Siva Industries and Holdings Ltd. v. ACIT, Central Circle-6(1) Chennai

46 SOT 112Income Tax Appellate Tribunal2014#5149 most cited

What is Siva Industries and Holdings Ltd. v. ACIT, Central Circle-6(1) Chennai authority for?

When an assessee provides loans to its associated enterprise (AE) using its own funds (not borrowed funds), the arm's length interest rate for such inter-company loans should be determined by considering comparable interest rates like PLR, SBI short-term rate, or LIBOR plus a markup. This principle applies even if the funds were raised through sources like zero per cent optional convertible preferential shares.

23

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2025.

Also referred to as

Siva Industries and Holdings Ltd. v. ACIT · 46 SOT 112 · transfer pricing · associated enterprises · interest on inter-company loans · arm's length interest rate · own funds · borrowed funds · PLR rate · LIBOR rate

Sections most often in play

Section 143(3)Section 92BSection 144C(5)Section 144C(13)Section 144BSection 153Section 234BSection 234C

Issues it is cited on

interest on outstanding receivablesfunctional analysisinterest u/s 234cworking capital adjustmentcup methodsection 144c(5)tested partysection 92bcomparable companiesarm's length priceassociated enterprisestransfer pricing adjustment

Judgments citing Siva Industries and Holdings Ltd. v. ACIT, Central Circle-6(1) Chennai

BRIGHTCOM GROUP LIMITED,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-1(2), HYDERABAD

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

ITA 1747/HYD/2019[2015-16]Status: DisposedITAT Hyderabad10 Sept 2025AY 2015-16

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri P. Murali Mohan Rao, C.AFor Respondent: Dr. Narendra Kumar Naik
Section 115JSection 143(2)Section 143(3)Section 144C(5)Section 14ASection 37Section 92C

…uld be PLR rate/SBI ITA No.1747/Hyd/2019 22 short term rate or LIBOR rate/LIBOR+ mark up. This issue was considered by the Chennai Special Bench of this Tribunal in case of Shiva Industries & Holdings Ltd. v. Assistant Commissioner of Income-tax reported in 46 SOT 112/11 Taxmann.com 404 (SB) and held in para 11 as under: “11. We have considered the rival submissions. A perusal of the order of the TPO clearly shows that the assessee had raised the funds by way of issuance of 0 per cent optional convertible preferential shares. Thus, it is noticed that the funds raised by the assessee company for giving the loan…

ACIT, CIRCLE- 9(1), NEW DELHI vs. FIS GLOBAL BUSINESS SOLUTIONS INDIA PVT. LTD., NEW DELHI

In the result, the appeal of the Revenue and CO of the assessee are partly allowed as above for statistical purposes

ITA 372/DEL/2018[2009-10]Status: DisposedITAT Delhi25 Aug 2025AY 2009-10

Bench: Shri Sudhir Pareek & Shri Avdhesh Kumar Mishra

…. (TS-117-HC-2015) 28 CO No.64/Del/2018  Siegwerk India (P.) Ltd. (2010) 102 taxmann.com 669 (Del-Trib)  Delhi Call Centers Pvt Ltd (ITA 6132/D/2014) (Del-Trib)  Baba Global Ltd (2016) 70 taxmann.com 338 (Del-Trib.)  Siva Industries & Holdings Ltd (2011) 46 SOT 112 (Chennai)  Four Soft Ltd. (2014) 106 DTR 137 (Hyd.)  Apollo Tyres Ltd. (I.T.A No.616/Coch/2011)  Tooltech Global Engineering Pvt. Ltd. (TS-271-ITAT-2014(PUN)-TP) 44. The Ld. Counsel objected the use of information called under section 133(6) of the Act at the back of the assessee on the reasoning that such financial information was not otherwis…

SIGNODE INDIA LIMITED,HYDERABAD vs. ACIT., CIRCLE 3(1), HYDERABAD

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

ITA 1376/HYD/2024[2021-22]Status: DisposedITAT Hyderabad25 Jul 2025AY 2021-22

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri H. Srinivasulu, C.AFor Respondent: Dr. Sachin Kumar, SR-DR
Section 143(3)Section 144BSection 144C(13)Section 153Section 92C(3)

