CIT v. Yokogawa India Ltd.

Deputy Commissioner of Income Tax, Circle-11(2), Bangalore vs. M/S Celstream Technolgoies P Ltd, Bangalore

Bench: Shri Vijay Pal Rao & Shri G.Manjunatha

…ta Elxsi Limited 349 ITR 98 has not been accepted by the department and an appeal has been filed before the Hon'ble Supreme Court. 4) The CIT(A) erred in directing the AO to follow the ratio laid down by the Hon'ble Court in the case of YOKOGAWA INDIA LTD. in 341 ITR 385(Kar) and allow the claim of the assessee of the deduction u/s IOA without setting off the brought forward business loss, ITA Nos.1344 to 1347/Bang/2014 M/s.Celstream Technologies P.Ltd. Page 3 of 19 without appreciating the fact that the decision of the Karnataka High Court has not reached finality as an SLP has been preferred against the said d…

M/S Meritor L vs. India (P) Ltd., Bangalore

In the result, appeal of the assessee is partly allowed

Bench: Shri. Abraham P. George & Shri. Vijaypal Raoi.T(Tp).A No.1231/Bang/2011 (Assessment Year : 2007-08) M/S. Meritor Lvs India(P) Ltd, No.69, A1- Ameen Towers, 3Rd Floor, Hosur Road, Near Lalbagh Main Road, Bangalore 560 027 .. Appellant Pan : Aabcm9623K V. Asst. Commissioner Of Income-Tax, Circle -12(1), Bangalore .. Respondent Assessee By : Shri. Amit B. Jain, Ca Revenue By : Shri. J. P. S. Bindra, Cit - Dr Heard On : 12.10.2015 Pronounced On : 16.10.2015 O R D E R Per Abraham P. George: In This Appeal Filed By Assessee Directed Against An Assessment Order Passed U/S.143(3) R.W.S.144C Of The Income-Tax Act, 1961 (‘The Act’ In Short), It Has Filed A Set Of Concise Grounds In Lieu Of The Original Grounds Filed.

…ward losses and unabsorbed depreciation of non-eligible unit. As per the Ld. AR the corporate tax grounds were covered by the judgments of Hon’ble jurisdictional High Court in the case of CIT v. Tata Elxsi Ltd [349 ITR 98] and CIT (LTU) v. Yokogawa India Ltd [341 ITR 385]. 03. In accordance with the submissions of the Ld. AR we are confining ourselves to grounds of transfer pricing which are related to risk adjustment and comparables selected by the TPO. Profile of the assessee, as it appears in the order of TPO, dt.28.10.2010, reads as under : “2. Taxpayer's profile M/s Mentor LVS India Pvt Ltd (MLIPL) herein af…

DCIT, Bangalore vs. M/S Unisys India (P) Limited, Bangalore

Bench: Shri N.V. Vasudevan & Shri Abraham P. George

…es of non STPI units should not be set off against the eligible profits of the STPI unit while allowing deduction u/s.10A of the Act. In doing so the CIT(A) followed the decision of the Hon’ble Karnataka High Court in the case of CIT Vs. Yokogawa India Ltd., 341 ITR 385 (Karn.) wherein it was held that provisions of Sec.10A of the Act are in the nature of exemption provisions and not in the nature of deductions under Chapter VIA of the Act IT(TP)A Nos.67 & 70/Bang/2015 Page 5 of 37 and therefore the profits or losses of the Sec.10A unit will not enter the computation of total income of the Assessee at all. 8…

M/S Unisys India Private Limited, Bangalore vs. DCIT, Bangalore

Bench: Shri N.V. Vasudevan & Shri Abraham P. George

…es of non STPI units should not be set off against the eligible profits of the STPI unit while allowing deduction u/s.10A of the Act. In doing so the CIT(A) followed the decision of the Hon’ble Karnataka High Court in the case of CIT Vs. Yokogawa India Ltd., 341 ITR 385 (Karn.) wherein it was held that provisions of Sec.10A of the Act are in the nature of exemption provisions and not in the nature of deductions under Chapter VIA of the Act IT(TP)A Nos.67 & 70/Bang/2015 Page 5 of 37 and therefore the profits or losses of the Sec.10A unit will not enter the computation of total income of the Assessee at all. 8…

