DCIT v. Quark Systems (P.) Ltd.

M/S Future First Info. Servicees Pvt. Ltd, Gurgaon vs. DCIT, New Delhi

The appeal of the assessee stands partly allowed

…s entitled to argue at least before the Appellate Authorities that a wrong stand taken at the time of filing of the return should be allowed to be modified. Similarly, the Special Bench of the Tribunal in the case of DCIT vs. Quark Systems (P.) Ltd. [2010] 38 SOT 307 (Chd.) also allowed the assessee to claim exclusion of certain companies from the list of comparables which were inadvertently included by it in its transfer pricing study. Therefore, we agree with the contention of the Ld. Authorized Representative that assessee has a right to argue for the exclusion of comparable even if originally it was in…

M/S. Rolls Royce India Pvt. Ltd., New Delhi vs. ACIT, New Delhi

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

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2012-13 Rolls Royce India Pvt. Ltd., Vs Acit, 2Nd Floor, Birla Tower West, Circle 21(2), 25, Barakhamba Road, New Delhi. New Delhi. Pan: Aabcr5277Q (Appellant) (Respondent) Assessee By : Shri Pradeep Dinodia, Advocate, Revenue By : Ms Nidhi Sharma, Sr. Dr Date Of Hearing : 22.10.2019 Date Of Pronouncement : 30.10.2019 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 20.12.2016 Of The Assessing Officer Passed U/S 143(3)/144C/92Ca(4) Of The It Act, 1961, Relating To Assessment Year 2012-13. 2. The Grounds Of Appeal Raised By The Assessee Read As Under:- “1. That The Drp/Ao Has Erred In Law & On Facts In The Circumstances Of The Case In Confirming The Addition Of Rs.7,26,52,018/- On Account Of Transfer Pricing Adjustment U/S 92Ca(3) & Non-Tp Disallowances On Wholly Illegal, Erroneous & Untenable Grounds. 2. The Order Of Assessment Is Bad In Law. Transfer Pricing Adjustment

…ction was raised regarding correction of the margins andthis grievance of the assessee is resolved by ld. DRP. In view of this respectfully following the decision of honourable special bench in Deputy Commissioner of Income-tax V Quark Systems (P.) Ltd. 2010] 38 SOT 307 (CHD.) (SB) We remit this comparable back to the file of the Ld. TPO for exclusion or retention of this comparable as plea for its exclusion has been raised before us for the first time.” 19.1 Respectfully following the decision of the Tribunal in assessee’s own case, we restore this issue to the file of the TPO/A.O. for fresh adjudication of t…

Samsung India Electronics Pvt. Ltd., Gurgaon vs. Addl. CIT, New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ses without considering the applicable law under Rule 10B of the Income Tax Rule, 1962 (Rules) is untenable under law; (b) ________________________________ The Special Bench of Hon’ble Chandigarh ITAT held in the case of DCIT vs. Quark Systems (P.) Ltd [2010] 38 SOT 307 (CHD.) (SB) that if a company is functionally comparable and the turnover does not show declining trend, then merely on the basis that the comparable company is incurring losses, the comparable cannot be excluded. The Hon’ble Ahmedabad ITAT reiterated the above position by relying on Quark Systems supra in the case of Erhardt+Leimer (India) Privat…

Samsung India Electronics Pvt. Ltd., Gurgaon vs. Addl. CIT, New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ses without considering the applicable law under Rule 10B of the Income Tax Rule, 1962 (Rules) is untenable under law; (b) ________________________________ The Special Bench of Hon’ble Chandigarh ITAT held in the case of DCIT vs. Quark Systems (P.) Ltd [2010] 38 SOT 307 (CHD.) (SB) that if a company is functionally comparable and the turnover does not show declining trend, then merely on the basis that the comparable company is incurring losses, the comparable cannot be excluded. The Hon’ble Ahmedabad ITAT reiterated the above position by relying on Quark Systems supra in the case of Erhardt+Leimer (India) Privat…

