR relied on the decision in the case of Glenmark Pharmaceut…

DCIT RG. - 6(3), Mumbai vs. M/S. Kansai Nerolac Paints Ltd., Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 4607/MUM/2017[2011-12]Status: DisposedITAT Mumbai04 Dec 2023AY 2011-12

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…Bombay High Court has consistently held that comparison cannot be done while computing ALP of international transaction by way of corporate guarantee with bank guarantee. The similar stand was taken in CIT v. Everest Kento Cylinders Limited reported in (2015) 378 ITR 57(Bom.) , wherein Hon‟ble Bombay High Court held as under: 22 Kansai Nerolac Paints Limited I.T.A. No.3384&3385/Mum/2014 I.T.A. No.3642/Mum/2016 and I.T.A. No.4562&4607/Mum/2017 “10. Having considered submissions of Mr. Malhotra for the revenue and Mr. Pardiwalla for the assessee, we are of the view that the order of the Tribunal as regards disall…

M/S. Kansai Nerolac Paints Ltd., Mumbai vs. DCIT RG. - 6(3), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 4562/MUM/2017[2011-12]Status: DisposedITAT Mumbai04 Dec 2023AY 2011-12

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…Bombay High Court has consistently held that comparison cannot be done while computing ALP of international transaction by way of corporate guarantee with bank guarantee. The similar stand was taken in CIT v. Everest Kento Cylinders Limited reported in (2015) 378 ITR 57(Bom.) , wherein Hon‟ble Bombay High Court held as under: 22 Kansai Nerolac Paints Limited I.T.A. No.3384&3385/Mum/2014 I.T.A. No.3642/Mum/2016 and I.T.A. No.4562&4607/Mum/2017 “10. Having considered submissions of Mr. Malhotra for the revenue and Mr. Pardiwalla for the assessee, we are of the view that the order of the Tribunal as regards disall…

Kansai Nerolac Paints Ltd, Mumbai vs. DCIT RG 6(2), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 3642/MUM/2016[2010-11]Status: DisposedITAT Mumbai04 Dec 2023AY 2010-11

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…Bombay High Court has consistently held that comparison cannot be done while computing ALP of international transaction by way of corporate guarantee with bank guarantee. The similar stand was taken in CIT v. Everest Kento Cylinders Limited reported in (2015) 378 ITR 57(Bom.) , wherein Hon‟ble Bombay High Court held as under: 22 Kansai Nerolac Paints Limited I.T.A. No.3384&3385/Mum/2014 I.T.A. No.3642/Mum/2016 and I.T.A. No.4562&4607/Mum/2017 “10. Having considered submissions of Mr. Malhotra for the revenue and Mr. Pardiwalla for the assessee, we are of the view that the order of the Tribunal as regards disall…

Kansai Nerolac Paints Limited (Erstwhile Known As Goodlass Nerolac Paints Limited), Mumbai vs. Addl. CIT, Range 6 (2), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 3385/MUM/2014[2009-10]Status: DisposedITAT Mumbai04 Dec 2023AY 2009-10

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…Bombay High Court has consistently held that comparison cannot be done while computing ALP of international transaction by way of corporate guarantee with bank guarantee. The similar stand was taken in CIT v. Everest Kento Cylinders Limited reported in (2015) 378 ITR 57(Bom.) , wherein Hon‟ble Bombay High Court held as under: 22 Kansai Nerolac Paints Limited I.T.A. No.3384&3385/Mum/2014 I.T.A. No.3642/Mum/2016 and I.T.A. No.4562&4607/Mum/2017 “10. Having considered submissions of Mr. Malhotra for the revenue and Mr. Pardiwalla for the assessee, we are of the view that the order of the Tribunal as regards disall…

Kansai Nerolac Paints Limited (Erstwhile Known As Goodlass Nerolac Paints Limited), Mumbai vs. Addl CIT, Range 6 (2), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 3384/MUM/2014[2008-09]Status: DisposedITAT Mumbai04 Dec 2023AY 2008-09

