Pvt. Ltd. Tara Ultimo Pvt. Ltd., UCB India P. Ltd. Vs. Asstt. Comm. of Income Tax, Dy. CIT v. Starlite

DCIT, Circle - 11(1), Kolkata vs. M/S. J. J. Exporters Ltd., Kolkata

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

…alized by an enterprise from international transaction or a class of such transactions but not operating margins of enterprises as whole. This view was reiterated by the Hon'ble Mumbai ITAT, 'L' Bench in the case of Addl. CIT v. Tej Diam as reported in (2008) 37 SOT 341 (Mum.) and wherein Tribunal held that the margin of the international transaction can only be compared with uncontrolled transaction and not otherwise." 13. Mr. S. Jhajharia, the ld Counsel for the assessee, further submitted that Ld.TPO selected seven comparable companies and out of these seven companies (so selected by the ld TPO), the ld CIT(A…

DCIT, Circle - 11(1), Kolkata vs. M/S. J. J. Exporters Ltd., Kolkata

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

…alized by an enterprise from international transaction or a class of such transactions but not operating margins of enterprises as whole. This view was reiterated by the Hon'ble Mumbai ITAT, 'L' Bench in the case of Addl. CIT v. Tej Diam as reported in (2008) 37 SOT 341 (Mum.) and wherein Tribunal held that the margin of the international transaction can only be compared with uncontrolled transaction and not otherwise." 13. Mr. S. Jhajharia, the ld Counsel for the assessee, further submitted that Ld.TPO selected seven comparable companies and out of these seven companies (so selected by the ld TPO), the ld CIT(A…

DCIT, Circle - 12, Kolkata vs. M/S. J.J. Exporters Ltd., Kolkata

In the result the appeal by the revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am] I.T.A No. 201/Kol/2012 Assessment Year : 2007-08 D.C.I.T., Circle-12 , -Vs.- M/S. J.J.Exporters Ltd. Kolkata Kolkata [Pan : Aaacj 6722 H] (Respondent) (Appellant) For The Appellant : Shri G.Mallikarjuna, Cit(Dr) For The Respondent : Shri R.N.Bajoria, Shri A.Gupta & Shri S.Jhajharia, Ar Date Of Hearing : 04.05.2017. Date Of Pronouncement : 12.05.2017. Order Per N.V.Vasudevan, Jm This Is An Appeal By The Revenue Against The Order Dated 25.11.2011 Of C.I.T.(A)-Xii, Kolkata Relating To A.Y.2007-08. 2. Ground No.1 Raised By The Revenue Reads As Follows :- “1. That On The Facts & In The Circumstances Of The Case The Cit(A) Has Erred In Deleting The Addition U/S. 36(1)(Iii) Made On The Basis Of Auditor'S Certificate In The Form 3Cd. “

…n of the Assessee. The CIT(A) also found that the proposition canvassed by the Assessee has been accepted in the following decisions rendered by various benches of ITAT viz., (i) UCB India Pvt. Ltd. v. ACIT (2009) 121 JD 131 (ii) Addl. CIT v. Tej Diam (20) 0) 37 SOT 341 (Mum) (iii) DClT v. Starlite (2010) 40 SOT (41) (Murn) (iv) Avisek Auto Ltd. v. DCIT, Delhi-ITA No. 1433-De1/2009 dt. 12.11.20-10 (v) IIjin Electronics Pvt. Ltd. v. ACIT (2010) 36 SOT 227 Following the ratio laid down in the aforesaid decisions, the CIT(A) deleted the additions made by the AO. 17. Aggrieved by the order of CIT(A) the revenue has…