MASTEK LIMITED,,AHMEDABAD vs. THE DY.CIT, (OSD) - 1, CIRCLE-4,, AHMEDABAD

Bench: Shri Pramod Kumar & Ms Madhumita Roysl. Ita No(S) Appeal(S) By Asset. Nos Year(S) Appellant Vs. Respondent Appellant Respondent 1. 1188/Ahd/2015 2009-10 M/S Mastek Ltd., D.C.I.T., (Osd)-1,Circle-4, 804/805Ahmedabad House, Opp. C.N. Vidyalaya, Nr. Ambawadi Circle, Ambawadi, Ahmedabad -380 006 Pan:Aaacm9908Q 2. 1852/Ahd/2015 2009-10 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad. Ahmedabad 3. It(Tp) 172/Ahd/2016 2010-11 M/S. Mastek Ltd. J.C.I.T., Ahmedabad Range-4, Ahmedabad 4. It(Tp) 514/Ahd/2016 2010-11 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad Ahmedabad Assessee By : Shri S. N. Soparkar & Parin Shah, A.Rs. Revenue By : Shri Krishna Murari, Cit- D.R.

section 247(7.1) of the ITA provides that the transfer pricing rules will not apply to guarantees provided by Canadian parent corporations in respect of certain financial commitments of their Canadian controlled foreign affiliates to support the active business operations of those affiliates". As to what could be conceptual support for such an exclusion, we find interesting references

THE JT. CIT, RANGE-4, AHMEDABAD vs. M/S. MASTEK LTD.,, AHMEDABAD

Bench: Shri Pramod Kumar & Ms Madhumita Roysl. Ita No(S) Appeal(S) By Asset. Nos Year(S) Appellant Vs. Respondent Appellant Respondent 1. 1188/Ahd/2015 2009-10 M/S Mastek Ltd., D.C.I.T., (Osd)-1,Circle-4, 804/805Ahmedabad House, Opp. C.N. Vidyalaya, Nr. Ambawadi Circle, Ambawadi, Ahmedabad -380 006 Pan:Aaacm9908Q 2. 1852/Ahd/2015 2009-10 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad. Ahmedabad 3. It(Tp) 172/Ahd/2016 2010-11 M/S. Mastek Ltd. J.C.I.T., Ahmedabad Range-4, Ahmedabad 4. It(Tp) 514/Ahd/2016 2010-11 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad Ahmedabad Assessee By : Shri S. N. Soparkar & Parin Shah, A.Rs. Revenue By : Shri Krishna Murari, Cit- D.R.

section 247(7.1) of the ITA provides that the transfer pricing rules will not apply to guarantees provided by Canadian parent corporations in respect of certain financial commitments of their Canadian controlled foreign affiliates to support the active business operations of those affiliates". As to what could be conceptual support for such an exclusion, we find interesting references

ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(2),, AHMEDABAD vs. M/S. MASTEK LTD.,, AHMEDABAD

Bench: Shri Pramod Kumar & Ms Madhumita Roysl. Ita No(S) Appeal(S) By Asset. Nos Year(S) Appellant Vs. Respondent Appellant Respondent 1. 1188/Ahd/2015 2009-10 M/S Mastek Ltd., D.C.I.T., (Osd)-1,Circle-4, 804/805Ahmedabad House, Opp. C.N. Vidyalaya, Nr. Ambawadi Circle, Ambawadi, Ahmedabad -380 006 Pan:Aaacm9908Q 2. 1852/Ahd/2015 2009-10 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad. Ahmedabad 3. It(Tp) 172/Ahd/2016 2010-11 M/S. Mastek Ltd. J.C.I.T., Ahmedabad Range-4, Ahmedabad 4. It(Tp) 514/Ahd/2016 2010-11 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad Ahmedabad Assessee By : Shri S. N. Soparkar & Parin Shah, A.Rs. Revenue By : Shri Krishna Murari, Cit- D.R.