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…Bombay High Court has consistently held that comparison cannot be done while computing ALP of international transaction by way of corporate guarantee with bank guarantee. The similar stand was taken in CIT v. Everest Kento Cylinders Limited reported in (2015) 378 ITR 57(Bom.) , wherein Hon‟ble Bombay High Court held as under: 22 Kansai Nerolac Paints Limited I.T.A. No.3384&3385/Mum/2014 I.T.A. No.3642/Mum/2016 and I.T.A. No.4562&4607/Mum/2017 “10. Having considered submissions of Mr. Malhotra for the revenue and Mr. Pardiwalla for the assessee, we are of the view that the order of the Tribunal as regards disall…

M/S. Aban Offshore Limited, Chennai vs. Dcitcorporate Circle1(1), Chennai

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 798/CHNY/2020[2011-12]Status: DisposedITAT Chennai08 Nov 2023AY 2011-12

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./It(Tp)A Nos.: 21/Chny/2022 & 40/Chny/2022 िनधा"रण वष" / Assessment Years: 2017-18 & 2018-19 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Tpo Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita Nos.: 797 & 798/Chny/2020 िनधा"रण वष" / Assessment Years: 2011-12 & आयकर अपील सं./Ita No.: 2757/Chny/2017 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita No.: 1672/Chny/2019 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of V. 113, Janpriya Crestpantheon Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. P. Murali Mohana Rao, Ca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 27.09.2023 घोषणा क" तारीख/Date Of Pronouncement : 08.11.2023

For Respondent: Shri. A. Sasikumar, CIT
Section 143Section 143(3)Section 144C(5)Section 147Section 148Section 37(1)

…ided by the Tribunal and by following the decision of Hon’ble Bombay High Court in the case of CIT vs Everest Kento Cylinders Ltd [2015] reported in :-24-: ITA. Nos: 2757/Chny/2017, 1672/Chny/2019, 797 & 798/Chny/2020, IT(TP)A Nos: 21/Chny/2021& 40/Chny/2022 58 Taxmann.com 254, has directed the TPO to compute corporate guarantee commission @ 0.5% on total corporate guarantee given by the appellant to their AE. 8.2 The ld. DR, on the other hand supporting the order of the ld. DRP submitted that, although the issue is covered in favour of the assessee by the decision of ITAT, Chennai benches for earlier assessmen…

M/S Aban Offshore Limited, Chennai vs. DCIT, Corporate Circle, Chennai

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 797/CHNY/2020[2011-12]Status: DisposedITAT Chennai08 Nov 2023AY 2011-12

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./It(Tp)A Nos.: 21/Chny/2022 & 40/Chny/2022 िनधा"रण वष" / Assessment Years: 2017-18 & 2018-19 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Tpo Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita Nos.: 797 & 798/Chny/2020 िनधा"रण वष" / Assessment Years: 2011-12 & आयकर अपील सं./Ita No.: 2757/Chny/2017 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita No.: 1672/Chny/2019 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of V. 113, Janpriya Crestpantheon Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. P. Murali Mohana Rao, Ca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 27.09.2023 घोषणा क" तारीख/Date Of Pronouncement : 08.11.2023

For Respondent: Shri. A. Sasikumar, CIT
Section 143Section 143(3)Section 144C(5)Section 147Section 148Section 37(1)

…ided by the Tribunal and by following the decision of Hon’ble Bombay High Court in the case of CIT vs Everest Kento Cylinders Ltd [2015] reported in :-24-: ITA. Nos: 2757/Chny/2017, 1672/Chny/2019, 797 & 798/Chny/2020, IT(TP)A Nos: 21/Chny/2021& 40/Chny/2022 58 Taxmann.com 254, has directed the TPO to compute corporate guarantee commission @ 0.5% on total corporate guarantee given by the appellant to their AE. 8.2 The ld. DR, on the other hand supporting the order of the ld. DRP submitted that, although the issue is covered in favour of the assessee by the decision of ITAT, Chennai benches for earlier assessmen…

DCIT Corporate Circle 1(1), Chennai vs. Aban Offshore Ltd., Chennai

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 1672/CHNY/2019[2013-14]Status: DisposedITAT Chennai08 Nov 2023AY 2013-14

