TORRENT PHARMACEUTICALS LTD.,,AHMEDABAD vs. THE DEPUTY COMMISSIONER OF INCOME TAX (OSD) CIRCLE-8,, AHMEDABAD

In the result appeal of the Revenue is partly allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita.No.1285 & 1286/Ahd/2017 िनधा"रण वष"/Asstt. Year: 2009-10 & 2010-11 & Ita No.1396 & 1397/Ahd/2018 Asstt.Year 2011-12 & 2012-13 Torrent Pharmaceuticals Ltd. Acit, Circle-4(1)(2) Torrent House Ahmedabad. Vs. Off.Ashram Road Ahmedabad 380 009. आयकर अपील सं./Ita.No.1327 & 1328/Ahd/2017 िनधा"रण वष"/ Asstt. Year: 2009-10 & 2010-11 & आयकर अपील सं./Ita.No.1414 & 1415/Ahd/2018 िनधा"रण वष"/ Asstt. Year: 2011-12 & 2012-13 Acit, Circle-4(1)(2) Torrent Pharmaceuticals Ltd. Ahmedabad. Torrent House Vs. Off.Ashram Road Ahmedabad 380 009. (Applicant) (Responent) Assessee By : Shri Vartik Choksi, With Shri Biren Shah, Ars. Revenue By : Shri Mohd. Usman, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 23/11/2021 घोषणा क" तारीख /Date Of Pronouncement: 22/02/2022 आदेश/O R D E R Per Bench

section (5) of Section 80-IA. In this case, the question that arose for consideration ITA.Nos.1285/Ahd/2017 & 7 others A.Y.2009-10 38 before this Court related to computation of the profits for the purpose of deduction under section 80-E, as it then existed, after setting off the loss incurred by the assessee in the manufacture of alloy steels. Section

THE DCIT ( INTERNATIONAL TAXATION ),, AHMEDABAD vs. BLACK PEARL SERVICES LIMITED, G.S.E.C. LTD., AHMEDABAD

Appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Shri Ms Madhumita Royआयकर अपील सं./Ita Nos. 2813-2815/Ahd/2017 "नधा"रण वष"/Asstt. Years: 2011-2012 To 2013-14 The D.C.I.T, Black Pearl Services Limited, (International Taxation), Vs. 2Nd Floor, Gujarat Chamber Of Ahmedabad Commerce Building, ‘’Sangram.’’ Ashram Road, Ahmedabad. Pan: Aaecb1176H

transfer pricing. 11.5 Regarding the allegation of the Revenue that there was no evidence to prove that the same oil rig was used in India in respect of which the assessee has claimed expenses, we note that the Revenue has allowed the depreciation on such oil rig. But at the same time, the Revenue is apprehending whether the same

THE DCIT ( INTERNATIONAL TAXATION ),, AHMEDABAD vs. BLACK PEARL SERVICES LIMITED, G.S.E.C. LTD., AHMEDABAD

Appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Shri Ms Madhumita Royआयकर अपील सं./Ita Nos. 2813-2815/Ahd/2017 "नधा"रण वष"/Asstt. Years: 2011-2012 To 2013-14 The D.C.I.T, Black Pearl Services Limited, (International Taxation), Vs. 2Nd Floor, Gujarat Chamber Of Ahmedabad Commerce Building, ‘’Sangram.’’ Ashram Road, Ahmedabad. Pan: Aaecb1176H

transfer pricing. 11.5 Regarding the allegation of the Revenue that there was no evidence to prove that the same oil rig was used in India in respect of which the assessee has claimed expenses, we note that the Revenue has allowed the depreciation on such oil rig. But at the same time, the Revenue is apprehending whether the same

