T AIR 1968 SC 114, State Bank of Travelcore v. CIT, (1986) 2 SCC 11, Devsons Pvt. Ltd. v. CIT

DY CTI, CC-16(1), ,MUMBAI vs. SHIPA SHETTY , MUMBAI

In the result, appeal filed by the Revenue is dismissed

…ed to or received by the Assessee u/s. 5, no notional income can be brought to tax u/s. 92. In this regard, Ld. AR relied upon the following judgments:- i. Dana Corporation [2010] 321 ITR 178 (AAR) - Pg. 192 & 193 ii. Amiantit International Holding Ltd [2010] 322 ITR 678 (AAR) - Pg. 682, 683 and 692 iii. Praxair Pacific Ltd [2010] 326 ITR 276 (AAR) - Pg. 279 and 286 iv. Deere & Co [2011] 337 ITR 277 (AAR) - Pg. 280 & 284 v. Venenburg Group B.V [2007] 289 ITR 464 (AAR) - Para 15 at Pg. 472 vi. Goodyear Tire & Rubber Co. [2011] 334 ITR 69 (AAR) - Para 10 at Pg 78 vii. Vodafone India Services (P.) Ltd. v. Union of…

DIRECT MEDIA DISTRIBUTION VENTURES PVT. LTD.,MUMBAI vs. PR.CIT - RANGE -6, MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri M.Balaganesh, Am & Shri Ram Lal Negi, Jm M/S. Direct Media Vs. Pr. Commissioner Of Distribution Ventures Pvt. Income Tax, Range-6 Ltd., Mumbai 18Th Floor, A-Wing Marathon Futurex N.M.Joshi Marg, Lower Parel Mumbai – 400 013 Pan/Gir No.Aadcd1940Q (Appellant) .. (Respondent)

…owing cases: . PNB Finance Ltd. v. CIT 307 ITR 75 (SC) CIT v. Infosys Technologies Ltd. 297 ITR 167 (SC) . CIT v. Official Liquidator Palai Central Bank Ltd. 150 ITR 539 (SC) Further attention is invited to the case of Amintit Interntionl Holding Ltd.. In re (322 ITR 678) wherein the Applicant had transferred shares of one 'AFIIL', an Indian Company to its wholly owned subsidiary 'ACHL', without consideration, the AAR held that since the full value of consideration was not capable of being computed, the computation mechanism failed and therefore no capital gain arose. Relevant extract of the said judgment is as u…

SHILPA SHETTY,MUMBAI vs. ACIT CC 13, MUMBAI

The appeal stands partly allowed

Bench: Hon’Ble Shri Saktijit Dey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

…ed to or received by the Assessee u/s. 5, no notional income can be brought to tax u/s. 92. In this regard, Ld. AR relied upon the following judgments:- i. Dana Corporation [2010] 321 ITR 178 (AAR) - Pg. 192 & 193 ii. Amiantit International Holding Ltd [2010] 322 ITR 678 (AAR) - Pg. 682, 683 and 692 26 I.T.A. No. 2445/Mum/2014 Shilpa Shetty iii. Praxair Pacific Ltd [2010] 326 ITR 276 (AAR) - Pg. 279 and 286 iv. Deere & Co [2011] 337 ITR 277 (AAR) - Pg. 280 & 284 v. Venenburg Group B.V [2007] 289 ITR 464 (AAR) - Para 15 at Pg. 472 vi. Goodyear Tire & Rubber Co. [2011] 334 ITR 69 (AAR) - Para 10 at Pg. 78 10 Shilp…

SHILPA SHETTY,MUMBAI vs. ACIT CC 13, MUMBAI

Bench: Hon’Ble Sh. R. C. Sharma, Am & Hon’Ble Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 2445/Mum/2014 (निर्धारणवर्ा / Assessment Year: 2010-11)

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE HON’BLE SH. R. C. SHARMA, AM & HON’BLE SANDEEP GOSAIN, JM आयकरअपीलसं./ I.T.A. No. 2445/Mum/2014 (निर्धारणवर्ा / Assessment Year: 2010-11) Shilpa Shetty ACIT CC – 13 बिधम/ 7/D, Aditya Apartments, SVP Mumbai Nagar, Andheri(west) Pin- Vs. Mumbai-400054 स्थायीलेखासं./जीआइआरसं./ PAN/GIR No. ACPPS6622P (अपीलाथी/Assessee) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Assessee by : Shri Arvind V. Sonde & Shri Haresh G. Buch, AR प्रत्यथीकीओरसे/Respondentby : Shri V. Jenardhanan, DR सुनवाईकीतारीख/ : 05/06/2018 Date of Hearing घोषणाकीतारीख / : 21/08/2018 Date of Pron…

VIDEOCON OIL VENTURES LTD,MUMBAI vs. DCIT CIR 3(3)(2), MUMBAI

Bench: Shri R. C. Sharma, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 6630/Mum/2016, (निर्धारणवर्ा / Assessment Year: 2012-13)

…do not create chargeable income, cannot therefore be brought within the scope of transfer pricing provisions. Reliance is placed on circular No. 14 dated 22/11/2011. Reliance is also placed on the decision of AAR in Amiantit International Holdings Ltd. (2010) 322 ITR 678 (AAR). 2. Capital financing will cover borrowing, lending or guarantee transactions. Acquisition of shares/ Share Application Money is not covered under capital financing. 3. Thus, Amount remitted as Share Application Money is a capital transaction and accordingly, provisions of section 92B are not applicable to the said remittance and in the abs…

ADITYA BIRLA TELECOM LIMITED,MUMBAI vs. DY. COMM OF INCOME TAX 10(1), MUMBAI

In the result appeal of the assessee is allowed in part in terms indicated hereinabove

…n facts, we find that the compensation (sale consideration) of Rs. 10.20 crore was not allocable item-wise as was the case in Artex Manufacturing Co. (supra). 6. Furthermore, the authority of Advance Ruling in the case of Amiantit International Holdings Ltd., 322 ITR 678, while examining the issue of transfer of shares without consideration, held that in the absence of any definite value of consideration, the question of applicability of provisions of section 45 read with Section 48 cannot arise : “………………we have no hesitation in holding that no consideration would accrue or arise to the applicant by the transfer…

TOPSGRUP ELECTRONICS SYSTEMS LTD,MUMBAI vs. ITO WD 8(3)(3), MUMBAI

In the result, the assessee’s appeal for assessment year 2009-10 is allowed as indicated above

Bench: Shri Jason P. Boaz & Shri Amit Shuklam/S. Topsgrup Electronic Systems Income Tax Officer-8(3)(3) Ltd. (Previsously Tops Sequipment Ltd.) Àayakar Bhavan, M.K. Road 5, Royal Palms Golf & Country Club Vs. Mumbai 400020 Aarey Milk Colony, Goregaon (E) Mumbai 400065 Pan - Aaact3291K Appellant Respondent

…action. Section 92 obviously is not intended to bring in a new head of income or to charge tax on income which is not otherwise chargeable under the Act.” 9. The learned counsel also relied upon the decision in the case of Amiantit International Holding Ltd., 322 ITR 678 (AAR) wherein it was held that in a case where income was not chargeable at all transfer pricing provisions of section 92-B(i) of the IT Act would not apply. 9.1 The learned DR, on the other hand relied upon the decision ITAT Mumbai Bench “B” in the case of Board of Control for Cricket in India Vs. DIT (Exemption), [2005] 96 ITD 263 (Mum) wherein…