…parable interest rate should be PLR rate/SBI short term rate or LIBOR rate/LIBOR+ mark up. This issue was considered by the Chennai Special Bench of this Tribunal in case of Shiva Industries & Holdings Ltd. v. Assistant Commissioner of Income- tax reported in 46 SOT 112/11 Taxmann.com 404 (SB) and held in para 11 as under: “11. We have considered the rival submissions. A perusal of the order of the TPO clearly shows that the assessee had raised the funds by way of issuance of 0 per cent optional convertible preferential shares. Thus, it is noticed that the funds raised by the assessee company for giving the loan…

IVY SOFTWARE DEVELOPMENT SERVICES PRIVATE LIMITED,HYDERABAD vs. DCIT, CIRCLE -2(1), HYDERABAD

In the result, the ground no

ITA 73/HYD/2022[2017-18]Status: DisposedITAT Hyderabad16 Jul 2025AY 2017-18

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri Nageswar Rao, AdvocateFor Respondent: Shri B. Bala Krishna, CIT-DR
Section 143(2)Section 143(3)Section 144C(5)

…d be PLR rate/SBI short term rate or LIBOR rate/LIBOR+ mark up. This issue was considered by the Chennai Special Bench of this Tribunal in case of IT(TP)A No.73/Hyd/2022 24 Shiva Industries & Holdings Ltd. v. Assistant Commissioner of Income- tax reported in 46 SOT 112/11 Taxmann.com 404 (SB) and held in para 11 as under: “11. We have considered the rival submissions. A perusal of the order of the TPO clearly shows that the assessee had raised the funds by way of issuance of 0 per cent optional convertible preferential shares. Thus, it is noticed that the funds raised by the assessee company for giving the loan…

DSM SHARED SERVICES INDIA PRIVATE LIMITED,HYDERABAD vs. ACIT, CIRCLE-8(1), HYDERABAD

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

ITA 501/HYD/2022[2018-19]Status: DisposedITAT Hyderabad05 May 2025AY 2018-19

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri Aliasgar Rampurawala, C.AFor Respondent: Shri B. Bala Krishna, CIT-DR
Section 143(3)Section 43B

…parable interest rate should be PLR rate/SBI short term rate or LIBOR rate/LIBOR+ mark up. This issue was considered by the Chennai Special Bench of this Tribunal in case of Shiva Industries & Holdings Ltd. v. Assistant Commissioner of Income- tax reported in 46 SOT 112/11 Taxmann.com 404 (SB) and held in para 11 as under: “11. We have considered the rival submissions. A perusal of the order of the TPO clearly shows that the assessee had raised the funds by way of issuance of 0 per cent optional convertible preferential shares. Thus, it is noticed that the funds raised by the assessee company for giving the loan…

SHAKTI HORMANN PRIVATE LIMITED,HYDERABAD vs. DCIT CIRCLE -3(1), HYDERABAD

In the result, appeals filed by the assessee for both the assessment years 2017-18 and 2018-19 are partly allowed

ITA 452/HYD/2022[2018-19]Status: DisposedITAT Hyderabad21 Apr 2025AY 2018-19

Bench: Shri Vijay Pal Rao & Shri Manjunatha G.आ.अपी.सं /Ita-Tp No.451/Hyd/2022 & 452/Hyd/2022 (निर्धारण वर्ा/Assessment Year: 2017-18 & 2018-19) Shakti Hormann Private Vs. Asst.Commissioner Of Limited Income Tax Hyderabad Circle-3(1) [Pan : Aadcs4024Q] Hyderabad (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee By: Shri P.Murali Mohan Rao, Ar रधजस् व द्वधरध/Revenue By: Shri B.Bala Krishna, Cit-Dr सुिवधई की तधरीख/Date Of Hearing: 15/04/2025 घोर्णध की तधरीख/ 21/04/2025 Date Of Pronouncement: आदेश / Order Per Vijay Pal Rao: These Appeals Filed By The Assessee Are Directed Against The Assessment Orders Dated 21.07.2022 & 28.07.2022 Passed U/S 143(3) R.W.S. 144C(13) Of The Income Tax Act, 1961 (“The Act”) In Pursuant To The Directions Of The Dispute Resolution Panel (“The Drp”) U/S 144C(5) Of The Act For The Assessment Year 2017-18 & 2018-19 Respectively. 2. For The Assessment Year 2017-18, The Assessee Has Raised The Following Grounds Of Appeal :

For Appellant: Shri P.Murali Mohan Rao, ARFor Respondent: Shri B.Bala Krishna, CIT-DR
Section 143(3)Section 144C(5)Section 92C

