CIT v. M/s. Leroy Somer & Controls (India) Pvt. Ltd.

ACIT 5(1)(1), MUMBAI, MUMBAI vs. DHARMANANDAN DIAMONDS PVT. LTD., MUMBAI

In the result, the appeal of the Revenue is dismissed

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankarassistant Commissioner Of V/S. Dharmanandan Diamonds Income Tax – 5(1)(1) बनाम Pvt. Ltd., Fc 7081 7082, Room No. 568, 5Th Floor, Bharat Diamond Bourse, G- Aaykar Bhavan, Churchgate, Block, Bandra Kurla Complex, Mumbai – 400 020, Bandra (East), Mumbai – Maharashtra 400 051, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaccd6676J Appellant/अपीलार्थी .. Respondent/प्रतिवादी

…IN THE INCOME-TAX APPELLATE TRIBUNAL“K” BENCH, MUMBAI BEFORE SHRI NARENDER KUMAR CHOUDHRY, JUDICIAL MEMBER & SHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER Assistant Commissioner of v/s. Dharmanandan Diamonds Income Tax – 5(1)(1) बनाम Pvt. Ltd., FC 7081 7082, Room No. 568, 5th Floor, Bharat Diamond Bourse, G- Aaykar Bhavan, Churchgate, Block, Bandra Kurla Complex, Mumbai – 400 020, Bandra (East), Mumbai – Maharashtra 400 051, Maharashtra स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AACCD6676J Appellant/अपीलार्थी .. Respondent/प्रतिवादी Assessee by : Shri Rajiv Shah, AR Revenueby : Ms. Neena Jeph, (CIT-DR) Date of Hearing…

THYSSENKRUPP INDUSTRIAL SOLUTIONS AG ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX TRANSFER PRICING CIRCLE -4(2)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankarthyssenkrupp Industrial V/S. Deputy Commissioner Of Solutions Ag बनाम Income Tax,Transfer Pricing C/O Mohinder Puri & Co., 1A- Circle – 4(2)(2), Air India D, Vandhna Building, 11 Building, Nariman Point, Tolstoy Marg, New Delhi – Mumbai–400021, Maharashtra 110 001 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aafcp5301B Appellant/अपीलार्थी .. Respondent/प्रतिवादी

…nd unjustifiable default- not for mere technical lapses, especially when substantial compliance is demonstrated. Reliance in this regard was placed on the decisions in the cases of PCIT v/s. MMTC Ltd. 95 taxmann.com 419 (Delhi), CIT vs. Leroy Somer & Controls-360 ITR 532(Delhi)and CIT vs. SSL TTK ltd. - MANU/TN/5589/2021 (Madras).These decisions confirm that the objective of section 271G is fulfilled, if the main documentation and transfer pricing study are produced, aligning with the spirit of Rule 10D(3) and section 92D(3). It is submitted that several Tribunal decisions (including Mumbai Tribunal) following th…

PROCTER & GAMBLE HYGIENE & HEALTH CARE LIMITED,MUMBAI vs. DCIT-3(3)-1, MUMBAI

In the result assessee's appeals stand allowed

…tion to be furnished in connection with the TP proceedings that a general notice is issued by the Assessing Officer. We noted that this issue has been considered by Hon’ble Delhi High Court in the case of CIT vs. Leory Somer & Controls (India) (P) Ltd. (2014) 360 ITR 532 (Del), wherein it is held that when there is a general notice and no specific information of document which is required to be submitted by the assessee under section 92D(3) of the Act, is asked for, the penalty levied under section 271G cannot be sustained. We noted that the assessee in the present case has made substantive compliance of the prov…