TYCO FIRE AND SECURITY INDIA PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE

In the result, the appeal of the Assessee is partly allowed

Bench: Shri N. V. Vasudevan & Shri Chandra Poojariit(Tp)A No.270/Bang/2021 Assessment Year : 2016-17 Acit, M/S. Tyco Fire & Security India Private Limited, Vs. D-601, Rmz Centennial, Circle - 7(1)(1), Kundalahalli Main Road, Bengaluru. Bengaluru – 560 048. Pan : Aabct 0087 C Appellant Respondent Assessee By : Shri. Rajan Vora, Ca Revenue By : Shri. Sumer Singh Meena, Cit(Dr)(Itat), Bengaluru Date Of Hearing : 27/11.09.2022 Date Of Pronouncement : 28.11.2022 O R D E R Per N V Vasudevan

section 92C, the arm's length price in relation to an international transaction [or a specified domestic transaction] shall be determined by any of the following methods, being the most appropriate method, in the following manner, namely :— (a) to (d) .... (e)transactional net margin method, by which,— IT(TP) A No. 270/Bang/2021 Tyco Fire and Security India Pvt.Ltd

DCIT, BANGALORE vs. M/S CORE OBJECTS INDIA PVT. LTD.,, BANGALORE

In the result appeal filed by assessee stands allowed as indicated hereinabove and appeal filed by revenue stands allowed partly

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiit(Tp)A No.517/Bang/2015 Assessment Year : 2010-11

Gains from Business' after claim of deduction under section 1 OA for the Bangalore and Pune units., the learned AO be directed to allow carry forward of the loss under the head 'Income from other Sources' amounting to Rs. 2, 16,017 for set off against income in subsequent years. 3. Interest under section 234B The learned AO has erred

M/S. K. MOHAN & COMPANY (EXPORTS) PVT. LTD.,,BANGALORE vs. ACIT, BANGALORE

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

1,10,97,116 ITA Nos. 1093/B0/09, 1266/B/10 & 1057 & 1103/B/12 Page 4 of 50 6. According to the AO deduction U/S.10B of the Act provides for a deduction of such profits and gains as are derived by a 100% Export Oriented Undertaking from the export of articles or things. Therefore, section 10B shall apply only to profits that are “derived

M/S K. MOHAN & COMPANY (EXPORTS) PRIVATE LIMITED,BANGALORE vs. ACIT, BANGALORE

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

1,10,97,116 ITA Nos. 1093/B0/09, 1266/B/10 & 1057 & 1103/B/12 Page 4 of 50 6. According to the AO deduction U/S.10B of the Act provides for a deduction of such profits and gains as are derived by a 100% Export Oriented Undertaking from the export of articles or things. Therefore, section 10B shall apply only to profits that are “derived

ACIT, BANGALORE vs. M/S K. MOHAN & COMPANY (EXPORTS) PVT. LTD.,, BANGALORE

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

1,10,97,116 ITA Nos. 1093/B0/09, 1266/B/10 & 1057 & 1103/B/12 Page 4 of 50 6. According to the AO deduction U/S.10B of the Act provides for a deduction of such profits and gains as are derived by a 100% Export Oriented Undertaking from the export of articles or things. Therefore, section 10B shall apply only to profits that are “derived

M/S K. MOHAN & COMPNAY (EXPORTS) PVT. LTD.,,BANGALORE vs. ACIT, BANGALORE

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

1,10,97,116 ITA Nos. 1093/B0/09, 1266/B/10 & 1057 & 1103/B/12 Page 4 of 50 6. According to the AO deduction U/S.10B of the Act provides for a deduction of such profits and gains as are derived by a 100% Export Oriented Undertaking from the export of articles or things. Therefore, section 10B shall apply only to profits that are “derived

SRI SRINIVASA EDUCATIONAL & CHARITABLE TRUST,BANGALORE vs. DCIT, CENTRAL CIRCLE-2(3), BANGALORE

section 132A. 50.3 Applicability-These\namendments will take effect from the 1st day of June, 2007.\"\n\n6.2 From the perusal of the section 153D of the Act read with the CBDT\nCircular No. 3 of 2008, dated 12-3-2008, the legislative intent can be gathered\nso far as that the legislature in its highest wisdom made it compulsory

ASST.C.I.T., BELLARY vs. M/S HOTHUR TRADERS 100% EOU, BELLARY

In the result, Revenue’s appeals for asst

Bench: Shri Sunil Kumar Yadav & Shri Jason P Boazita No.32/Bang/2016 (Asst. Years 2010-11 & 2011-12) The Asst. Commissioner Of Income-Tax, Circle-1, Bellary. . Appellant Vs. M/S Hothur Traders 100% Eou, No.85,6,7&8, Infantry Road, Cantonment, Bellary. . Respondent Pan –Aaefh7705H. Co No.55/Bang/2016 (By Assessee) Appellant By : Shri Nagendra Prasad, Cit Respondent By : Shri B.S Balachandran, Advocate Date Of Hearing : 22-11-2017 Date Of Pronouncement : 19-01-2018

10B(2)(ii) and (iii) referred to by the AO in the case of HI is again without any basis. This finding of the Assessing Officer is totally erroneous and contrary to law. The Assessing Officer has ignored the legal position and proceeded to hold that the assessee contravened sections 1OB(2)(ii) & (iii) of the Act. It should

SRI SRINIVASA EDUCATIONAL & CHARITABLE TRUST,BANGALORE vs. DCIT, CENTRAL CIRCLE-2(3), BENGALURU

Section\n153D. It is not an exercise dealing with a immaterial matter which\ncould be corrected by taking recourse to Section 292B of the Act.\n16. We are not inclined to interdict the order of the Tribunal.\n17. Accordingly, the appeal is closed.\n6.5 The above view taken by the Hon’ble Delhi High Court in the case of PCIT