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./It(Tp)A Nos.: 21/Chny/2022 & 40/Chny/2022 िनधा"रण वष" / Assessment Years: 2017-18 & 2018-19 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Tpo Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita Nos.: 797 & 798/Chny/2020 िनधा"रण वष" / Assessment Years: 2011-12 & आयकर अपील सं./Ita No.: 2757/Chny/2017 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita No.: 1672/Chny/2019 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of V. 113, Janpriya Crestpantheon Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. P. Murali Mohana Rao, Ca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 27.09.2023 घोषणा क" तारीख/Date Of Pronouncement : 08.11.2023

For Respondent: Shri. A. Sasikumar, CIT
Section 143Section 143(3)Section 144C(5)Section 147Section 148Section 37(1)

…ided by the Tribunal and by following the decision of Hon’ble Bombay High Court in the case of CIT vs Everest Kento Cylinders Ltd [2015] reported in :-24-: ITA. Nos: 2757/Chny/2017, 1672/Chny/2019, 797 & 798/Chny/2020, IT(TP)A Nos: 21/Chny/2021& 40/Chny/2022 58 Taxmann.com 254, has directed the TPO to compute corporate guarantee commission @ 0.5% on total corporate guarantee given by the appellant to their AE. 8.2 The ld. DR, on the other hand supporting the order of the ld. DRP submitted that, although the issue is covered in favour of the assessee by the decision of ITAT, Chennai benches for earlier assessmen…

Aban Offshore Limited, Chennai vs. DCIT Corporate Circle 1(1), Chennai

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 2757/CHNY/2017[2013-14]Status: DisposedITAT Chennai08 Nov 2023AY 2013-14

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./It(Tp)A Nos.: 21/Chny/2022 & 40/Chny/2022 िनधा"रण वष" / Assessment Years: 2017-18 & 2018-19 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Tpo Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita Nos.: 797 & 798/Chny/2020 िनधा"रण वष" / Assessment Years: 2011-12 & आयकर अपील सं./Ita No.: 2757/Chny/2017 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita No.: 1672/Chny/2019 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of V. 113, Janpriya Crestpantheon Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. P. Murali Mohana Rao, Ca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 27.09.2023 घोषणा क" तारीख/Date Of Pronouncement : 08.11.2023

For Respondent: Shri. A. Sasikumar, CIT
Section 143Section 143(3)Section 144C(5)Section 147Section 148Section 37(1)

…ided by the Tribunal and by following the decision of Hon’ble Bombay High Court in the case of CIT vs Everest Kento Cylinders Ltd [2015] reported in :-24-: ITA. Nos: 2757/Chny/2017, 1672/Chny/2019, 797 & 798/Chny/2020, IT(TP)A Nos: 21/Chny/2021& 40/Chny/2022 58 Taxmann.com 254, has directed the TPO to compute corporate guarantee commission @ 0.5% on total corporate guarantee given by the appellant to their AE. 8.2 The ld. DR, on the other hand supporting the order of the ld. DRP submitted that, although the issue is covered in favour of the assessee by the decision of ITAT, Chennai benches for earlier assessmen…

M/S T vs. Motor Company Limited, Chennai

In the result, the appeal filed by the Revenue in IT(TP)A No

ITA 2404/CHNY/2019[2013-14]Status: DisposedITAT Chennai20 Oct 2023AY 2013-14

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri Vikram Vijayaraghavan, AdvocateFor Respondent: Shri A. Sasikumar, CIT
Section 143(3)Section 92BSection 92C

…ce of Letter of Comfort. 6. On the other hand, the ld.CIT-DR Dr. A. Sasikumar stated that this issue is squarely covered in favour of Revenue and against assessee by the decision of Hon’ble Bombay High Court in the case of Everest Kento Cylinder Ltd., (2015) 378 ITR 57. He urged that 6 IT(TP)A No.66/CHNY/2019 the transaction to be treated as international transaction and the adjustment be given at the rate of 1% as has been done by the TPO. 7. We have heard rival contentions and gone through facts and circumstances of the case. We noted that this issue is squarely covered by the decision of Hon’ble Bombay High…