…rinciple that LIBOR + specific percentage points is to be considered as ALP, there is no dispute as this issue was decided by various coordinate benches of Tribunal in various cases. Few of them are as under: 4.4 In the case of Siva Industries & Holdings Ltd. 46 SOT 112 (Chennai) held that "A perusal of the order of the TPO clearly shows that the assessee had raised the funds by way of issuance of 0 per cent optional convertible preferential shares. Thus it is noticed that the funds raised by the assessee company for giving the loan to India Telecom Holdings Ltd., Mauritius, which is its Associated Enterprises an…

OAKTON GLOBAL TECHNOLOGY SERVICES CENTRE (I) PRIVATE LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(2), HYDERABAD

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

ITA 32/HYD/2019[2014-15]Status: DisposedITAT Hyderabad16 Apr 2025AY 2014-15

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri Ravi Bharadawaj, C.AFor Respondent: Shri B. Bala Krishna, CIT-DR
Section 143(3)Section 92B

…parable interest rate should be PLR rate/SBI short term rate or LIBOR rate/LIBOR+ mark up. This issue was considered by the Chennai Special Bench of this Tribunal in case of Shiva Industries & Holdings Ltd. v. Assistant Commissioner of Income- tax reported in 46 SOT 112/11 Taxmann.com 404 (SB) and held in para 11 as under: “11. We have considered the rival submissions. A perusal of the order of the TPO clearly shows that the assessee had raised the funds by way of issuance of 0 per cent optional convertible preferential shares. Thus, it is noticed that the funds raised by the assessee company for giving the loan…

OAKTON GLOBAL TECHNOLOGY SERVICES CENTRE (INDIA) PRIVATE LIMITED,HYDERABAD vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-16(2), HYDERABAD

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

ITA 2130/HYD/2017[2013-14]Status: DisposedITAT Hyderabad16 Apr 2025AY 2013-14

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri Ravi Bharadawaj, C.AFor Respondent: Shri B. Bala Krishna, CIT-DR
Section 143(3)Section 92B

…parable interest rate should be PLR rate/SBI short term rate or LIBOR rate/LIBOR+ mark up. This issue was considered by the Chennai Special Bench of this Tribunal in case of Shiva Industries & Holdings Ltd. v. Assistant Commissioner of Income- tax reported in 46 SOT 112/11 Taxmann.com 404 (SB) and held in para 11 as under: “11. We have considered the rival submissions. A perusal of the order of the TPO clearly shows that the assessee had raised the funds by way of issuance of 0 per cent optional convertible preferential shares. Thus, it is noticed that the funds raised by the assessee company for giving the loan…

HARSCO INDIA PRIVATE LIMITED,HYDERABAD vs. DCIT., CIRCLE 2(1), HYDERABAD

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

ITA 1041/HYD/2024[2021-22]Status: DisposedITAT Hyderabad06 Mar 2025AY 2021-22

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G.आ.अपी.सं /Ita No.1041/Hyd/2024 (िनधा"रण वष"/Assessment Year: 2021-22) Harsco India (P) Ltd Vs. Dy. Commissioner Of Hyderabad Income Tax, Circle 2(1) Pan:Aacch0555L Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Ca Suvibha Nolka राज" व "ारा/Revenue By:: Shri B Bala Krishna, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 08/01/2025 घोषणा की तारीख/Pronouncement: 06/03/2025 आदेश/Order

For Appellant: CA Suvibha NolkaFor Respondent: : Shri B Bala Krishna, CIT(DR)
Section 143(3)Section 144C(5)

…parable interest rate should be PLR rate/SBI short term rate or LIBOR rate/LIBOR+ mark up. This issue was considered by the Chennai Special Bench of this Tribunal in case of Shiva Industries & Holdings Ltd. v. Assistant Commissioner of Income- tax reported in 46 SOT 112/11 Taxmann.com 404 (SB) and held in para 11 as under: “11. We have considered the rival submissions. A perusal of the order of the TPO clearly shows that the assessee had raised the funds by way of issuance of 0 per cent optional convertible preferential shares. Thus, it is noticed that the funds raised by the assessee company for giving the loan…

