“comparable companies”

Asst CIT 1(1)(1), Mumbai vs. Aje India P.Ltd, Mumbai

In the result, the ground of appeal of the Revenue and cross

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2012-13

comparables to determine the ALP by not appreciating the fact as comparables to determine the ALP by not appreciating the fact that the comparable companies selecte that the comparable companies selected by TPO are operating in d by TPO are operating in India, whereas the foreign AE is operating ... appellant company that the comparable AR of the, appellant company that the comparable AR of the, appellant company that the comparable company margin to arrive at arithmetic meaning may be company margin to arrive at arithmetic meaning may be company margin to arrive at arithmetic meaning may be exercised between

Bank of Nova Scotia, Mumbai vs. Addl DIT (It) RG 3, Mumbai

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

office/ overseas branches in contradiction of Article 7(3) of the Double Taxation Avoidance Agreement between India and Canada. In upholding the inclusion of comparable companies selected by the learned TPO in determining the arm's length price in respect of transactions relating to the provision of correspondent banking services ... rendered by the Appellant to its HO/ overseas branches. In upholding that the margin range of 38.74% to 78.94% of the comparable companies selected by the learned TPO cannot be considered to be wide and it proves that the companies engaged in these financial spaces have generally returned better profits

DCIT (It) -1(2)(1), Mumbai vs. The Bank of Nova Scotia, Mumbai

Appeal of the assessee is allowed

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

office/ overseas branches in contradiction of Article 7(3) of the Double Taxation Avoidance Agreement between India and Canada. In upholding the inclusion of comparable companies selected by the learned TPO in determining the arm's length price in respect of transactions relating to the provision of correspondent banking services ... rendered by the Appellant to its HO/ overseas branches. In upholding that the margin range of 38.74% to 78.94% of the comparable companies selected by the learned TPO cannot be considered to be wide and it proves that the companies engaged in these financial spaces have generally returned better profits

The Bank of Nova Scotia, Mumbai vs. Addl DIT (It) RG 3, Mumbai

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

office/ overseas branches in contradiction of Article 7(3) of the Double Taxation Avoidance Agreement between India and Canada. In upholding the inclusion of comparable companies selected by the learned TPO in determining the arm's length price in respect of transactions relating to the provision of correspondent banking services ... rendered by the Appellant to its HO/ overseas branches. In upholding that the margin range of 38.74% to 78.94% of the comparable companies selected by the learned TPO cannot be considered to be wide and it proves that the companies engaged in these financial spaces have generally returned better profits

DDIT (It) 3(2), Mumbai vs. The Bank of Nova Scotia, Mumbai

In the result, the appeals of the assessee are partly allowed and appeals of the revenue are also partly allowed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita No.8841/Mum/2010 The Bank Of Nova Scotia Vs. Assistant Director Of Mittal Towers, B Wing Income Tax (It) -3(2) Nariman Point Scindia House Mumbai – 400 020 Ballard Pier Mumbai – 400 038 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacb1536H Appellant .. Respondent It(Tp)A. No.3862/Mum/2013 The Bank Of Nova Scotia Vs. Additional Director Of Mittal Towers, B Wing Income Tax (It) -3 Nariman Point Air India Building Mumbai – 400 020 Nariman Point Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb1536H Appellant .. Respondent Ita.No.3989/Mum/2012 Deputy Director Of Income Vs. M/S The Bank Of Nova Tax (It) -3(2) Scotia, Mittal Towers, B Scindia House Wing, Nariman Point Ballard Pier, N. M. Road Mumbai – 400 021 Mumbai – 400 038

overseas branches in contradiction of Article 7(3) of the Double Taxation Avoidance Agreement between India and Canada. 5. In upholding the inclusion of comparable companies selected by the learned TPO in determining the arm's length price in respect of transactions relating to the provision of correspondent banking services ... rendered by the Appellant to its HO/ overseas branches. 6. In upholding that the margin range of 38.74% to 78.94% of the comparable companies selected by the learned TPO cannot be considered to be wide and it proves that the companies engaged in these financial spaces have generally returned better