Concentrix Services India Private Limited (Formerly Known As Minacs Private Limited, Minacs Limited & Adity Birla Minacs Worldwide Limited ), Mumbai vs. Joint Commissioner of It (OSD)10(2)(2)Assistant Commissioner of Income Tax-9(2)(2), Mumbai

ITA 5764/MUM/2017[2012-13]Status: DisposedITAT Mumbai18 Oct 2023AY 2012-13
For Appellant: Shri Yogesh TharFor Respondent: Shri Ajit Pal Singh Daia
Section 143(3)Section 144C(3)Section 92(1)Section 92B

…IN THE INCOME TAX APPELLATE TRIBUNAL "K" BENCH, MUMBAI SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA No. 5260/MUM/2017 ITA No. 5764/MUM/2017 (Assessment Year: 2011-12) (Assessment Year: 2012-13) Concentrix Services India Private Limited, [Formerly known as Minacs Private Limited, Minacs Limited & Aditya Birla Minacs Wordlwide Limited] 8th Floor, Symphony IT Park, Chandivali Farm Road, Andheri (East), Mumbai - 400072 …………… Appellant [PAN: AAACT1567A] Vs Deputy Commissioner of Income Tax, 10(2)(2), Mumbai, C-10, 7th Floor, Pratyakshakar Bhavan, Bandra Kurla Complex, Bandra (East…

Concentrix Services India Private Limited (Formerly Known As Minacs Private Limited, Minacs Limited & Adity Birla Minacs Worldwide Limited ), Mumbai vs. Deputy Commissioner of Income Tax-10(2)(2), Mumbai

ITA 5260/MUM/2017[2011-12]Status: DisposedITAT Mumbai18 Oct 2023AY 2011-12
For Appellant: Shri Yogesh TharFor Respondent: Shri Ajit Pal Singh Daia
Section 143(3)Section 144C(3)Section 92(1)Section 92B

…IN THE INCOME TAX APPELLATE TRIBUNAL "K" BENCH, MUMBAI SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA No. 5260/MUM/2017 ITA No. 5764/MUM/2017 (Assessment Year: 2011-12) (Assessment Year: 2012-13) Concentrix Services India Private Limited, [Formerly known as Minacs Private Limited, Minacs Limited & Aditya Birla Minacs Wordlwide Limited] 8th Floor, Symphony IT Park, Chandivali Farm Road, Andheri (East), Mumbai - 400072 …………… Appellant [PAN: AAACT1567A] Vs Deputy Commissioner of Income Tax, 10(2)(2), Mumbai, C-10, 7th Floor, Pratyakshakar Bhavan, Bandra Kurla Complex, Bandra (East…

M/S. Havells India Ltd., Delhi vs. DCIT (Ltu), New Delhi

In the result, the appeal of the assessee is allowed

ITA 1258/DEL/2017[2011-12]Status: DisposedITAT Delhi11 Oct 2023AY 2011-12

Bench: Sh. Saktijit Deydr. B. R. R. Kumar

For Appellant: Sh. Rajat Jain, CA &For Respondent: Sh. Rajesh Kumar, CIT-DR
Section 35(1)(i)Section 40Section 80Section 801CSection 92BSection 92C

…“8. Rebutting the argument of the ld. DR, the ld. AR alternatively argued that determination of the corporate guarantee at 1.3% is on a higher side and relied on the judgment of Hob’ble High Court of Bombay in the case of CIT Vs. Everest Kento Cylinders Ltd. 58 Taxmann 254 and also on the judgment of Hon’ble High Court of Bombay in the case of CIT Vs Thomas Cook (India) Ltd. in ITA No. 712 of 2017 order dated 26.08.2019. Keeping in view, the judgments of the Hon’ble Bombay High Court and in the absence of any other judgment contrarily brought to our notice, we hereby direct that the adjustment in respect of corp…

DCIT Cir 5(3)(2), Mumbai vs. The Great Eastern Shipping Co. Ltd, Mumbai

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

ITA 2077/MUM/2018[2014-15]Status: DisposedITAT Mumbai13 Sept 2023AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5 Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