Sansung India Electronics Pvt. Ltd., Gurgaon vs. Addl. CIT, Special Range- 8, New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ses without considering the applicable law under Rule 10B of the Income Tax Rule, 1962 (Rules) is untenable under law; (b) ________________________________ The Special Bench of Hon’ble Chandigarh ITAT held in the case of DCIT vs. Quark Systems (P.) Ltd [2010] 38 SOT 307 (CHD.) (SB) that if a company is functionally comparable and the turnover does not show declining trend, then merely on the basis that the comparable company is incurring losses, the comparable cannot be excluded. The Hon’ble Ahmedabad ITAT reiterated the above position by relying on Quark Systems supra in the case of Erhardt+Leimer (India) Privat…

Samsung India Electronics Pvt. Ltd., Gurgaon vs. JCIT, New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ses without considering the applicable law under Rule 10B of the Income Tax Rule, 1962 (Rules) is untenable under law; (b) ________________________________ The Special Bench of Hon’ble Chandigarh ITAT held in the case of DCIT vs. Quark Systems (P.) Ltd [2010] 38 SOT 307 (CHD.) (SB) that if a company is functionally comparable and the turnover does not show declining trend, then merely on the basis that the comparable company is incurring losses, the comparable cannot be excluded. The Hon’ble Ahmedabad ITAT reiterated the above position by relying on Quark Systems supra in the case of Erhardt+Leimer (India) Privat…

Samsung India Electronics Pvt. Ltd., Gurgaon vs. ACIT, New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ses without considering the applicable law under Rule 10B of the Income Tax Rule, 1962 (Rules) is untenable under law; (b) ________________________________ The Special Bench of Hon’ble Chandigarh ITAT held in the case of DCIT vs. Quark Systems (P.) Ltd [2010] 38 SOT 307 (CHD.) (SB) that if a company is functionally comparable and the turnover does not show declining trend, then merely on the basis that the comparable company is incurring losses, the comparable cannot be excluded. The Hon’ble Ahmedabad ITAT reiterated the above position by relying on Quark Systems supra in the case of Erhardt+Leimer (India) Privat…

ACIT, New Delhi vs. M/S Samsung India Electronics Ltd., Gurgaon

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ses without considering the applicable law under Rule 10B of the Income Tax Rule, 1962 (Rules) is untenable under law; (b) ________________________________ The Special Bench of Hon’ble Chandigarh ITAT held in the case of DCIT vs. Quark Systems (P.) Ltd [2010] 38 SOT 307 (CHD.) (SB) that if a company is functionally comparable and the turnover does not show declining trend, then merely on the basis that the comparable company is incurring losses, the comparable cannot be excluded. The Hon’ble Ahmedabad ITAT reiterated the above position by relying on Quark Systems supra in the case of Erhardt+Leimer (India) Privat…

Samsung India Electronics Pvt. Ltd., Gurgaon vs. Addl. CIT, New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ses without considering the applicable law under Rule 10B of the Income Tax Rule, 1962 (Rules) is untenable under law; (b) ________________________________ The Special Bench of Hon’ble Chandigarh ITAT held in the case of DCIT vs. Quark Systems (P.) Ltd [2010] 38 SOT 307 (CHD.) (SB) that if a company is functionally comparable and the turnover does not show declining trend, then merely on the basis that the comparable company is incurring losses, the comparable cannot be excluded. The Hon’ble Ahmedabad ITAT reiterated the above position by relying on Quark Systems supra in the case of Erhardt+Leimer (India) Privat…

Samsung India Electronics Pvt. Ltd., Gurgaon vs. Addl. CIT, New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ses without considering the applicable law under Rule 10B of the Income Tax Rule, 1962 (Rules) is untenable under law; (b) ________________________________ The Special Bench of Hon’ble Chandigarh ITAT held in the case of DCIT vs. Quark Systems (P.) Ltd [2010] 38 SOT 307 (CHD.) (SB) that if a company is functionally comparable and the turnover does not show declining trend, then merely on the basis that the comparable company is incurring losses, the comparable cannot be excluded. The Hon’ble Ahmedabad ITAT reiterated the above position by relying on Quark Systems supra in the case of Erhardt+Leimer (India) Privat…