DCIT vs. M/S Vmoksha Technologies Pvt. Ltd

In the result, appeal of the Revenue is dismissed

Bench: Shri. N. V. Vasudevan & Shri. Abraham P. Georgei.T(Tp).A No.1053/Bang/2013 (Assessment Year : 2004-05) Deputy Commissioner Of Income-Tax, Circle -12 (3), Bangalore ..Appellant V. M/S. Vmoksha Technologies P. Ltd, No.2799 & 2800, Srinidhi Sector –I, 27Th Main, Hsr Layout, Bangalore 560 102 ..Respondent Pan : Aabck2021R Assessee By : Shri. Srinivas Bharath. K. N, Ca Revenue By : Dr. P. K. Srihari, Addl. Cit Heard On : 23.09.2015 Pronounced On : 30.09.2015 O R D E R Per Abraham P. George:

…IT(TP)A.1053/Bang/2013 Page - 1 IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH 'B', BANGALORE BEFORE SHRI. N. V. VASUDEVAN, JUDICIAL MEMBER AND SHRI. ABRAHAM P. GEORGE, ACCOUNTANT MEMBER I.T(TP).A No.1053/Bang/2013 (Assessment Year : 2004-05) Deputy Commissioner of Income-tax, Circle -12 (3), Bangalore ..Appellant v. M/s. Vmoksha Technologies P. Ltd, No.2799 & 2800, Srinidhi Sector –I, 27th Main, HSR Layout, Bangalore 560 102 ..Respondent PAN : AABCK2021R Assessee by : Shri. Srinivas Bharath. K. N, CA Revenue by : Dr. P. K. Srihari, Addl. CIT Heard on : 23.09.2015 Pronounced on : 30.09.2015 O R D E R PER A…

Hewlett- Packard Globalsof Private Limited, Bangalore vs. DCIT, Bangalore

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

Bench: Smt. Asha Vijayaraghavan & Shri. Abraham P. Georgei.T(Tp).A No.1031/Bang/2011 (Assessment Year : 2007-08) Hewlett- Packard (India) Globalsoft P. Ltd, Plot No.39/40, Electronic City – Phase-Ii Hosur Road, Bangalore 560 100 ..Appellant Pan : Aaacd4078L V. Deputy Commissioner Of Income-Tax, Central Circle -11(4), Bangalore .. Respondent Assessee By : Shri. Ajit Kumar Jain, Ca Revenue By : Shri. G. R. Reddy, Cit – Dr-I Heard On : 01.09.2015 Pronounced On : 23.09.2015 O R D E R Per Abraham P. George:

…IT(TP)A.1031/Bang/2011 Page - 1 IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH 'A', BANGALORE BEFORE SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER AND SHRI. ABRAHAM P. GEORGE, ACCOUNTANT MEMBER I.T(TP).A No.1031/Bang/2011 (Assessment Year : 2007-08) Hewlett- Packard (India) Globalsoft P. Ltd, Plot No.39/40, Electronic City – Phase-II Hosur Road, Bangalore 560 100 ..Appellant PAN : AAACD4078L v. Deputy Commissioner of Income-tax, Central Circle -11(4), Bangalore .. Respondent Assessee by : Shri. Ajit Kumar Jain, CA Revenue by : Shri. G. R. Reddy, CIT – DR-I Heard on : 01.09.2015 Pronounced on : 23.09.2015 O R…

DCIT, Bangalore vs. M/S Spa Computers Pvt. Ltd., Bangalore

In the result, appeal of the Revenue is dismissed

Bench: Shri. N. V. Vasudevan & Shri. Abraham P. George

…total income. Per contra Ld. AR supported the order of the CIT (A). 04. We have heard the rival contentions and perused the records. We find that CIT (A) had followed the judgment of Hon’ble jurisdictional High Court in the case of CIT v. Yokogawa India Ltd [341 ITR 385]. CIT (A) had reproduced the relevant part of the above judgment, which read as under : As the income of the section10A unit has to be excluded at source itself before arriving at the gross total income, the loss of the non-section 10A unit cannot be set off against the income of the section 10A unit under section 72. The loss incurred by the as…

Income Tax Officer, Ward-11(1), Bangalore vs. M/S Carremen Silvercast Clothing(I)P Ltd, Bangalore

In the result, the appeal of the Revenue and the Cross Objection by the assessee is dismissed

Bench: Shri N.V. Vasudevan & Shri Abraham P. George

…4 of the CIT(Appeals)-I, Bangalore relating to assessment year 2009-10. 2. The grievance projected by the Revenue in its appeal is that the CIT(Appeals) erred in following the decision of the Hon’ble High Court of Karnataka in the case of Yokogawa India Ltd., 341 ITR 385 (Karn) and allowing the claim of assessee for deduction u/s. 10B of the Income-tax Act, 1961 [“the Act”], without setting off the brought forward losses, on the ground that the Department has filed a SLP against the said decision. It is the further plea of the Revenue that the decision rendered by the CIT(Appeals) is not in tune with the Circular…

