Mahindra & Mahindra Ltd. v. ACIT

106 ITD 521Income Tax Appellate Tribunal2006#6481 most cited

What is Mahindra & Mahindra Ltd. v. ACIT authority for?

When benchmarking interest on loans advanced to associated enterprises in foreign currency, the LIBOR rate is to be used. The comparison should be between the assessee's transaction and similar transactions involving associated enterprises and interest charged on loans.

18

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2021 to 2023.

Also referred to as

Mahindra & Mahindra Ltd. v. ACIT · 106 ITD 521 · 98 DTR 266 · benchmarking interest rate · loan to AE · foreign currency · LIBOR · associated enterprise · arm's length price · transfer pricing

Also reported as

98 DTR 266

Issues it is cited on

section 75section 10bainterest on outstanding receivablesinitial assessment yeartransfer pricing ordersection 80hsection 80hhcsection 10btested partysection 80hharms length pricesection 92b

Judgments citing Mahindra & Mahindra Ltd. v. ACIT

BRODAWAYS OVERSEAS LIMITED,JALANDHAR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, JALANDHAR

ITA 123/ASR/2018[2013-14]Status: DisposedITAT Amritsar30 May 2023AY 2013-14

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 10BSection 14A

…s. ACIT(2012) 149 TTJ (Mumbai) 233 : (2012) 52 SOT 48 (Mumbai). Cotton Naturals (I) Pvt. Ltd. vs. DCIT (2013) 22 ITR (Trib) 438 e) (Delhi). f) Mahindra & Mahindra Ltd. vs. ACIT (2014) 29 ITR 95 (Mum.)(Trib.) g) Hinduja Global Solutions Ltd. vs. ACIT (2014) 98 DTR 266 (Mum.)(Trib.) h) Kohinoor Foods Ltd. vs. ACIT (Delhi)(Trib). 6. Your Honours, it has also been held in the following judgments that LIBOR should be used for benchmarking interest rate on loan advanced to AE in foreign currency. a) Varroc Engineering (P) Ltd. v. ACIT (2015) 168 TTJ 514 (Pune)(Trib.), where in it has been held that while benchmarki…

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

ITA 49/ASR/2016[2011-12]Status: DisposedITAT Amritsar30 May 2023AY 2011-12

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 10BSection 14A

…s. ACIT(2012) 149 TTJ (Mumbai) 233 : (2012) 52 SOT 48 (Mumbai). Cotton Naturals (I) Pvt. Ltd. vs. DCIT (2013) 22 ITR (Trib) 438 e) (Delhi). f) Mahindra & Mahindra Ltd. vs. ACIT (2014) 29 ITR 95 (Mum.)(Trib.) g) Hinduja Global Solutions Ltd. vs. ACIT (2014) 98 DTR 266 (Mum.)(Trib.) h) Kohinoor Foods Ltd. vs. ACIT (Delhi)(Trib). 6. Your Honours, it has also been held in the following judgments that LIBOR should be used for benchmarking interest rate on loan advanced to AE in foreign currency. a) Varroc Engineering (P) Ltd. v. ACIT (2015) 168 TTJ 514 (Pune)(Trib.), where in it has been held that while benchmarki…

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

ITA 48/ASR/2016[2010-11]Status: DisposedITAT Amritsar30 May 2023AY 2010-11

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 10BSection 14A

…s. ACIT(2012) 149 TTJ (Mumbai) 233 : (2012) 52 SOT 48 (Mumbai). Cotton Naturals (I) Pvt. Ltd. vs. DCIT (2013) 22 ITR (Trib) 438 e) (Delhi). f) Mahindra & Mahindra Ltd. vs. ACIT (2014) 29 ITR 95 (Mum.)(Trib.) g) Hinduja Global Solutions Ltd. vs. ACIT (2014) 98 DTR 266 (Mum.)(Trib.) h) Kohinoor Foods Ltd. vs. ACIT (Delhi)(Trib). 6. Your Honours, it has also been held in the following judgments that LIBOR should be used for benchmarking interest rate on loan advanced to AE in foreign currency. a) Varroc Engineering (P) Ltd. v. ACIT (2015) 168 TTJ 514 (Pune)(Trib.), where in it has been held that while benchmarki…

