Nimbus Communications Limited v. ACIT

Wrigley India Private Limited, Delhi vs. ACIT, Circle-27(2), Delhi

Bench: Shri Vikas Awasthy & Shri Manish Agarwal

…ter considering the arguments and perusal of the material available before us, it is observed that Ld. CIT(A) has deleted the addition by following judgments of Co-ordinate Bench in ITAT in the case of Nimbus Communications Limited vs. ACIT reported in [2012] 16 ITR 477 (ITAT Mumbai) and further following the judgment of the Hon'ble Bombay High Court in the case of Indo American Jewellery Limited ITA No.1053/Del/2012. The relevant observations of Ld. CIT(A) in para 5.1.5 to 5.12.8 are as under: “5.15 Ground No. 3 (3.1 to 3.5) pertains to the contention of the appellant that the AO/TPO had erred in making a transf…

DCIT, Circle-25(1), New Delhi vs. Wrigley India P.Ltd, New Delhi

Bench: Shri Vikas Awasthy & Shri Manish Agarwal

…ter considering the arguments and perusal of the material available before us, it is observed that Ld. CIT(A) has deleted the addition by following judgments of Co-ordinate Bench in ITAT in the case of Nimbus Communications Limited vs. ACIT reported in [2012] 16 ITR 477 (ITAT Mumbai) and further following the judgment of the Hon'ble Bombay High Court in the case of Indo American Jewellery Limited ITA No.1053/Del/2012. The relevant observations of Ld. CIT(A) in para 5.1.5 to 5.12.8 are as under: “5.15 Ground No. 3 (3.1 to 3.5) pertains to the contention of the appellant that the AO/TPO had erred in making a transf…

DCIT, Circle- 25(1), New Delhi vs. Wrigley India Pvt. Ltd., New Delhi

Bench: Shri Vikas Awasthy & Shri Manish Agarwal

…ter considering the arguments and perusal of the material available before us, it is observed that Ld. CIT(A) has deleted the addition by following judgments of Co-ordinate Bench in ITAT in the case of Nimbus Communications Limited vs. ACIT reported in [2012] 16 ITR 477 (ITAT Mumbai) and further following the judgment of the Hon'ble Bombay High Court in the case of Indo American Jewellery Limited ITA No.1053/Del/2012. The relevant observations of Ld. CIT(A) in para 5.1.5 to 5.12.8 are as under: “5.15 Ground No. 3 (3.1 to 3.5) pertains to the contention of the appellant that the AO/TPO had erred in making a transf…

JCIT, Circle-27(2), New Delhi vs. Wrigley India Pvt. Ltd., New Delhi

Bench: Shri Vikas Awasthy & Shri Manish Agarwal

…ter considering the arguments and perusal of the material available before us, it is observed that Ld. CIT(A) has deleted the addition by following judgments of Co-ordinate Bench in ITAT in the case of Nimbus Communications Limited vs. ACIT reported in [2012] 16 ITR 477 (ITAT Mumbai) and further following the judgment of the Hon'ble Bombay High Court in the case of Indo American Jewellery Limited ITA No.1053/Del/2012. The relevant observations of Ld. CIT(A) in para 5.1.5 to 5.12.8 are as under: “5.15 Ground No. 3 (3.1 to 3.5) pertains to the contention of the appellant that the AO/TPO had erred in making a transf…

Ayatna Realty Pvt. Ltd., New Delhi vs. ACIT, Circle-3(2), New Delhi

In the result, the appeal of the Assesse in ITA No

Bench: Shri Vikas Awasthy & Shri Manish Agarwalm/S Wrigley India Private Dcit, Limited Circle-27(2), 206, Okhla Industrial Vs. New Delhi. Estate, Phase Iii, New Delhi-110020 Pan-Aaacw1789P (Appellant) (Respondent) Joint Cit (Osd), M/S Wrigley India Private Circle-27(2), Limited, New Delhi Vs. 206, Okhla Industrial Estate, Phase Iii, New Delhi-110020 Pan-Aaacw1789P (Appellant) (Respondent)