ARIES AGRO LTD,MUMBAI vs. DCIT 14(1)(1), MUMBAI

In the result, the appeal filed by the assessee is allowed

ITA 6484/MUM/2018[2014-15]Status: DisposedITAT Mumbai27 Dec 2019AY 2014-15

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2014-15

For Appellant: Mr. Firoze B. Andhyarujina/For Respondent: Mr. Suhas Kulkarni, DR
Section 143(3)Section 92C

…nn.com187 (Mum. - Trib.); v. Aurobindo Pharma Ltd, v. Asstt. CIT [2014] 42 taxmarm.com 556/62 SOT 214 (Hyd.) vi. Cotton Naturals (I) (P.) Ltd. v. Dy. CIT [2014] 146 ITD 662/32 taxmann.com 219 (Delhi) vii. Siva Industries and Holdings Ltd. v. Asstt. CIT [2014] 46 SOT 112 (URO)/11 taxmann.com 404 (Chennai) viii. Bharti Airtel Ltd. (supra) ix. Infotech Enterprises Ltd. v. Addl CIT [2014] 63 SOT 23/41 taxmann.com 364 (Hyd) x. Kohinoor Foods Ltd. [IT Appeal Nos. 3688-3691 & 3868-3869 (Delhi) of 2012 & dated 21-7-2014]; and xi. Four Soft Ltd. v. Dy. CIT [IT Appeal No. 1495 of2011] 12. In light of the above decisions,…

ARIES AGRO LTD,MUMBAI vs. DCIT 14(1)(1), MUMBAI

In the result, appeal is partly allowed

ITA 6947/MUM/2017[2013-14]Status: DisposedITAT Mumbai20 Mar 2019AY 2013-14

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

For Appellant: Shri Firoz B. AndhyarajinaFor Respondent: Shri Manjunath Karkihalli a/w
Section 143(3)Section 144C(13)

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER ITA no.6947/Mum./2017 (Assessment Year : 2013–14) Aries Agro Ltd. Aris House, Plot no.24 Deonar, Govandi (E) ……………. Appellant Mumbai 400 043 PAN – AAACA5035G v/s Dy. Commissioner of Income Tax ……………. Respondent Circle–14(1)(1), Mumbai Assessee by : Shri Firoz B. Andhyarajina Revenue by : Shri Manjunath Karkihalli a/w Shri Manish Kanojia Date of Hearing – 16.01.2019 Date of Order – 20.03.2019 O R D E R PER SAKTIJIT DEY, J.M. This is an appeal by the assessee again…

ACIT, CIRCLE - 4(1), KOLKATA, KOLKATA vs. M/S. M.K. SHAH EXPORTS LTD.,, KOLKATA

In the result, the appealof the Revenue (ITA No

ITA 1974/KOL/2017[2013-14]Status: DisposedITAT Kolkata16 Nov 2018AY 2013-14

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1903/Kol/2017 ("नधा"रणवष" / Assessment Year: 2013-14) M/S. M. K. Shah Exports Ltd. Vs. A.C.I.T, Circle-4(1), Kolkata P-7, Chowringhee Square, 8Th Floor, 2/2. Justice Dwarkanath Road, Kolkata – 700 020. Kolkata – 700 069. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaccm 0884 H (Assessee) .. (Respondent) आयकरअपीलसं./Ita No.1974/Kol/2017 ("नधा"रणवष" / Assessment Year: 2013-14) M/S. M. K. Shah Exports Ltd. A.C.I.T, Circle-4(1), Kolkata Vs. P-7, Chowringhee Square, 8Th Floor, 2/2. Justice Dwarkanath Road, Kolkata – 700 069. Kolkata – 700 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaccm 0884 H (Assessee) .. (Respondent) Assessee By :Shri S. Jhajharia, Ar Revenue By :Shrisaurabh Kumar, Addl. Cit (Sr. Dr) सुनवाईक"तार"ख/ Date Of Hearing : 23/08/2018 घोषणाक"तार"ख/Date Of Pronouncement : 16/10/2018

For Appellant: Shri S. Jhajharia, ARFor Respondent: ShriSaurabh Kumar, Addl. CIT (Sr. DR)
Section 143(3)Section 37Section 80GSection 92C