For Appellant: Shri Jeet Kamdar , Shri Falee HFor Respondent: Shri
Section 115Section 14Section 143Section 144C

…carefully considered the reasons given by the coordinate bench while deleting the adjustment on account of corporate guarantee commission. However, we are not inclined to accept that as the honourable Bombay High Court in case of Everest Kanto cylinders Ltd (378 ITR 57 (Bom)) has upheld the benchmarking of corporate guarantee commission at the rate of 0.5%, for all the years and in all economic circumstances and for all the assessee is across the globe, that rate should be accepted as arm‟s-length price of corporate guarantee pg. 19 commission. If we accept that proposition, the requirement of maintaining cont…

The Great Eastern Shipping Co. Ltd, Mumbai vs. Asst CIT Cir 5(3)(2), Mumbai

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

ITA 1597/MUM/2018[2014-15]Status: DisposedITAT Mumbai13 Sept 2023AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shri Narfendrakumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 N D Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 N D Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

For Appellant: Shri Jeet Kamdar , Shri Falee HFor Respondent: Shri
Section 115Section 14Section 143Section 144C

…carefully considered the reasons given by the coordinate bench while deleting the adjustment on account of corporate guarantee commission. However, we are not inclined to accept that as the honourable Bombay High Court in case of Everest Kanto cylinders Ltd (378 ITR 57 (Bom)) has upheld the benchmarking of corporate guarantee commission at the rate of 0.5%, for all the years and in all economic circumstances and for all the assessee is across the globe, that rate should be accepted as arm‟s-length price of corporate guarantee pg. 19 commission. If we accept that proposition, the requirement of maintaining cont…

The Great Eastern Shipping Co. Ltd, Mumbai vs. Asst CIT Cir 5(3)(2), Mumbai

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

ITA 374/MUM/2017[2012-13]Status: DisposedITAT Mumbai13 Sept 2023AY 2012-13

Bench: Shri Prashant Maharishi, Am & Shri Narfendrakumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 N D Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 N D Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

For Appellant: Shri Jeet Kamdar , Shri Falee HFor Respondent: Shri
Section 115Section 14Section 143Section 144C

…carefully considered the reasons given by the coordinate bench while deleting the adjustment on account of corporate guarantee commission. However, we are not inclined to accept that as the honourable Bombay High Court in case of Everest Kanto cylinders Ltd (378 ITR 57 (Bom)) has upheld the benchmarking of corporate guarantee commission at the rate of 0.5%, for all the years and in all economic circumstances and for all the assessee is across the globe, that rate should be accepted as arm‟s-length price of corporate guarantee pg. 19 commission. If we accept that proposition, the requirement of maintaining cont…

DCIT 5(3)(2), Mumbai vs. The Great Eastern Shipping Co.Ltd, Mumbai

In the result, appeal filed by the learned assessing officer is dismissed

ITA 3272/MUM/2015[2009-10]Status: DisposedITAT Mumbai13 Sept 2023AY 2009-10

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of The Great Eastern Shipping Income-Tax, Co. Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

For Appellant: Shri Jitendra Jain, AdvocateFor Respondent: Shri Manoj Mishra, CIT DR
Section 115Section 143Section 143(3)Section 144CSection 14A

…n the decision of the Mumbai Tribunal in the case of Everest Kanto Cylinders Ltd. (ITA No. 542/Mum/2012 dated 23rd November, 2012) wherein internal CUP was accepted as ALP. The Appellant submits that this decision has been affirmed by the Bombay High Court in 378 ITR 57. vii. The facts of Everest Kanto were as follows: a. Everest Kanto had a subsidiary,EKC Dubai. ITA Nos. 3272/Mum/2015 & 1656/Mum/2014 The Great Eastern Shipping Co. Ltd.; A.Y. 09-10 b. Dubai subsidiary availed a loan from the ICICI Bank, Bahrain branch. Everest Kanto provided a financial guarantee to ICICI Bank. c. Everest Kanto charged guarantee…