section 247(7.1) of the ITA provides that the transfer pricing rules will not apply to guarantees provided by Canadian parent corporations in respect of certain financial commitments of their Canadian controlled foreign affiliates to support the active business operations of those affiliates". As to what could be conceptual support for such an exclusion, we find interesting references

ASANDAS & SONS PRIVATE LIMITED,MEHSANA vs. THE DY.CIT, CIRCLE- GANDHINAGAR, GANDHINAGAR

In the result the appeal filed by the assessee is allowed for statistical purpose

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Transfer Pricing Officer ("TPO") / DRP directions. 1.2. On facts and circumstances of the case, the learned AO / Hon'ble DRP has erred in facts and circumstances of the case and in law, in re-computation of the arm's length price ("ALP") of the specified domestic transactions entered by the Appellant, by making an upward adjustment

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1), AHMEDABAD, GUJARAT vs. PRIYA BLUE INDUSTRIES PVT. LTD., GUJARAT

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

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

section 920 read with Rule 100 Secondly, in course of assessment proceedings assessee had furnished all details required by Assessing Officer and international transaction with AE had been accepted to be one confirming to arm's length price and Assessing Officer had found ho difficulty in examining correctness of price adopted by assessee. Whether in view of above, it could

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD vs. PRIYA BLUE INDUSTRIES PVT. LTD., GUJARAT

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

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

section 920 read with Rule 100 Secondly, in course of assessment proceedings assessee had furnished all details required by Assessing Officer and international transaction with AE had been accepted to be one confirming to arm's length price and Assessing Officer had found ho difficulty in examining correctness of price adopted by assessee. Whether in view of above, it could

DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 1(1), GUJARAT vs. PRIYA BLUE INDUSTRIES PVT. LTD., GUJARAT

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

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

section 920 read with Rule 100 Secondly, in course of assessment proceedings assessee had furnished all details required by Assessing Officer and international transaction with AE had been accepted to be one confirming to arm's length price and Assessing Officer had found ho difficulty in examining correctness of price adopted by assessee. Whether in view of above, it could

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE 1(1), AHMEDABAD, AHMEDABAD vs. PRIYA BLUE INDUSTRIES PVT. LTD, GUJARAT

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

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

section 920 read with Rule 100 Secondly, in course of assessment proceedings assessee had furnished all details required by Assessing Officer and international transaction with AE had been accepted to be one confirming to arm's length price and Assessing Officer had found ho difficulty in examining correctness of price adopted by assessee. Whether in view of above, it could

DCIT CENTRAL CIRCLE 1(1), AHMEDABAD, GUJARAT vs. PRIYA BLUE INDUSTRIES PVT. LTD., GUJARAT

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

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

section 920 read with Rule 100 Secondly, in course of assessment proceedings assessee had furnished all details required by Assessing Officer and international transaction with AE had been accepted to be one confirming to arm's length price and Assessing Officer had found ho difficulty in examining correctness of price adopted by assessee. Whether in view of above, it could

DCIT CENTRAL CIRCLE 1(1), AHMEDABAD, GUJARAT vs. PRIYA BLUE INDUSTRIES PVT. LTD., GUJARAT

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

Bench: Shri T.R. SENTHIL KUMAR, Judicial Member\nAnd Shri Narendra Prasad Sinha (Accountant Member)

section 920 read with Rule 100 Secondly, in\ncourse of assessment proceedings assessee had furnished all\ndetails required by Assessing Officer and international\ntransaction with AE had been accepted to be one confirming to\narm's length price and Assessing Officer had found ho difficulty\nin examining correctness of price adopted by assessee. Whether\nin view of above, it could

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD vs. PRIYA BLUE INDUSTRIES PVT. LTD, GUJARAT