…. Thus the rate of 8% charged by the assessee was higher than the LIBOR rate. The assessee also relied upon a number of decisions, in particular the decision of ITAT, Chennai in the case of Siva Industries and Holdings Ltd vs ACIT, Central Circle-6(1) Chennai 46 SOT 112. In the appellate proceedings the assessee has cited some more decisions such as Four Soft Ltd vs DCIT in ITA No. 1495/Hyd 12010, Cotton Natural (I) Pvt Ltd. vs DCIT in ITA No. 5855/De1/2012. In the case of Siva Industries and Holdings Ltd. (supra), it has been held by the Hon'ble tribunal that once the transaction is between the assessee and the…

M/S. M. K. SHAH EXPORTS LTD,,KOLKATA vs. ACIT, CIRCLE-4(1), KOLKATA, KOLKATA

In the result, the appealof the Revenue (ITA No

ITA 1903/KOL/2017[2013-14]Status: DisposedITAT Kolkata16 Nov 2018AY 2013-14

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1903/Kol/2017 ("नधा"रणवष" / Assessment Year: 2013-14) M/S. M. K. Shah Exports Ltd. Vs. A.C.I.T, Circle-4(1), Kolkata P-7, Chowringhee Square, 8Th Floor, 2/2. Justice Dwarkanath Road, Kolkata – 700 020. Kolkata – 700 069. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaccm 0884 H (Assessee) .. (Respondent) आयकरअपीलसं./Ita No.1974/Kol/2017 ("नधा"रणवष" / Assessment Year: 2013-14) M/S. M. K. Shah Exports Ltd. A.C.I.T, Circle-4(1), Kolkata Vs. P-7, Chowringhee Square, 8Th Floor, 2/2. Justice Dwarkanath Road, Kolkata – 700 069. Kolkata – 700 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaccm 0884 H (Assessee) .. (Respondent) Assessee By :Shri S. Jhajharia, Ar Revenue By :Shrisaurabh Kumar, Addl. Cit (Sr. Dr) सुनवाईक"तार"ख/ Date Of Hearing : 23/08/2018 घोषणाक"तार"ख/Date Of Pronouncement : 16/10/2018

For Appellant: Shri S. Jhajharia, ARFor Respondent: ShriSaurabh Kumar, Addl. CIT (Sr. DR)
Section 143(3)Section 37Section 80GSection 92C

…. Thus the rate of 8% charged by the assessee was higher than the LIBOR rate. The assessee also relied upon a number of decisions, in particular the decision of ITAT, Chennai in the case of Siva Industries and Holdings Ltd vs ACIT, Central Circle-6(1) Chennai 46 SOT 112. In the appellate proceedings the assessee has cited some more decisions such as Four Soft Ltd vs DCIT in ITA No. 1495/Hyd 12010, Cotton Natural (I) Pvt Ltd. vs DCIT in ITA No. 5855/De1/2012. In the case of Siva Industries and Holdings Ltd. (supra), it has been held by the Hon'ble tribunal that once the transaction is between the assessee and the…

MOSERBAER INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

Appeal is dismissed

ITA 1617/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Oct 2018AY 2010-11

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

Section 10BSection 143Section 144CSection 14A

…ollowing case laws:- • Cotton Naturals (1) (P) Ltd. Vs DCIT: 169 TTJ 685 (Delhi ITAT) • Motherson Sumi Systems Ltd. Vs Addl. CIT: 58 taxmann.com 38 (Delhi ITAT) • UFO Movies (I) Ltd. Vs ACIT: 175 TTJ 633 (Delhi ITAT) • Siva Industries & Holdings Ltd. Vs ACIT: 46 SOT 112 (Chennai ITAT) • Manugraph India Ltd. Vs DCIT: 69 taxmann.com 400 (Mumbai ITAT) • Everest Kanto Cylinder Vs DCIT: 75 taxmann.com 238 (Mumbai ITAT) • Rain Commodities Ltd. Vs Addl. CIT: 65 taxmann.com 240 (Hyderabad ITAT) • CES (P) Ltd. Vs DCIT: 41 taxmann.com 409 (Hyderabad ITAT) • Mylan Laboratories Ltd. Vs ACIT: 63 taxmann.com 179 (Hyderabad ITA…