Deputy Commissioner of Income Tax, Bangalore vs. M/S Infosys Bpo Ltd, Bangalore

In the result, the appeal by the Revenue is dismissed, while the assessee’s appeal is allowed

Bench: Shri N.V. Vasudevan & Shri Abraham P. Georgeassessment Year : 2005-06

…earlier years should be set off against the profits of the 10A unit and deduction u/s. 10A should be allowed only after such set off. This issue has also been settled by the judgment of the Hon’ble High Court of Karnataka in the case of Yokogawa India Ltd., 341 ITR 385 (Karn), wherein a view was taken that deduction u/s. 10A appearing in Chapter III of the Act was an exemption provision and therefore set off of brought forward unabsorbed losses should not be made. According to the Revenue, the CBDT had issued a Circular No.7/2003 dated 5.9.2003 wherein it had taken a view that deduction u/s. 10A was in fact a…

Infosys Bpo Ltd, Bangalore vs. Assistant Commissioner of Income Tax, Bangalore

In the result, the appeal by the Revenue is dismissed, while the assessee’s appeal is allowed

Bench: Shri N.V. Vasudevan & Shri Abraham P. Georgeassessment Year : 2005-06

…earlier years should be set off against the profits of the 10A unit and deduction u/s. 10A should be allowed only after such set off. This issue has also been settled by the judgment of the Hon’ble High Court of Karnataka in the case of Yokogawa India Ltd., 341 ITR 385 (Karn), wherein a view was taken that deduction u/s. 10A appearing in Chapter III of the Act was an exemption provision and therefore set off of brought forward unabsorbed losses should not be made. According to the Revenue, the CBDT had issued a Circular No.7/2003 dated 5.9.2003 wherein it had taken a view that deduction u/s. 10A was in fact a…

M/S Austin Medical Solutions Pvt. Ltd., Bangalore vs. ITO, Bangalore

In the result, the assessee's appeal for Assessment Year 2008-09 is allowed

Bench: Smt. P. Madhavi Devi & Shri Jason P. Boazi.T. (T.P) A. No.542/Bang/2012 (Assessment Year : 2008-09) M/S. Austin Medical Solutions Pvt. Ltd., No.23, Sydney Park, 2Nd Floor, Prestige Takt Kasturba Road Cross, Bangalore-560 001 …. Appellant. Pan Aaeca 5725B Vs. The Income Tax Officer, Ward 11(1), Bangalore. ….. Respondent. Appellant By : Shri H.N. Khincha, C.A. Respondent By : Shri P. Dhivahar, Jcit (D.R) Date Of Hearing : 24.06.2015. Date Of Pronouncement : 17.07.2015. O R D E R Per Shri Jason P. Boaz, A.M. : This Appeal By The Assessee Is Directed Against The Order Of The Commissioner Of Income Tax (Appeals)-Iv, Bangalore Dt.24.2.2012 For Assessment Year 2008-09. 2. The Facts Of The Case, Briefly, Are As Under :- 2.1 The Assessee, An Indian Company Engaged In The Business Of Export Of Software & Ites, Filed Its Return Of Income For Assessment Year 2008-09 On 18.12.2008 Declaring Nil Income. In The Return Of Income, The Income From Business Was Computed At Rs.63,02,287; Which Included An Amount Of Rs.28,61,352 By Way Of A Suo Moto Transfer Pricing Adjustment To The Arm’S Length

…ra) has allowed the assessee's claim for deduction under Section 10A of the Act in respect of Suo Moto T.P. Adjustment made by the assessee. In our view, the decision of the Hon'ble High Court of Karnataka in the case of Yokogawa India Ltd. Reported in (2012) 341 ITR 385 relied on by the 7 IT(T.P)A No.542/Bang/2012 Austin Medical Solutions Pvt Ltd learned CIT (Appeals) does not deal with the question of allowability of deduction under Section 10A of the Act, in respect of Suo Moto T.P. Adjustment made by the assessee while determining the Arm’s Length Price of its international transactions. The said judgment dea…

Deputy Commissioner of Income Tax, Circle-12(3), Bangalore vs. M/S Sami Labs Ltd, Bangalore

