Prolifics Corpn. Ltd. v. Dy. CIT

68 SOT 104Income Tax Appellate Tribunal2015#2597 most cited
45

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2025.

Also referred to as

Prolifics Corpn. Ltd. v. Dy. CIT · Section 92B · corporate guarantee · international transaction · retrospective amendment · Finance Act 2012 · arm's length price · parent company guarantee · cost of risk

Also reported as

55 Taxmann.com 226

Sections most often in play

Section 115JBSection 143(3)Section 144Section 2(24)(x)Section 234BSection 234CSection 32(1)Section 36(1)(va)

Issues it is cited on

goodwill arising on amalgamationsection 43(6)(c)section 36(l)(va)section 92b(1)minimum alternate taxretrospective amendmentsection 2(11)corporate guaranteesection 43(6)opening wdvtransferor companysection 140a

Judgments citing Prolifics Corpn. Ltd. v. Dy. CIT

Take Solutions Limited, Chennai vs. ACIT, Chennai

In the result, the assessee’s appeal is partly allowed

ITA 175/CHNY/2017[2012-13]Status: DisposedITAT Chennai05 Dec 2017AY 2012-13

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Appellant: Shri Sivaraman, AdvocateFor Respondent: Shri. G.M. Doss, CIT
Section 143(3)Section 92B

…आयकरअपील"यअ"धकरण ,’डी’ "यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं"ी एस जयरामन, लेखा सद"य केसम$ BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER आयकर अपील सं/.I.T.A. No. 175/Mds/2017 "नधा"रण वष"/Assessment Year : 2012-13 TAKE Solutions Limited, Assistant Commissioner of Income No. 27, Tank Band Road, Vs. Tax, Nungambakkam, Corporate Circle 3(1), Chennai – 600 034. Chennai – 600 034. [PAN: AABCT 3684M] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ&क'ओरसे/Appellant by : Shri Sivaraman, Advocate *+यथ&क'ओरसे/Responden…

The DCIT1(1), Indore vs. M/S. Agrawal Coal Corporation P Ltd., Indore

ITA 622/IND/2015[2010-11]Status: DisposedITAT Indore08 Mar 2017AY 2010-11

Bench: Shri D.T. Garasia & Shri O.P. Meena

…nd/2015 and 607 & 622/Ind/2015/A.Y.2009-10 & 10-11Page 80 of 127 There may not be any immediate charge on P & L a/c of main company, but inherent risk cannot be ruled out in providing guarantees, as held in cases of M/s. Prolific Corporation Limited, (2015) 68 SOT 104 (Hyd. Trib.) (URO), Aditya Birla Minacs Worldwide Limited, (2015) 56 taxmann.com 317 (Mumbai Trib.) and Glenmark Pharmaceuticals Limited, (2014) 62 SOT 79 (Mum. Trib.) in M/s Prolifics Corporation Limited, it was held that Section 92B of the Income-tax Act is amended retrospectively w.e.f. 01.04.2002, hence ALP of corporate guarantee has to be…

The DCIT-1(1), Indore vs. M/S. Agrawal Coal Corporation P. Ltd., Indore

ITA 607/IND/2015[2009-10]Status: DisposedITAT Indore08 Mar 2017AY 2009-10

Bench: Shri D.T. Garasia & Shri O.P. Meena

…nd/2015 and 607 & 622/Ind/2015/A.Y.2009-10 & 10-11Page 80 of 127 There may not be any immediate charge on P & L a/c of main company, but inherent risk cannot be ruled out in providing guarantees, as held in cases of M/s. Prolific Corporation Limited, (2015) 68 SOT 104 (Hyd. Trib.) (URO), Aditya Birla Minacs Worldwide Limited, (2015) 56 taxmann.com 317 (Mumbai Trib.) and Glenmark Pharmaceuticals Limited, (2014) 62 SOT 79 (Mum. Trib.) in M/s Prolifics Corporation Limited, it was held that Section 92B of the Income-tax Act is amended retrospectively w.e.f. 01.04.2002, hence ALP of corporate guarantee has to be…

M/S. Agrawal Coal Corporation P. Ltd., Indore vs. The DCIT -Circle 1(1), Indore

ITA 602/IND/2015[2010-11]Status: DisposedITAT Indore08 Mar 2017AY 2010-11

Bench: Shri D.T. Garasia & Shri O.P. Meena

…nd/2015 and 607 & 622/Ind/2015/A.Y.2009-10 & 10-11Page 80 of 127 There may not be any immediate charge on P & L a/c of main company, but inherent risk cannot be ruled out in providing guarantees, as held in cases of M/s. Prolific Corporation Limited, (2015) 68 SOT 104 (Hyd. Trib.) (URO), Aditya Birla Minacs Worldwide Limited, (2015) 56 taxmann.com 317 (Mumbai Trib.) and Glenmark Pharmaceuticals Limited, (2014) 62 SOT 79 (Mum. Trib.) in M/s Prolifics Corporation Limited, it was held that Section 92B of the Income-tax Act is amended retrospectively w.e.f. 01.04.2002, hence ALP of corporate guarantee has to be…

M/S. Agrawal Coal Corporation P. Ltd., Indore vs. The DCIT Range 1(1), Indore

ITA 601/IND/2015[2009-10]Status: DisposedITAT Indore08 Mar 2017AY 2009-10

Bench: Shri D.T. Garasia & Shri O.P. Meena

…nd/2015 and 607 & 622/Ind/2015/A.Y.2009-10 & 10-11Page 80 of 127 There may not be any immediate charge on P & L a/c of main company, but inherent risk cannot be ruled out in providing guarantees, as held in cases of M/s. Prolific Corporation Limited, (2015) 68 SOT 104 (Hyd. Trib.) (URO), Aditya Birla Minacs Worldwide Limited, (2015) 56 taxmann.com 317 (Mumbai Trib.) and Glenmark Pharmaceuticals Limited, (2014) 62 SOT 79 (Mum. Trib.) in M/s Prolifics Corporation Limited, it was held that Section 92B of the Income-tax Act is amended retrospectively w.e.f. 01.04.2002, hence ALP of corporate guarantee has to be…