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

ITA 47/ASR/2016[2009-10]Status: DisposedITAT Amritsar30 May 2023AY 2009-10

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 10BSection 14A

…s. ACIT(2012) 149 TTJ (Mumbai) 233 : (2012) 52 SOT 48 (Mumbai). Cotton Naturals (I) Pvt. Ltd. vs. DCIT (2013) 22 ITR (Trib) 438 e) (Delhi). f) Mahindra & Mahindra Ltd. vs. ACIT (2014) 29 ITR 95 (Mum.)(Trib.) g) Hinduja Global Solutions Ltd. vs. ACIT (2014) 98 DTR 266 (Mum.)(Trib.) h) Kohinoor Foods Ltd. vs. ACIT (Delhi)(Trib). 6. Your Honours, it has also been held in the following judgments that LIBOR should be used for benchmarking interest rate on loan advanced to AE in foreign currency. a) Varroc Engineering (P) Ltd. v. ACIT (2015) 168 TTJ 514 (Pune)(Trib.), where in it has been held that while benchmarki…

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

ITA 46/ASR/2016[2007-08]Status: DisposedITAT Amritsar30 May 2023AY 2007-08

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 10BSection 14A

…s. ACIT(2012) 149 TTJ (Mumbai) 233 : (2012) 52 SOT 48 (Mumbai). Cotton Naturals (I) Pvt. Ltd. vs. DCIT (2013) 22 ITR (Trib) 438 e) (Delhi). f) Mahindra & Mahindra Ltd. vs. ACIT (2014) 29 ITR 95 (Mum.)(Trib.) g) Hinduja Global Solutions Ltd. vs. ACIT (2014) 98 DTR 266 (Mum.)(Trib.) h) Kohinoor Foods Ltd. vs. ACIT (Delhi)(Trib). 6. Your Honours, it has also been held in the following judgments that LIBOR should be used for benchmarking interest rate on loan advanced to AE in foreign currency. a) Varroc Engineering (P) Ltd. v. ACIT (2015) 168 TTJ 514 (Pune)(Trib.), where in it has been held that while benchmarki…

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAYS OVERSEAS LTD, JALANDHAR

ITA 345/ASR/2016[2012-13]Status: DisposedITAT Amritsar30 May 2023AY 2012-13

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 10BSection 14A

…s. ACIT(2012) 149 TTJ (Mumbai) 233 : (2012) 52 SOT 48 (Mumbai). Cotton Naturals (I) Pvt. Ltd. vs. DCIT (2013) 22 ITR (Trib) 438 e) (Delhi). f) Mahindra & Mahindra Ltd. vs. ACIT (2014) 29 ITR 95 (Mum.)(Trib.) g) Hinduja Global Solutions Ltd. vs. ACIT (2014) 98 DTR 266 (Mum.)(Trib.) h) Kohinoor Foods Ltd. vs. ACIT (Delhi)(Trib). 6. Your Honours, it has also been held in the following judgments that LIBOR should be used for benchmarking interest rate on loan advanced to AE in foreign currency. a) Varroc Engineering (P) Ltd. v. ACIT (2015) 168 TTJ 514 (Pune)(Trib.), where in it has been held that while benchmarki…