The Bank of Nova Scotia, Mumbai vs. Addl CIT (It) 3, Mumbai

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

office/ overseas branches in contradiction of Article 7(3) of the Double Taxation Avoidance Agreement between India and Canada. In upholding the inclusion of comparable companies selected by the learned TPO in determining the arm's length price in respect of transactions relating to the provision of correspondent banking services ... rendered by the Appellant to its HO/ overseas branches. In upholding that the margin range of 38.74% to 78.94% of the comparable companies selected by the learned TPO cannot be considered to be wide and it proves that the companies engaged in these financial spaces have generally returned better profits

ADIT Cir 3(2), Mumbai vs. The Bank of Nova Scotia, Mumbai

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

overseas branches in contradiction of Article 7(3) of the Double Taxation Avoidance Agreement between India and Canada. 5. In upholding the inclusion of comparable companies selected by the learned TPO in determining the arm's length price in respect of transactions relating to the provision of correspondent banking services ... rendered by the Appellant to its HO/ overseas branches. 6. In upholding that the margin range of 38.74% to 78.94% of the comparable companies selected by the learned TPO cannot be considered to be wide and it proves that the companies engaged in these financial spaces have generally returned better

The Bank of Nova Scotia, Mumbai vs. ADIT (It) 3(2), Mumbai

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

office/ overseas branches in contradiction of Article 7(3) of the Double Taxation Avoidance Agreement between India and Canada. In upholding the inclusion of comparable companies selected by the learned TPO in determining the arm's length price in respect of transactions relating to the provision of correspondent banking services ... rendered by the Appellant to its HO/ overseas branches. In upholding that the margin range of 38.74% to 78.94% of the comparable companies selected by the learned TPO cannot be considered to be wide and it proves that the companies engaged in these financial spaces have generally returned better profits

ADIT (It) 3(2), Mumbai vs. The Bank Nova Scotia, Mumbai

Appeal of the assessee is allowed

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

office/ overseas branches in contradiction of Article 7(3) of the Double Taxation Avoidance Agreement between India and Canada. In upholding the inclusion of comparable companies selected by the learned TPO in determining the arm's length price in respect of transactions relating to the provision of correspondent banking services ... rendered by the Appellant to its HO/ overseas branches. In upholding that the margin range of 38.74% to 78.94% of the comparable companies selected by the learned TPO cannot be considered to be wide and it proves that the companies engaged in these financial spaces have generally returned better profits

The Bank of Nova Scotia, Mumbai vs. ADIT (It) 3(2), Mumbai

In the result, the appeals of the assessee are partly allowed and

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

office/ overseas branches in contradiction of Article 7(3) of the Double Taxation Avoidance Agreement between India and Canada. In upholding the inclusion of comparable companies selected by the learned TPO in determining the arm's length price in respect of transactions relating to the provision of correspondent banking services ... rendered by the Appellant to its HO/ overseas branches. In upholding that the margin range of 38.74% to 78.94% of the comparable companies selected by the learned TPO cannot be considered to be wide and it proves that the companies engaged in these financial spaces have generally returned better profits

The ADIT (It)-3(2), Mumbai vs. M/S. the Bank of Novascotia, Mumbai

Appeal of the assessee is allowed

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

office/ overseas branches in contradiction of Article 7(3) of the Double Taxation Avoidance Agreement between India and Canada. In upholding the inclusion of comparable companies selected by the learned TPO in determining the arm's length price in respect of transactions relating to the provision of correspondent banking services ... rendered by the Appellant to its HO/ overseas branches. In upholding that the margin range of 38.74% to 78.94% of the comparable companies selected by the learned TPO cannot be considered to be wide and it proves that the companies engaged in these financial spaces have generally returned better profits