In the result, Revenue’s appeal for Assessment Year 2006-07 is dismissed

Bench: Shri Vijaypal Rao & Shri Jason P. Boaz

…A to be assessee. Hence, the main substantial question of law is answered in favour of the assessees and against the revenue” 5.3.3 Respectfully following the decision of the Hon'ble High Court of Karnataka in the case of CIT V Yokogawa India Ltd. Reported in 341 ITR 385 (Kar), we hold that the deduction under Section 10B of the Act for the eligible unit is to be allowed/computed without setting off the losses of other units, other than the eligible unit, against the profit of the eligible unit. As the issue is squarely covered in favour of the assessee by the above decision in the case of Yokogawa India Ltd. (su…

DCIT vs. M/S Syndicate Bank

In the result, the revenue’s appeal is dismissed

Bench: Smt. P. Madhavi Devi & Shri Abraham P George

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH : BANGALORE BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER and SHRI ABRAHAM P GEORGE, ACCOUNTANT MEMBER ITA Nos.1700 to 1704/Bang/2013 (Assessment years: 1990-91, 2004-05 to 2007-08) Asst. Commissioner of Income-tax, Circle-1, Udupi. … Appellant Vs. M/s.Syndicate Bank, H.O. Manipal. … Respondent PAN: AACCS 4699E Appellant by: Shri Farhat Hussain Qureshi, CIT(DR) Respondent by: Smt. Lalitha Rameswaran. Date of hearing : 10/06/2015. Date of pronouncement: 30/06/2015. O R D E R Per BENCH : All these are revenue’s appeals for the assessment years 1990-91, 2004-05 to…

Serial Innovations India Private Limited, Bangalore vs. DCIT, Bangalore

In the result, grounds of appeal raised by the assessee against the transfer pricing adjustment are treated as partly allowed

Bench: Smt. P. Madhavi Devi & Shri Abraham P George

…the income arrived at after allowing deduction u/s 10A of the Act. The learned counsel for the assessee submitted that this issue is covered in favour of the assessee by the decision of the jurisdictional High Court in the case of CIT vs. Yokogawa Ltd. (2012) 341 ITR 385 (Kar.) The learned Departmental Representative, however, supported the orders of the authorities below and submitted that the decision of the Hon’ble Karnataka High Court has not been accepted by the revenue and the revenue is in further appeal before the Hon’ble Supreme Court. 5. Having regard to the rival contentions and the material on recor…

ACIT, Bangalore vs. M/S K. Mohan & Company (Exports) Pvt. Ltd., Bangalore

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

…The ld. CIT(Appeals) on a consideration of the submissions of the assessee held that the issue under consideration was covered in favour of the assessee by the decision of the Hon’ble High Court of Karnataka in the case of CIT & Another v. Yokogawa India Ltd. 341 ITR 385. Therefore, he directed the AO to follow the decision and recompute the deduction u/s 10B accordingly. Aggrieved by the order of the CIT(A), the revenue has filed the present appeal before the Tribunal. 72. At the time of hearing of this appeal, the ld. counsel for the assessee filed before us the decision of the Bangalore Bench of the Tribunal…

M/S K. Mohan & Company (Exports) Private Limited, Bangalore vs. ACIT, Bangalore

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

…The ld. CIT(Appeals) on a consideration of the submissions of the assessee held that the issue under consideration was covered in favour of the assessee by the decision of the Hon’ble High Court of Karnataka in the case of CIT & Another v. Yokogawa India Ltd. 341 ITR 385. Therefore, he directed the AO to follow the decision and recompute the deduction u/s 10B accordingly. Aggrieved by the order of the CIT(A), the revenue has filed the present appeal before the Tribunal. 72. At the time of hearing of this appeal, the ld. counsel for the assessee filed before us the decision of the Bangalore Bench of the Tribunal…

M/S. K. Mohan & Company (Exports) Pvt. Ltd., Bangalore vs. ACIT, Bangalore

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

…The ld. CIT(Appeals) on a consideration of the submissions of the assessee held that the issue under consideration was covered in favour of the assessee by the decision of the Hon’ble High Court of Karnataka in the case of CIT & Another v. Yokogawa India Ltd. 341 ITR 385. Therefore, he directed the AO to follow the decision and recompute the deduction u/s 10B accordingly. Aggrieved by the order of the CIT(A), the revenue has filed the present appeal before the Tribunal. 72. At the time of hearing of this appeal, the ld. counsel for the assessee filed before us the decision of the Bangalore Bench of the Tribunal…