GE MEDICAL SYSTEMS INDIA PRIVATE LIMITED,BANGALORE vs. DCIT, BANGALORE

In the result, the revenue’s appeal is dismissed and the assessee’s appeal is partly allowed

Bench: Smt. P. Madhavi Devi & Shri Abraham P George

capital adjustment which has resulted in the adjustment at ‘nil’. As the order of the CIT(A) on this issue is in consonance with the decision of the Tribunal in the case of group of company cited IT(TP)A Nos.332, 333 & 337/Bang/2011 M/s.GE Medical Systems India P.Ltd. Page 32 of 39 supra, we see no reason to interfere with

DCIT, BANGALORE vs. M/S GE MEDICAL SYSTEM (I) (P) LIMITED, BANGALORE

In the result, the revenue’s appeal is dismissed and the assessee’s appeal is partly allowed

Bench: Smt. P. Madhavi Devi & Shri Abraham P George

capital adjustment which has resulted in the adjustment at ‘nil’. As the order of the CIT(A) on this issue is in consonance with the decision of the Tribunal in the case of group of company cited IT(TP)A Nos.332, 333 & 337/Bang/2011 M/s.GE Medical Systems India P.Ltd. Page 32 of 39 supra, we see no reason to interfere with

GE MEDICAL SYSTEMS INDIA PRIVATE LIMITED,BANGALORE vs. DCIT, BANGALORE

In the result, the revenue’s appeal is dismissed and the assessee’s appeal is partly allowed

Bench: Smt. P. Madhavi Devi & Shri Abraham P George

capital adjustment which has resulted in the adjustment at ‘nil’. As the order of the CIT(A) on this issue is in consonance with the decision of the Tribunal in the case of group of company cited IT(TP)A Nos.332, 333 & 337/Bang/2011 M/s.GE Medical Systems India P.Ltd. Page 32 of 39 supra, we see no reason to interfere with

WIPRO LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE

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

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahu

capital expenditure and it is only a revenue expenditure. Further, in the following decision it was held that study undertaken in IT(TP)A No.370/Bang/2021 Page 26 of 110 relation to an existing business is revenue in nature. [CIT v. Manganese Ore India Ltd [2016] 67 Taxmann.com 268 (Bombay), ITO v. Dodsal Mfg P Ltd [1984] 19 Taxman 27 (Ahmedabad

M/S. WIPRO LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(2), BANGALORE

In the result, the appeal filed by the assessee is treated as partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranit(Tp)A No.2556/Bang/2019 Assessment Year : 2015-16

1 to 9 raised by the assessee.” We have noticed that the assessee has voluntarily disallowed the loss arising on restatement of foreign hedge transactions and hedging on ECB loans, since both the items are relating to capital account transactions. We also notice that the AO has allowed the loss arising on restatement of trade debtors, trade creditors and other

M/S DELL INTERNATIONAL SERVICES INDIA PVT LTD ,BANGALORE vs. ADDITIONAL COMMISSIONER OF INCOME TAX LTPU , BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

10B of the Rules to account for, inter alia, differences in (a) accounting practices, (b) depreciation adjustment, (c) marketing expenditure, (d) research and development expenditure and (e) risk profile between the Appellant and the comparable companies. The Ld. Panel erred in confirming the same. 6. Variation of 3% from the arithmetic mean The Ld. AO/Ld. TPO erred

M/S. HIMALAYA WELLNESS COMPANY (FORMERLY KNOWN AS THE HIMALAYA DRUG COMPANY),BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 6(1)(1), BENGALURU

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

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am It(Tp)A No.259/Bang/2022 : Asst.Year 2017-2018 M/S.Himalaya Wellness Company The Deputy Commissioner Of (Formerly Known As The Himalaya Income-Tax, Circle 6(1)(1) V. Bengaluru. Drug Company), Makali, Tumkur Road Bengaluru – 562 162. Pan : Aadft3025B. (Appellant) (Respondent)

capital in the markets, overall economic development and level of competition and whether the markets are wholesale or retail." As per Rule 10B(3), an uncontrolled transaction shall be comparable to an international transaction if:— "B (3) An uncontrolled transaction shall be comparable to an international transaction if— (i) none of the differences, if any, between the transactions being compared

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-7(1)(1), BANGALORE vs. M/S TECNOTREE CONVERGENCE LTD , GURGAON

In the result, Revenue’s appeal for Assessment Year 2011-12 is dismissed

Bench: Shri N. V. Vasudevan & Shri Jason P Boaz

capital loss under section 94(7) of the Act ITA Nos. 1447 and 1448/Bang/2017 ITA Nos. 1519 and 1520/Bang/2017 Page 3 of 45 2.2 On appeal, the CIT(A)-15, Delhi, disposed off the same; vide order dated 23.03.2017, allowing the assessee partial relief. 3. Both Revenue and the assessee, being aggrieved by the order of CIT(A)-15, Bangalore

TECNOTREE CONVERGENCE LT D,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-7(1)(1), BANGALORE

In the result, Revenue’s appeal for Assessment Year 2011-12 is dismissed

Bench: Shri N. V. Vasudevan & Shri Jason P Boaz

capital loss under section 94(7) of the Act ITA Nos. 1447 and 1448/Bang/2017 ITA Nos. 1519 and 1520/Bang/2017 Page 3 of 45 2.2 On appeal, the CIT(A)-15, Delhi, disposed off the same; vide order dated 23.03.2017, allowing the assessee partial relief. 3. Both Revenue and the assessee, being aggrieved by the order of CIT(A)-15, Bangalore