…ter considering the arguments and perusal of the material available before us, it is observed that Ld. CIT(A) has deleted the addition by following judgments of Co-ordinate Bench in ITAT in the case of Nimbus Communications Limited vs. ACIT reported in [2012] 16 ITR 477 (ITAT Mumbai) and further following the judgment of the Hon’ble Bombay High Court in the case of Indo American Jewellery Limited ITA No.1053/Del/2012. The relevant observations of Ld. CIT(A) in para 5.1.5 to 5.12.8 are as under: “5.15 Ground No. 3 (3.1 to 3.5) pertains to the contention of the appellant that the AO/TPO had erred in making a transf…

Ayatna Realty Pvt. Ltd., New Delhi vs. ACIT, Circle-3(2), New Delhi

In the result, the appeal of the Assesse in ITA No

Bench: Shri Vikas Awasthy & Shri Manish Agarwalm/S Wrigley India Private Dcit, Limited Circle-27(2), 206, Okhla Industrial Vs. New Delhi. Estate, Phase Iii, New Delhi-110020 Pan-Aaacw1789P (Appellant) (Respondent) Joint Cit (Osd), M/S Wrigley India Private Circle-27(2), Limited, New Delhi Vs. 206, Okhla Industrial Estate, Phase Iii, New Delhi-110020 Pan-Aaacw1789P (Appellant) (Respondent)

…ter considering the arguments and perusal of the material available before us, it is observed that Ld. CIT(A) has deleted the addition by following judgments of Co-ordinate Bench in ITAT in the case of Nimbus Communications Limited vs. ACIT reported in [2012] 16 ITR 477 (ITAT Mumbai) and further following the judgment of the Hon’ble Bombay High Court in the case of Indo American Jewellery Limited ITA No.1053/Del/2012. The relevant observations of Ld. CIT(A) in para 5.1.5 to 5.12.8 are as under: “5.15 Ground No. 3 (3.1 to 3.5) pertains to the contention of the appellant that the AO/TPO had erred in making a transf…

Greenland Finance and Leasing P. Ltd., Delhi vs. ITO, New Delhi

In the result, the appeal of the Assesse in ITA No

Bench: Shri Vikas Awasthy & Shri Manish Agarwalm/S Wrigley India Private Dcit, Limited Circle-27(2), 206, Okhla Industrial Vs. New Delhi. Estate, Phase Iii, New Delhi-110020 Pan-Aaacw1789P (Appellant) (Respondent) Joint Cit (Osd), M/S Wrigley India Private Circle-27(2), Limited, New Delhi Vs. 206, Okhla Industrial Estate, Phase Iii, New Delhi-110020 Pan-Aaacw1789P (Appellant) (Respondent)

…ter considering the arguments and perusal of the material available before us, it is observed that Ld. CIT(A) has deleted the addition by following judgments of Co-ordinate Bench in ITAT in the case of Nimbus Communications Limited vs. ACIT reported in [2012] 16 ITR 477 (ITAT Mumbai) and further following the judgment of the Hon’ble Bombay High Court in the case of Indo American Jewellery Limited ITA No.1053/Del/2012. The relevant observations of Ld. CIT(A) in para 5.1.5 to 5.12.8 are as under: “5.15 Ground No. 3 (3.1 to 3.5) pertains to the contention of the appellant that the AO/TPO had erred in making a transf…

Greenland Finance and Leasing P. Ltd., Delhi vs. ITO, New Delhi

In the result, the appeal of the Assesse in ITA No

Bench: Shri Vikas Awasthy & Shri Manish Agarwalm/S Wrigley India Private Dcit, Limited Circle-27(2), 206, Okhla Industrial Vs. New Delhi. Estate, Phase Iii, New Delhi-110020 Pan-Aaacw1789P (Appellant) (Respondent) Joint Cit (Osd), M/S Wrigley India Private Circle-27(2), Limited, New Delhi Vs. 206, Okhla Industrial Estate, Phase Iii, New Delhi-110020 Pan-Aaacw1789P (Appellant) (Respondent)