Schott Glass India P.Ltd, Mumbai vs. ITO 8(3)(1), Mumbai

In the result, ITA 7356/Mum/2014 of the appeals of the assessee are allowed for statistical purpose and ITA No

Bench: Shri Narender Kumar Choudhry & Shri Amarjit Singhschott Glass India Private Vs. Income Tax Officer 8(3)-1 Limited, Dynasty “A” Wing Room No. 201, Aayakar 303/304, 3Rd Floor, Bhavan, M.K. Road, Andheri Kurla Road, Mumbai – 400020 Andheri (E) Mumbai – 400 059 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aadcs8583L Appellant .. Respondent Schott Glass India Private Vs. Deputy Commissioner Of Limited, Dynasty “A” Wing Income Tax 8(3) 303/304, 3Rd Floor, Room No. 204, Aayakar Andheri Kurla Road, Bhavan, M.K. Road, Andheri (E) Mumbai – 400020 Mumbai – 400 059 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aadcs8583L Appellant .. Respondent Appellant By : Ketan Ved Respondent By : Mahesh Jiwade Date Of Hearing 12.12.2023 Date Of Pronouncement 24.01.2024 आदेश / O R D E R Per Amarjit Singh (Am): Both These Appeals Filed By The Assessee Are Directed Agasint The Different Orders Of Ld. Cit(A)-15, Mumbai. Since Both These Appeals

factually incorrect. He submitted that assesse has utilized capacity of merely 76% during the year under consideration as against its installed capacity. However, the comparable company M/s Triveni Glass Ltd. had capacity utilization of merely 46.65% during the year under consideration. Therefore, the ld. Counsel contended that there ... India Private Limited Vs. ITO-8(3)-1 under utilization of capacity by the assessee during the year under consideration vis-à-vis the comparable company. In respect of adjustment on account of foreign exchange fluctuation loss the ld. D.R submitted that loss suffered by the assessee on account

Schott Glass India Pvt. Ltd., Mumbai vs. D.C.I.T. Circle 8(3), Mumbai

In the result, ITA 7356/Mum/2014 of the appeals of the assessee are allowed for statistical purpose and ITA No

Bench: Shri Narender Kumar Choudhry & Shri Amarjit Singhschott Glass India Private Vs. Income Tax Officer 8(3)-1 Limited, Dynasty “A” Wing Room No. 201, Aayakar 303/304, 3Rd Floor, Bhavan, M.K. Road, Andheri Kurla Road, Mumbai – 400020 Andheri (E) Mumbai – 400 059 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aadcs8583L Appellant .. Respondent Schott Glass India Private Vs. Deputy Commissioner Of Limited, Dynasty “A” Wing Income Tax 8(3) 303/304, 3Rd Floor, Room No. 204, Aayakar Andheri Kurla Road, Bhavan, M.K. Road, Andheri (E) Mumbai – 400020 Mumbai – 400 059 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aadcs8583L Appellant .. Respondent Appellant By : Ketan Ved Respondent By : Mahesh Jiwade Date Of Hearing 12.12.2023 Date Of Pronouncement 24.01.2024 आदेश / O R D E R Per Amarjit Singh (Am): Both These Appeals Filed By The Assessee Are Directed Agasint The Different Orders Of Ld. Cit(A)-15, Mumbai. Since Both These Appeals

factually incorrect. He submitted that assesse has utilized capacity of merely 76% during the year under consideration as against its installed capacity. However, the comparable company M/s Triveni Glass Ltd. had capacity utilization of merely 46.65% during the year under consideration. Therefore, the ld. Counsel contended that there ... India Private Limited Vs. ITO-8(3)-1 under utilization of capacity by the assessee during the year under consideration vis-à-vis the comparable company. In respect of adjustment on account of foreign exchange fluctuation loss the ld. D.R submitted that loss suffered by the assessee on account