M/S. MOSERBAER INDIA LTD.,NEW DELHI vs. ACIT, NEW DELHI

Appeal is dismissed

ITA 2395/DEL/2014[2009-10]Status: DisposedITAT Delhi03 Oct 2018AY 2009-10

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

Section 10BSection 143Section 144CSection 14A

…ollowing case laws:- • Cotton Naturals (1) (P) Ltd. Vs DCIT: 169 TTJ 685 (Delhi ITAT) • Motherson Sumi Systems Ltd. Vs Addl. CIT: 58 taxmann.com 38 (Delhi ITAT) • UFO Movies (I) Ltd. Vs ACIT: 175 TTJ 633 (Delhi ITAT) • Siva Industries & Holdings Ltd. Vs ACIT: 46 SOT 112 (Chennai ITAT) • Manugraph India Ltd. Vs DCIT: 69 taxmann.com 400 (Mumbai ITAT) • Everest Kanto Cylinder Vs DCIT: 75 taxmann.com 238 (Mumbai ITAT) • Rain Commodities Ltd. Vs Addl. CIT: 65 taxmann.com 240 (Hyderabad ITAT) • CES (P) Ltd. Vs DCIT: 41 taxmann.com 409 (Hyderabad ITAT) • Mylan Laboratories Ltd. Vs ACIT: 63 taxmann.com 179 (Hyderabad ITA…

ACIT, NEW DELHI vs. M/S. MOSER BAER INDIA LIMITED, NEW DELHI

Appeal is dismissed

ITA 1200/DEL/2014[2009-10]Status: DisposedITAT Delhi03 Oct 2018AY 2009-10

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

Section 10BSection 143Section 144CSection 14A

…ollowing case laws:- • Cotton Naturals (1) (P) Ltd. Vs DCIT: 169 TTJ 685 (Delhi ITAT) • Motherson Sumi Systems Ltd. Vs Addl. CIT: 58 taxmann.com 38 (Delhi ITAT) • UFO Movies (I) Ltd. Vs ACIT: 175 TTJ 633 (Delhi ITAT) • Siva Industries & Holdings Ltd. Vs ACIT: 46 SOT 112 (Chennai ITAT) • Manugraph India Ltd. Vs DCIT: 69 taxmann.com 400 (Mumbai ITAT) • Everest Kanto Cylinder Vs DCIT: 75 taxmann.com 238 (Mumbai ITAT) • Rain Commodities Ltd. Vs Addl. CIT: 65 taxmann.com 240 (Hyderabad ITAT) • CES (P) Ltd. Vs DCIT: 41 taxmann.com 409 (Hyderabad ITAT) • Mylan Laboratories Ltd. Vs ACIT: 63 taxmann.com 179 (Hyderabad ITA…

MOSERBAER INDIA LTD.,NEW DELHI vs. ACIT, NEW DELHI

Appeal is dismissed

ITA 6042/DEL/2012[2008-09]Status: DisposedITAT Delhi03 Oct 2018AY 2008-09

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

Section 10BSection 143Section 144CSection 14A

…ollowing case laws:- • Cotton Naturals (1) (P) Ltd. Vs DCIT: 169 TTJ 685 (Delhi ITAT) • Motherson Sumi Systems Ltd. Vs Addl. CIT: 58 taxmann.com 38 (Delhi ITAT) • UFO Movies (I) Ltd. Vs ACIT: 175 TTJ 633 (Delhi ITAT) • Siva Industries & Holdings Ltd. Vs ACIT: 46 SOT 112 (Chennai ITAT) • Manugraph India Ltd. Vs DCIT: 69 taxmann.com 400 (Mumbai ITAT) • Everest Kanto Cylinder Vs DCIT: 75 taxmann.com 238 (Mumbai ITAT) • Rain Commodities Ltd. Vs Addl. CIT: 65 taxmann.com 240 (Hyderabad ITAT) • CES (P) Ltd. Vs DCIT: 41 taxmann.com 409 (Hyderabad ITAT) • Mylan Laboratories Ltd. Vs ACIT: 63 taxmann.com 179 (Hyderabad ITA…

ACIT, CIRCLE-4(1), KOLKATA, KOLKATA vs. M/S. M. K. SHAH EXPORTS LTD,, KOLKATA

In the result, the appeals filed by the Revenue in ITA No

ITA 978/KOL/2017[2012-13]Status: DisposedITAT Kolkata17 Aug 2018AY 2012-13

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.977 & 978/Kol/2017 ("नधा"रणवष" / Assessment Years: 2011-12& 2012-13) A.C.I.T, Circle-4(1), Kolkata Vs. M/S. M. K. Shah Exports Ltd. P-7, Chowringhee Square, 8Th Floor, Kolkata – 700 069. 2/2. Justice Dwarkanath Road, Kolkata – 700 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaccm 0884 H (Assessee) .. (Respondent) Assessee By :Shri S. Dasgupta, Addl. Cit(Dr) Respondent By :Shri Rohit Shukla, Fca सुनवाईक"तार"ख/ Date Of Hearing : 29/05/2018 घोषणाक"तार"ख/Date Of Pronouncement : 17/08/2018 आदेश / O R D E R