…ter considering the arguments and perusal of the material available before us, it is observed that Ld. CIT(A) has deleted the addition by following judgments of Co-ordinate Bench in ITAT in the case of Nimbus Communications Limited vs. ACIT reported in [2012] 16 ITR 477 (ITAT Mumbai) and further following the judgment of the Hon’ble Bombay High Court in the case of Indo American Jewellery Limited ITA No.1053/Del/2012. The relevant observations of Ld. CIT(A) in para 5.1.5 to 5.12.8 are as under: “5.15 Ground No. 3 (3.1 to 3.5) pertains to the contention of the appellant that the AO/TPO had erred in making a transf…

Bsc C&C Joint Venture, New Delhi vs. DCIT, Circle-61(1), New Delhi

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

Bench: SHRI G.S. PANNU (Vice President), SHRI ANUBHAV SHARMA (Judicial Member)

…e assets of the Nepal Company. g) Hence, charging any interest from its own pocket does not have any commercial expediency. In support kind reference of your goodself is invited to the decision of Hon’ble ITAT in case of Nimbus Communications Ltd reported in 16 ITR (Trib) 477 (Mum) wherein it was held as under: “5. A continuing debit balance, in our humble understanding, is not an international transaction per se, but is a result of the international transaction. In plain words, a continuing debit balance only reflects that the payment, even though due, has not been made by the debtor. It is not, however, necess…

Bsc C&C Joint Venture, New Delhi vs. DCIT Circle-61(1), New Delhi

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

Bench: Shri M Balaganesh & Ms. Astha Chandraasstt. Year: 2017-18

…e assets of the Nepal Company. g) Hence, charging any interest from its own pocket does not have any commercial expediency. In support kind reference of your goodself is invited to the decision of Hon’ble ITAT in case of Nimbus Communications Ltd reported in 16 ITR (Trib) 477 (Mum) wherein it was held as under: “5. A continuing debit balance, in our humble understanding, is not an international transaction per se, but is a result of the international transaction. In plain words, a continuing debit balance only reflects that the payment, even though due, has not been made by the debtor. It is not, however, necess…

Bsc C&C Jv, New Delhi vs. Neac, New Delhi

In the result, the appeal of the assessee is partly allowed as

Bench: Shri G.S. Pannu, Hon’Ble & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.705/Del/2021 िनधा"रणवष"/Assessment Year: 2016-17 बनाम Bsc C&C Jv Assessing Officer, 74, Hemkunt Colony, Vs. National E-Assessment New Delhi. Centre, Delhi. Pan No. Aadfb8115G अपीलाथ" Appellant ""यथ"/Respondent

…he assets of the Nepal Company. g) Hence, charging any interest from its own pocket does not have any commercial expediency. In support kind reference of your goodself is invited to the decision of Hon’ble ITAT in case of Nimbus Communications Ltd reported in 16 ITR (Trib) 477 (Mum) wherein it was held as under: “5. A continuing debit balance, in our humble understanding, is not an international transaction per se, but is a result of the international transaction. In plain words, a continuing debit balance only reflects that the payment, even though due, has not been made by the debtor. It is not, however, necess…

Systems America (India) Ltd vs. Addl. Commissioner of Income Tax

In the result, appeal of the assessee is partly allowed and that of the Department is dismissed