THE DCIT ( INTERNATIONAL TAXATION ),, AHMEDABAD vs. BLACK PEARL SERVICES LIMITED, G.S.E.C. LTD., AHMEDABAD

Appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Shri Ms Madhumita Royआयकर अपील सं./Ita Nos. 2813-2815/Ahd/2017 "नधा"रण वष"/Asstt. Years: 2011-2012 To 2013-14 The D.C.I.T, Black Pearl Services Limited, (International Taxation), Vs. 2Nd Floor, Gujarat Chamber Of Ahmedabad Commerce Building, ‘’Sangram.’’ Ashram Road, Ahmedabad. Pan: Aaecb1176H

transfer pricing. 11.5 Regarding the allegation of the Revenue that there was no evidence to prove that the same oil rig was used in India in respect of which the assessee has claimed expenses, we note that the Revenue has allowed the depreciation on such oil rig. But at the same time, the Revenue is apprehending whether the same

GHCL LIMITED,AHMEDABAD vs. THE DY.CIT., CIRCLE-4,, AHMEDABAD

201 (page no 472 to 538 of paper book 3A). s. Name of Date of No. Jobs Lost Size (GBP Mn) Annexure no. the Retailer Closure of Stores 1 Wool worth 26.11.08 807 27000 296.90 20A 2 Officers 23.12.08 150 900 52.51 208 Club 3 MK One 21.11.08 125 800 - 20C 4 MFI 26.11.08 110 1200 74.20 20D 5 Sleep

THE DCIT, CIRCLE-4,, AHMEDABAD vs. GHCL LIMITED, AHMEDABAD

201 (page no 472 to 538 of paper book 3A). s. Name of Date of No. Jobs Lost Size (GBP Mn) Annexure no. the Retailer Closure of Stores 1 Wool worth 26.11.08 807 27000 296.90 20A 2 Officers 23.12.08 150 900 52.51 208 Club 3 MK One 21.11.08 125 800 - 20C 4 MFI 26.11.08 110 1200 74.20 20D 5 Sleep

THE DCIT(OSD)RANGE-1,, AHMEDABAD vs. DISHMAN PHARMACEUTICALS & CHEMICALS LTD.,, AHMEDABAD

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

transfer pricing adjustments. (c) Geographical factors : As Above (1). (d) Regularity of transaction : As above (1). 18 Myristyl DBA 59,71,613 (a) FAR Analysis : As Above. Chloride Powder (b) Quantity Factor : Only one instance has been taken into consideration by the ld. TPO i.e only 25 Kgs sold to customer in Egypt, whereas the appellant has sold

THE ACIT,(OSD)RANGE-1,, AHMEDABAD vs. M/S. DISHMAN PHARMACEUTICALS & CHEMICALS LTD.,, AHMEDABAD

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

transfer pricing adjustments. (c) Geographical factors : As Above (1). (d) Regularity of transaction : As above (1). 18 Myristyl DBA 59,71,613 (a) FAR Analysis : As Above. Chloride Powder (b) Quantity Factor : Only one instance has been taken into consideration by the ld. TPO i.e only 25 Kgs sold to customer in Egypt, whereas the appellant has sold

DISHMAN PHARMACEUTICALS & CHEMICALS LIMITED,,AHMEDABAD vs. THE ACIT, (OSD),RANGE-1,, AHMEDABAD

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

transfer pricing adjustments. (c) Geographical factors : As Above (1). (d) Regularity of transaction : As above (1). 18 Myristyl DBA 59,71,613 (a) FAR Analysis : As Above. Chloride Powder (b) Quantity Factor : Only one instance has been taken into consideration by the ld. TPO i.e only 25 Kgs sold to customer in Egypt, whereas the appellant has sold

THE DCIT(OSD)RANGE-1,, AHMEDABAD vs. DISHMAN PHARMACEUTICALS & CHEMICALS LTD.,, AHMEDABAD

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

transfer pricing adjustments. (c) Geographical factors : As Above (1). (d) Regularity of transaction : As above (1). 18 Myristyl DBA 59,71,613 (a) FAR Analysis : As Above. Chloride Powder (b) Quantity Factor : Only one instance has been taken into consideration by the ld. TPO i.e only 25 Kgs sold to customer in Egypt, whereas the appellant has sold