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

Bench: Shri T.R. SENTHIL KUMAR, Judicial Member\nAnd Shri Narendra Prasad Sinha (Accountant Member)

section 920 read with Rule 100 Secondly, in\ncourse of assessment proceedings assessee had furnished all\ndetails required by Assessing Officer and international\ntransaction with AE had been accepted to be one confirming to\narm's length price and Assessing Officer had found ho difficulty\nin examining correctness of price adopted by assessee. Whether\nin view of above, it could

THE ACIT, CIRCLE-2(1)(2),, AHMEDABAD vs. LAMBDA THERAPEUTIC RESEARCH LTD.,, AHMEDABAD

In the result the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

transfer pricing adjustment with the benefit derived by the assessee, the interest cost appears to be negligible. The amount of interest cost stands at " 26,19,740/- whereas the amount of gross receipt generated by the assessee ITA No.3492/Ahd/2015 and 5 others A.Y. 2010-11 stands at USD 1,556,230 which is far more than the interest expenses after

LAMBDA THERAPEUTIC RESEARCH LIMITED,,AHMEDABAD vs. THE JT. CIT, RANGE-4,, AHMEDABAD

In the result the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

transfer pricing adjustment with the benefit derived by the assessee, the interest cost appears to be negligible. The amount of interest cost stands at " 26,19,740/- whereas the amount of gross receipt generated by the assessee ITA No.3492/Ahd/2015 and 5 others A.Y. 2010-11 stands at USD 1,556,230 which is far more than the interest expenses after

DY.COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(2),, AHMEDABAD vs. M/S. LAMDA THERAPEUTIC RESEARCH LTD.,, AHMEDABAD

In the result the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

transfer pricing adjustment with the benefit derived by the assessee, the interest cost appears to be negligible. The amount of interest cost stands at " 26,19,740/- whereas the amount of gross receipt generated by the assessee ITA No.3492/Ahd/2015 and 5 others A.Y. 2010-11 stands at USD 1,556,230 which is far more than the interest expenses after

LAMBDA THERAPEUTIC RESEARCH LTD.,,AHMEDABAD vs. DCIT CIRCLE-2(1) (2),, AHMEDABAD

In the result the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

transfer pricing adjustment with the benefit derived by the assessee, the interest cost appears to be negligible. The amount of interest cost stands at " 26,19,740/- whereas the amount of gross receipt generated by the assessee ITA No.3492/Ahd/2015 and 5 others A.Y. 2010-11 stands at USD 1,556,230 which is far more than the interest expenses after

THE DCIT, CIRCLE-2(1)(2),, AHMEDABAD vs. M/S. LAMBDA THERAPEUTIC RESEARCH LTD.,, AHMEDABAD

In the result the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

transfer pricing adjustment with the benefit derived by the assessee, the interest cost appears to be negligible. The amount of interest cost stands at " 26,19,740/- whereas the amount of gross receipt generated by the assessee ITA No.3492/Ahd/2015 and 5 others A.Y. 2010-11 stands at USD 1,556,230 which is far more than the interest expenses after

LAMBDA THERAPEUTIC RESEARCH LIMITED,,AHMEDABAD vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(2),, AHMEDABAD

In the result the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

transfer pricing adjustment with the benefit derived by the assessee, the interest cost appears to be negligible. The amount of interest cost stands at " 26,19,740/- whereas the amount of gross receipt generated by the assessee ITA No.3492/Ahd/2015 and 5 others A.Y. 2010-11 stands at USD 1,556,230 which is far more than the interest expenses after

THE DY. CIT., CIRCLE-4(1)(2),, AHMEDABAD vs. M/S. VISHAL FABRICS LTD.,, AHMEDABAD

In the result, the appeal preferred by the Revenue is dismissed

Bench: Shri Waseem Ahmed& Ms. Madhumita Roy

transfer pricing analysis carried out by the assessee with respect to the above mentioned transaction is faulty. In view of the above, the information as v ei as the data used in computation of the arms length price is not reliable and correct. The provisions of Sec. 920 3)(c) are invoked and the TP document is proposed