Bench: Shri N.K. Saini & Shri Kuldip Singh

…& Chemicals Ltd. v. CIT, 62 ITR 566, (SC) iv. Devidas Vithaldas & Co. vs. CIT, 84 ITR 277, (SC) v. R. B. Seth Moolchand Suganchand vs. CIT, 86 ITR 647, (SC) vi. Shree Sita Ram Paper Mills Ltd. vs. DCIT, 6 SOT 585 (Del) vii. Nimbus Communications Ltd. vs. ACIT 132 TTJ 351 (Bom) 28. In his rival submissions, the learned Sr. DR strongly supported the orders of the authorities below and reiterated the observations made therein. 29. We have considered the submissions of both the parties and carefully gone through the material available on the record. In the present case, it is noticed that the assessee incurred exp…

ACIT, Circle-7(1) vs. System America India Ltd

In the result, appeal of the assessee is partly allowed and that of the Department is dismissed

Bench: Shri N.K. Saini & Shri Kuldip Singh

…& Chemicals Ltd. v. CIT, 62 ITR 566, (SC) iv. Devidas Vithaldas & Co. vs. CIT, 84 ITR 277, (SC) v. R. B. Seth Moolchand Suganchand vs. CIT, 86 ITR 647, (SC) vi. Shree Sita Ram Paper Mills Ltd. vs. DCIT, 6 SOT 585 (Del) vii. Nimbus Communications Ltd. vs. ACIT 132 TTJ 351 (Bom) 28. In his rival submissions, the learned Sr. DR strongly supported the orders of the authorities below and reiterated the observations made therein. 29. We have considered the submissions of both the parties and carefully gone through the material available on the record. In the present case, it is noticed that the assessee incurred exp…

D.E. Shaw India Advisory Services Pvt. Ltd., New Delhi vs. DCIT, New Delhi

Appeals of the assessee stand partly allowed in terms of our specific observations and

Bench: Shri R.K. Panda & Shri Sudhanshu Srivastavaay: 2010-11 Ay: 2011-12 Ay: 2012-13 D.E. Shaw India Advisory Services Pvt. Ltd., Vs Dcit, E-20, 1St & 2Nd Floor, Circle 7(1), Main Market, Hauz Khas, New Delhi. New Delhi-110016 (Pan: Aabce6097P) (Appellant) (Respondent) Appellant By : Shri Kapil Hirani, Ca Shri Suresh Tolani, Adv. Shri Darpan Kirpalani Respondent By : Shri T.M. Shivakumar, Cit ( Dr)

…to choose a method that is mandatorily prescribed under section 92C (1) of the Act while determining interest for outstanding receivables making the addition bad in law and liable to be deleted. Reliance placed on: Nimbus Communications Ltd. Vs. ACIT (2010) 132 TTJ 351 (Mumbai) 5. The Appellant further submits that any separate adjustment on the pretext of outstanding receivables while accepting the transfer price of the underlying transaction is unjustified. Reliance placed on: Kusum Healthcare Pvt. Ltd. (ITA 6814/Del/2014) confirmed by Delhi High Court in ITA No. 765/2016 6. Once working capital adjustment…

M/S D.E. Shaw India Advisory Services Pvt. Ltd., New Delhi vs. JCIT, New Delhi

Appeals of the assessee stand partly allowed in terms of our specific observations and

Bench: Shri R.K. Panda & Shri Sudhanshu Srivastavaay: 2010-11 Ay: 2011-12 Ay: 2012-13 D.E. Shaw India Advisory Services Pvt. Ltd., Vs Dcit, E-20, 1St & 2Nd Floor, Circle 7(1), Main Market, Hauz Khas, New Delhi. New Delhi-110016 (Pan: Aabce6097P) (Appellant) (Respondent) Appellant By : Shri Kapil Hirani, Ca Shri Suresh Tolani, Adv. Shri Darpan Kirpalani Respondent By : Shri T.M. Shivakumar, Cit ( Dr)