For Appellant: Shri S. Dasgupta, Addl. CIT(DR)For Respondent: Shri Rohit Shukla, FCA
Section 143(3)Section 14A

…. Thus the rate of 8% charged by the assessee was higher than the LIBOR rate. The assessee also relied upon a number of decisions, in particular the decision of ITAT, Chennai in the case of Siva Industries and Holdings Ltd vs ACIT, Central Circle-6(1) Chennai 46 SOT 112. In the appellate proceedings the assessee has cited some more decisions such as Four Soft Ltd vs DCIT in ITA No. 1495/Hyd 12010, Cotton Natural (I) Pvt Ltd. vs DCIT in ITA No. 5855/De1/2012. In the case of Siva Industries and Holdings Ltd. (supra), it has been held by the Hon'ble tribunal that once the transaction is between the assessee and the…

ACIT, CIRCLE-4(1), KOLKATA, KOLKATA vs. M/S. M. K. SHAH EXPORTS LTD,, KOLKATA

In the result, the appeals filed by the Revenue in ITA No

ITA 977/KOL/2017[2011-12]Status: DisposedITAT Kolkata17 Aug 2018AY 2011-12

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.977 & 978/Kol/2017 ("नधा"रणवष" / Assessment Years: 2011-12& 2012-13) A.C.I.T, Circle-4(1), Kolkata Vs. M/S. M. K. Shah Exports Ltd. P-7, Chowringhee Square, 8Th Floor, Kolkata – 700 069. 2/2. Justice Dwarkanath Road, Kolkata – 700 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaccm 0884 H (Assessee) .. (Respondent) Assessee By :Shri S. Dasgupta, Addl. Cit(Dr) Respondent By :Shri Rohit Shukla, Fca सुनवाईक"तार"ख/ Date Of Hearing : 29/05/2018 घोषणाक"तार"ख/Date Of Pronouncement : 17/08/2018 आदेश / O R D E R

For Appellant: Shri S. Dasgupta, Addl. CIT(DR)For Respondent: Shri Rohit Shukla, FCA
Section 143(3)Section 14A

…. Thus the rate of 8% charged by the assessee was higher than the LIBOR rate. The assessee also relied upon a number of decisions, in particular the decision of ITAT, Chennai in the case of Siva Industries and Holdings Ltd vs ACIT, Central Circle-6(1) Chennai 46 SOT 112. In the appellate proceedings the assessee has cited some more decisions such as Four Soft Ltd vs DCIT in ITA No. 1495/Hyd 12010, Cotton Natural (I) Pvt Ltd. vs DCIT in ITA No. 5855/De1/2012. In the case of Siva Industries and Holdings Ltd. (supra), it has been held by the Hon'ble tribunal that once the transaction is between the assessee and the…

DCIT/ACIT, CIRCLE-6(2), KOLKATA, KOLKATA vs. M/S. EMAMI LIMITED, KOLKATA

In the result, the appeal filed by the Revenue ( in ITA No

ITA 1066/KOL/2017[2012-13]Status: DisposedITAT Kolkata15 Jun 2018AY 2012-13

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.1065 & 1066/Kol/2017 ("नधा"रणवष" / Assessment Years: 2011-12& 2012-13)

For Appellant: Shri S. Dasgupta, Addl. CIT(DR)For Respondent: Shri Akkal Dudhwewala, FCA
Section 143(3)Section 144CSection 92C

…enterprise to its associated enterprise. For that we rely on the judgment of Coordinate Bench Income Tax Appellate Tribunal Bench 'A' Chennai, ITA No. 2148/Mds/2010, AY 2006-07 in M/s Siva Industries & Holdings Ltd. v The Assistant Commissioner of Income Tax, 46 SOT 112 (CHENNAI), which has provided that the selection of LIBOR over the assessee's cost of funds should be considered to benchmark the loan provided by the Indian enterprise to its associated enterprise. The relevant extracts of the Ruling is as follows: "Once the transaction between the assessee and the associated enterprise is in foreign currency an…

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