THE ASSISTANT COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAYS OVERSEAS LTD, JALANDHAR

ITA 477/ASR/2015[2008-09]Status: DisposedITAT Amritsar30 May 2023AY 2008-09

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 10BSection 14A

…s. ACIT(2012) 149 TTJ (Mumbai) 233 : (2012) 52 SOT 48 (Mumbai). Cotton Naturals (I) Pvt. Ltd. vs. DCIT (2013) 22 ITR (Trib) 438 e) (Delhi). f) Mahindra & Mahindra Ltd. vs. ACIT (2014) 29 ITR 95 (Mum.)(Trib.) g) Hinduja Global Solutions Ltd. vs. ACIT (2014) 98 DTR 266 (Mum.)(Trib.) h) Kohinoor Foods Ltd. vs. ACIT (Delhi)(Trib). 6. Your Honours, it has also been held in the following judgments that LIBOR should be used for benchmarking interest rate on loan advanced to AE in foreign currency. a) Varroc Engineering (P) Ltd. v. ACIT (2015) 168 TTJ 514 (Pune)(Trib.), where in it has been held that while benchmarki…

ITO (IT) WARD 1 (2)(2), MUMBAI vs. M/S BENNETT COLEMAN COMPANY LTD, MUMBAI

In the result, all the sixteen appeals are allowed in the terms indicated above

ITA 7094/MUM/2019[2017-18 (MARCH 2017)]Status: DisposedITAT Mumbai30 Jul 2021
Section 195Section 248Section 250

…ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Page 1 of 3 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘I’ BENCH, MUMBAI [Coram: Pramod Kumar (Vice President) and Saktijit Dey (Judicial Member)] ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Income Tax Officer (International Taxation) Ward 1(1)(2), Mumbai ……………….Appellant Vs. Bennett Coleman & Co Ltd ………………Respondent The Times of India Building, Dr D N Road, Mumbai 400 001 [PAN: AACB4373Q] Appearances by Vijaykumar Subramanian for the appellant Ajeet Kumar Jain along-with Siddesh Chaugule for the respo…

ITO (IT) WARD 1 (2)(2), MUMBAI vs. M/S BENNETT COLEMAN COMPANY LTD, MUMBAI

In the result, all the sixteen appeals are allowed in the terms indicated above

ITA 7093/MUM/2019[2017-18 ( FEBRUARY 2017)]Status: DisposedITAT Mumbai30 Jul 2021
Section 195Section 248Section 250

…ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Page 1 of 3 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘I’ BENCH, MUMBAI [Coram: Pramod Kumar (Vice President) and Saktijit Dey (Judicial Member)] ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Income Tax Officer (International Taxation) Ward 1(1)(2), Mumbai ……………….Appellant Vs. Bennett Coleman & Co Ltd ………………Respondent The Times of India Building, Dr D N Road, Mumbai 400 001 [PAN: AACB4373Q] Appearances by Vijaykumar Subramanian for the appellant Ajeet Kumar Jain along-with Siddesh Chaugule for the respo…

ITO (IT) WARD 1 (2)(2), MUMBAI vs. M/S BENNETT COLEMAN COMPANY LTD, MUMBAI

In the result, all the sixteen appeals are allowed in the terms indicated above

ITA 7092/MUM/2019[2019-20 (AUGUST 2018)]Status: DisposedITAT Mumbai30 Jul 2021
Section 195Section 248Section 250

…ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Page 1 of 3 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘I’ BENCH, MUMBAI [Coram: Pramod Kumar (Vice President) and Saktijit Dey (Judicial Member)] ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Income Tax Officer (International Taxation) Ward 1(1)(2), Mumbai ……………….Appellant Vs. Bennett Coleman & Co Ltd ………………Respondent The Times of India Building, Dr D N Road, Mumbai 400 001 [PAN: AACB4373Q] Appearances by Vijaykumar Subramanian for the appellant Ajeet Kumar Jain along-with Siddesh Chaugule for the respo…

ITO (IT) WARD 1 (2)(2), MUMBAI vs. M/S BENNETT COLEMAN COMPANY LTD, MUMBAI

In the result, all the sixteen appeals are allowed in the terms indicated above

ITA 7091/MUM/2019[2019-20 (MAY 2018)]Status: DisposedITAT Mumbai30 Jul 2021
Section 195Section 248Section 250

…ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Page 1 of 3 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘I’ BENCH, MUMBAI [Coram: Pramod Kumar (Vice President) and Saktijit Dey (Judicial Member)] ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Income Tax Officer (International Taxation) Ward 1(1)(2), Mumbai ……………….Appellant Vs. Bennett Coleman & Co Ltd ………………Respondent The Times of India Building, Dr D N Road, Mumbai 400 001 [PAN: AACB4373Q] Appearances by Vijaykumar Subramanian for the appellant Ajeet Kumar Jain along-with Siddesh Chaugule for the respo…

ITO (IT) WARD 1 (2)(2), MUMBAI vs. M/S BENNETT COLEMAN COMPANY LTD, MUMBAI

In the result, all the sixteen appeals are allowed in the terms indicated above

ITA 7090/MUM/2019[2019-20 (AUGUST 2018)]Status: DisposedITAT Mumbai30 Jul 2021
Section 195Section 248Section 250

…ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Page 1 of 3 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘I’ BENCH, MUMBAI [Coram: Pramod Kumar (Vice President) and Saktijit Dey (Judicial Member)] ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Income Tax Officer (International Taxation) Ward 1(1)(2), Mumbai ……………….Appellant Vs. Bennett Coleman & Co Ltd ………………Respondent The Times of India Building, Dr D N Road, Mumbai 400 001 [PAN: AACB4373Q] Appearances by Vijaykumar Subramanian for the appellant Ajeet Kumar Jain along-with Siddesh Chaugule for the respo…

ITO (IT) WARD 1 (2)(2), MUMBAI vs. M/S BENNETT COLEMAN COMPANY LTD, MUMBAI

In the result, all the sixteen appeals are allowed in the terms indicated above

ITA 7089/MUM/2019[2019-20( NOVEMBER 2018)]Status: DisposedITAT Mumbai30 Jul 2021
Section 195Section 248Section 250

…ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Page 1 of 3 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘I’ BENCH, MUMBAI [Coram: Pramod Kumar (Vice President) and Saktijit Dey (Judicial Member)] ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Income Tax Officer (International Taxation) Ward 1(1)(2), Mumbai ……………….Appellant Vs. Bennett Coleman & Co Ltd ………………Respondent The Times of India Building, Dr D N Road, Mumbai 400 001 [PAN: AACB4373Q] Appearances by Vijaykumar Subramanian for the appellant Ajeet Kumar Jain along-with Siddesh Chaugule for the respo…

ITO (IT) WARD 1 (2)(2), MUMBAI vs. M/S BENNETT COLEMAN COMPANY LTD., MUMBAI

In the result, all the sixteen appeals are allowed in the terms indicated above

ITA 7088/MUM/2019[2019-20 (APRIL 2018)]Status: DisposedITAT Mumbai30 Jul 2021
Section 195Section 248Section 250

…ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Page 1 of 3 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘I’ BENCH, MUMBAI [Coram: Pramod Kumar (Vice President) and Saktijit Dey (Judicial Member)] ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Income Tax Officer (International Taxation) Ward 1(1)(2), Mumbai ……………….Appellant Vs. Bennett Coleman & Co Ltd ………………Respondent The Times of India Building, Dr D N Road, Mumbai 400 001 [PAN: AACB4373Q] Appearances by Vijaykumar Subramanian for the appellant Ajeet Kumar Jain along-with Siddesh Chaugule for the respo…

ITO (IT) WARD 1 (2)(2), MUMBAI vs. M/S BENNETT COLEMAN COMPANY LTD., MUMBAI

In the result, all the sixteen appeals are allowed in the terms indicated above

ITA 7087/MUM/2019[2018-19 (MAY 2017)]Status: DisposedITAT Mumbai30 Jul 2021
Section 195Section 248Section 250

…ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Page 1 of 3 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘I’ BENCH, MUMBAI [Coram: Pramod Kumar (Vice President) and Saktijit Dey (Judicial Member)] ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Income Tax Officer (International Taxation) Ward 1(1)(2), Mumbai ……………….Appellant Vs. Bennett Coleman & Co Ltd ………………Respondent The Times of India Building, Dr D N Road, Mumbai 400 001 [PAN: AACB4373Q] Appearances by Vijaykumar Subramanian for the appellant Ajeet Kumar Jain along-with Siddesh Chaugule for the respo…

ITO (IT) WARD 1 (2)(2), MUMBAI vs. M/S BENNETT COLEMAN COMPANY LTD., MUMBAI

In the result, all the sixteen appeals are allowed in the terms indicated above

ITA 7086/MUM/2019[2018-19 (MARCH 2018)]Status: DisposedITAT Mumbai30 Jul 2021
Section 195Section 248Section 250

…ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Page 1 of 3 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘I’ BENCH, MUMBAI [Coram: Pramod Kumar (Vice President) and Saktijit Dey (Judicial Member)] ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Income Tax Officer (International Taxation) Ward 1(1)(2), Mumbai ……………….Appellant Vs. Bennett Coleman & Co Ltd ………………Respondent The Times of India Building, Dr D N Road, Mumbai 400 001 [PAN: AACB4373Q] Appearances by Vijaykumar Subramanian for the appellant Ajeet Kumar Jain along-with Siddesh Chaugule for the respo…

ITO (IT) WARD 1 (2)(2), MUMBAI vs. M/S BENNETT COLEMAN COMPANY LTD., MUMBAI

In the result, all the sixteen appeals are allowed in the terms indicated above

ITA 7085/MUM/2019[2018-19]Status: DisposedITAT Mumbai30 Jul 2021AY 2018-19
Section 195Section 248Section 250

…ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Page 1 of 3 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘I’ BENCH, MUMBAI [Coram: Pramod Kumar (Vice President) and Saktijit Dey (Judicial Member)] ITA Nos.: 7078 to 7094/Mum/2019 Assessment years: 2017-18, 2018-19, 2019-20 Income Tax Officer (International Taxation) Ward 1(1)(2), Mumbai ……………….Appellant Vs. Bennett Coleman & Co Ltd ………………Respondent The Times of India Building, Dr D N Road, Mumbai 400 001 [PAN: AACB4373Q] Appearances by Vijaykumar Subramanian for the appellant Ajeet Kumar Jain along-with Siddesh Chaugule for the respo…

ITO (IT) WARD 1 (2)(2), MUMBAI vs. M/S BENNETT COLEMAN COMPANY LTD., MUMBAI

In the result, the appeal is allowed in the terms indicated above

ITA 7077/MUM/2019[2018-19 ( JANUARY 2018)]Status: DisposedITAT Mumbai30 Jul 2021

Bench: The Cit(A) Are Vitiated In Law. He Submits That Neither The Assessee Approached The Assessing Officer Concerned For Determination Of Tax Withholding Liability Nor The Assessee Even Allowed Him To Present His Case Before The Cit(A). The Very Authority Which Has The Authority To Take The First Call On Whether Tax Is Deductible From The Overseas Remittances Or Not Is Thus Completely

Section 195Section 248Section 250

…ITA No.: 7077/Mum/2019 Assessment year: 2018-19 Page 1 of 3 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘I’ BENCH, MUMBAI [Coram: Pramod Kumar (Vice President) and Saktijit Dey (Judicial Member)] ITA No.: 7077/Mum/2019 Assessment year: 2018-19 Income Tax Officer (International Taxation) Ward 1(1)(2), Mumbai ……………….Appellant Vs. Bennett Coleman & Co Ltd ………………Respondent The Times of India Building, Dr D N Road, Mumbai 400 001 [PAN: AACB4373Q] Appearances by Vijaykumar Subramanian for the appellant Ajeet Kumar Jain along-with Siddesh Chaugule for the respondent Date of concluding the hearing : July 29, 2021 Dat…

Mahindra & Mahindra Ltd. v. ACIT (106 ITD 521) — Cited in 18 Judgments | BharatTax