DISHMAN PHARMACEUTICALS & CHEMICALS LTD.,,AHMEDABAD vs. THE ACIT.,(OSD)RANGE-1,, AHMEDABAD

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

transfer pricing adjustments. (c) Geographical factors : As Above (1). (d) Regularity of transaction : As above (1). 18 Myristyl DBA 59,71,613 (a) FAR Analysis : As Above. Chloride Powder (b) Quantity Factor : Only one instance has been taken into consideration by the ld. TPO i.e only 25 Kgs sold to customer in Egypt, whereas the appellant has sold

AIA ENGINEERING LTD.,,AHMEDABAD vs. THE DY.CIT.,CIRCLE-1,, AHMEDABAD

In the result, ITA Appeals 1766/Ahd/12, 2342/Ahd/15, 2343/Ahd/2015,

section 14A held that before invoking 14A, the Assessing Officer has to record his satisfaction, having regard to the accounts of the assessee, that claim made by the assessee of an expenditure incurred in earning exempt income, or a claim that no expenditure is incurred by him in earning exempt income is not correct. It has been provided

THE DCIT, CIRCLE-1,, AHMEDABAD vs. AIA ENGINEERING LTD.,, AHMEDABAD

In the result, ITA Appeals 1766/Ahd/12, 2342/Ahd/15, 2343/Ahd/2015,

section 14A held that before invoking 14A, the Assessing Officer has to record his satisfaction, having regard to the accounts of the assessee, that claim made by the assessee of an expenditure incurred in earning exempt income, or a claim that no expenditure is incurred by him in earning exempt income is not correct. It has been provided

BUNDY INDIA LTD.,,BARODA vs. THE DCIT, CIRCLE-1(1),, BARODA

In the result, the appeal preferred by the assessee is allowed in part

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinha

section 92CA(3) of the Act were satisfied. 4. Manufacturing segment (Adjustment of Rs.22,929,998) 4.1 The AO/CIT(A) erred in law and on facts, in holding that the international transaction of import of raw material by the Appellant from the associated enterprises ('AEs') in not at arm's length and rejecting transfer pricing documentation. 4.2 The AO/CIT

KALPATARU POWER TRANSMISSION LTD.,,GANDHINAGAR vs. THE DY. CIT, GANDHINAGAR CIRCLE,, GANDHINAGAR

Appeal of the assessee is dismissed

transfer pricing adjustment of Rs. 2,52,319/- on account of determination of Arms Length Price (ALP) of interest to be charged on short term advances given to the AE of the assessee. 13. Ground of appeal No. 1 & 1.1 is accordingly dismissed. 14. Ground no. 2 to 2.5, it was pointed out related to disallowance of expenses made

KALPATARU POWER TRANSMISSION LTD.,,GANDHINAGAR vs. THE DY. CIT, GANDHINAGAR CIRCLE,, GANDHINAGAR

Appeal of the assessee is dismissed

transfer pricing adjustment of Rs. 2,52,319/- on account of determination of Arms Length Price (ALP) of interest to be charged on short term advances given to the AE of the assessee. 13. Ground of appeal No. 1 & 1.1 is accordingly dismissed. 14. Ground no. 2 to 2.5, it was pointed out related to disallowance of expenses made

THE DY. CIT, GANDHINAGAR CIRCLE,, GANDHINAGAR vs. M/S. KALPARATRU POWER TRANSMISSION LIMITED,, GANDHINAGAR

Appeal of the assessee is dismissed

transfer pricing adjustment of Rs. 2,52,319/- on account of determination of Arms Length Price (ALP) of interest to be charged on short term advances given to the AE of the assessee. 13. Ground of appeal No. 1 & 1.1 is accordingly dismissed. 14. Ground no. 2 to 2.5, it was pointed out related to disallowance of expenses made

SHRI NEERAV SHAILESH PAREKH,,AHMEDABAD vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11,, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Ms. Suchitra Kambleassessment Year: 2008-09

201 shares of Chamanlal Mehta and Co. during the AY under consideration and received Rs.8605/- per share, whereas another group of shareholders, on the same date, received Rs.14,616/- for the same shares. The Assessing Officer correctly invoking Section 48 decided that a price of Rs.14,616/- was the price that had accrued to the assessee and hence adopted that