…to choose a method that is mandatorily prescribed under section 92C (1) of the Act while determining interest for outstanding receivables making the addition bad in law and liable to be deleted. Reliance placed on: Nimbus Communications Ltd. Vs. ACIT (2010) 132 TTJ 351 (Mumbai) 5. The Appellant further submits that any separate adjustment on the pretext of outstanding receivables while accepting the transfer price of the underlying transaction is unjustified. Reliance placed on: Kusum Healthcare Pvt. Ltd. (ITA 6814/Del/2014) confirmed by Delhi High Court in ITA No. 765/2016 6. Once working capital adjustment…

D.E. Shaw India Advisory Services Pvt. Ltd., New Delhi vs. DCIT, New Delhi

Appeals of the assessee stand partly allowed in terms of our specific observations and

Bench: Shri R.K. Panda & Shri Sudhanshu Srivastavaay: 2010-11 Ay: 2011-12 Ay: 2012-13 D.E. Shaw India Advisory Services Pvt. Ltd., Vs Dcit, E-20, 1St & 2Nd Floor, Circle 7(1), Main Market, Hauz Khas, New Delhi. New Delhi-110016 (Pan: Aabce6097P) (Appellant) (Respondent) Appellant By : Shri Kapil Hirani, Ca Shri Suresh Tolani, Adv. Shri Darpan Kirpalani Respondent By : Shri T.M. Shivakumar, Cit ( Dr)

…to choose a method that is mandatorily prescribed under section 92C (1) of the Act while determining interest for outstanding receivables making the addition bad in law and liable to be deleted. Reliance placed on: Nimbus Communications Ltd. Vs. ACIT (2010) 132 TTJ 351 (Mumbai) 5. The Appellant further submits that any separate adjustment on the pretext of outstanding receivables while accepting the transfer price of the underlying transaction is unjustified. Reliance placed on: Kusum Healthcare Pvt. Ltd. (ITA 6814/Del/2014) confirmed by Delhi High Court in ITA No. 765/2016 6. Once working capital adjustment…

Corning Sas- India Branch Office, Gurugram vs. DDIT (International Taxation), Gurgaon

Bench: Shri N.K. Saini & Shri Kuldip Singh

…labor for computation and that the interest should be calculated from the date of issue of invoice till to the end and not till the date of realization beyond 31.03.2010. 53. The coordinate Bench in case cited as Nimbus Communications Ltd. vs. ACIT (2012) 16 ITR (Trib) 477 (Mumbai) observed that continuing debit balance per se / interest on receivables on the amount outstanding with AE is not an international transaction of which ALP adjustment can be made. margin earned from international transaction with AEs at 6.82% with the weighted average profit margin (OP/OC) of the comparables companies as compared…

Corning Sas- India Branch Office, Gurgaon vs. DDIT (International Taxation), New Delhi

Bench: Shri N.K. Saini & Shri Kuldip Singh

…labor for computation and that the interest should be calculated from the date of issue of invoice till to the end and not till the date of realization beyond 31.03.2010. 53. The coordinate Bench in case cited as Nimbus Communications Ltd. vs. ACIT (2012) 16 ITR (Trib) 477 (Mumbai) observed that continuing debit balance per se / interest on receivables on the amount outstanding with AE is not an international transaction of which ALP adjustment can be made. margin earned from international transaction with AEs at 6.82% with the weighted average profit margin (OP/OC) of the comparables companies as compared…

M/S Corning Sas India Branch Office, Gurgaon vs. DDIT, New Delhi

Bench: Shri N.K. Saini & Shri Kuldip Singh

…labor for computation and that the interest should be calculated from the date of issue of invoice till to the end and not till the date of realization beyond 31.03.2010. 53. The coordinate Bench in case cited as Nimbus Communications Ltd. vs. ACIT (2012) 16 ITR (Trib) 477 (Mumbai) observed that continuing debit balance per se / interest on receivables on the amount outstanding with AE is not an international transaction of which ALP adjustment can be made. margin earned from international transaction with AEs at 6.82% with the weighted average profit margin (OP/OC) of the comparables companies as compared…