ACIT, CHENNAI vs. M/S. STERLITE INDUSTRIES (INDIA) LTD., TUTICORIN

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.318 & 319/Mds/2008 "नधा"रण वष" / Assessment Year : 2004-05 आयकर अपील सं./Ita No. 1020/Mds/2010 "नधा"रण वष" / Assessment Year : 2005-06 आयकर अपील सं./Ita No. 1665/Mds/2010 "नधा"रण वष" / Assessment Year : 2006-07

Transfer Pricing Officer ignoring the explanation offered by the assessee, arbitrarily decided and observed that M/s Twin Star ITA No.1020,1665 & 1386/Mds/10 Holdings Ltd. lacked resource for providing management consultancy to the assessee-company, thereafter determined economic cost of funds paid to M/s Twin Star Holdings Ltd. According to the Ld. counsel, the payment of `30.50 lakhs to M/s Twin

ACIT, CHENNAI vs. M/S STERLITE INDUSTRIES (INDIA) LTD., TUTICORIN

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.318 & 319/Mds/2008 "नधा"रण वष" / Assessment Year : 2004-05 आयकर अपील सं./Ita No. 1020/Mds/2010 "नधा"रण वष" / Assessment Year : 2005-06 आयकर अपील सं./Ita No. 1665/Mds/2010 "नधा"रण वष" / Assessment Year : 2006-07

Transfer Pricing Officer ignoring the explanation offered by the assessee, arbitrarily decided and observed that M/s Twin Star ITA No.1020,1665 & 1386/Mds/10 Holdings Ltd. lacked resource for providing management consultancy to the assessee-company, thereafter determined economic cost of funds paid to M/s Twin Star Holdings Ltd. According to the Ld. counsel, the payment of `30.50 lakhs to M/s Twin

M/S STERLITE INDUSTRIES (INDIA) LTD.,TUTICORIN vs. DCIT, CHENNAI

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.318 & 319/Mds/2008 "नधा"रण वष" / Assessment Year : 2004-05 आयकर अपील सं./Ita No. 1020/Mds/2010 "नधा"रण वष" / Assessment Year : 2005-06 आयकर अपील सं./Ita No. 1665/Mds/2010 "नधा"रण वष" / Assessment Year : 2006-07

Transfer Pricing Officer ignoring the explanation offered by the assessee, arbitrarily decided and observed that M/s Twin Star ITA No.1020,1665 & 1386/Mds/10 Holdings Ltd. lacked resource for providing management consultancy to the assessee-company, thereafter determined economic cost of funds paid to M/s Twin Star Holdings Ltd. According to the Ld. counsel, the payment of `30.50 lakhs to M/s Twin

M/S. STERLITE INDUSTRIES (INDIA) LTD.,MADURAI vs. ADDITIONAL CIT, CHENNAI

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.318 & 319/Mds/2008 "नधा"रण वष" / Assessment Year : 2004-05 आयकर अपील सं./Ita No. 1020/Mds/2010 "नधा"रण वष" / Assessment Year : 2005-06 आयकर अपील सं./Ita No. 1665/Mds/2010 "नधा"रण वष" / Assessment Year : 2006-07

Transfer Pricing Officer ignoring the explanation offered by the assessee, arbitrarily decided and observed that M/s Twin Star ITA No.1020,1665 & 1386/Mds/10 Holdings Ltd. lacked resource for providing management consultancy to the assessee-company, thereafter determined economic cost of funds paid to M/s Twin Star Holdings Ltd. According to the Ld. counsel, the payment of `30.50 lakhs to M/s Twin

ACIT, CHENNAI vs. M/S. STERLITE INDUSTRIES (INDIA) LTD., TUTICORIN

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.318 & 319/Mds/2008 "नधा"रण वष" / Assessment Year : 2004-05 आयकर अपील सं./Ita No. 1020/Mds/2010 "नधा"रण वष" / Assessment Year : 2005-06 आयकर अपील सं./Ita No. 1665/Mds/2010 "नधा"रण वष" / Assessment Year : 2006-07

Transfer Pricing Officer ignoring the explanation offered by the assessee, arbitrarily decided and observed that M/s Twin Star ITA No.1020,1665 & 1386/Mds/10 Holdings Ltd. lacked resource for providing management consultancy to the assessee-company, thereafter determined economic cost of funds paid to M/s Twin Star Holdings Ltd. According to the Ld. counsel, the payment of `30.50 lakhs to M/s Twin

DCIT, CHENNAI vs. THE OFFICIAL LIQUIDATOR M/S. MASCON GLOBAL LTD. (IN LIQUIDATION), CHENNAI

Accordingly, the ground raised by the Revenue is dismissed

Bench: Shri A. Mohan Alankamony & Shri Duvvuru Rl Reddy

exemption u/s 10A of the Act. 2. For the assessment year 2003-04 under appeal the appellant company declared loss of Rs.17,88,68,890/-. The assessing officer took up the case for 9 I.T.A. No.1139/Chny/08, 1135/Chny/10 & C.O. No. 69/Chny/17, 1136/Chny/10 & 632-634/Chny/17 scrutiny and referred the case to the Transfer Pricing

DCIT, CHENNAI vs. THE OFFICIAL LIQUIDATOR M/S. MASCON GLOBAL LTD. (IN LIQUIDATION), CHENNAI

Accordingly, the ground raised by the Revenue is dismissed

Bench: Shri A. Mohan Alankamony & Shri Duvvuru Rl Reddy

exemption u/s 10A of the Act. 2. For the assessment year 2003-04 under appeal the appellant company declared loss of Rs.17,88,68,890/-. The assessing officer took up the case for 9 I.T.A. No.1139/Chny/08, 1135/Chny/10 & C.O. No. 69/Chny/17, 1136/Chny/10 & 632-634/Chny/17 scrutiny and referred the case to the Transfer Pricing

DCIT, CHENNAI vs. THE OFFICIAL LIQUIDATOR M/S. MASCON GLOBAL LTD. (IN LIQUIDATION), CHENNAI

Accordingly, the ground raised by the Revenue is dismissed

Bench: Shri A. Mohan Alankamony & Shri Duvvuru Rl Reddy

exemption u/s 10A of the Act. 2. For the assessment year 2003-04 under appeal the appellant company declared loss of Rs.17,88,68,890/-. The assessing officer took up the case for 9 I.T.A. No.1139/Chny/08, 1135/Chny/10 & C.O. No. 69/Chny/17, 1136/Chny/10 & 632-634/Chny/17 scrutiny and referred the case to the Transfer Pricing

ACIT, CHENNAI vs. M/S. MASCON GLOBAL LTD., CHENNAI

Accordingly, the ground raised by the Revenue is dismissed

Bench: Shri A. Mohan Alankamony & Shri Duvvuru Rl Reddy

exemption u/s 10A of the Act. 2. For the assessment year 2003-04 under appeal the appellant company declared loss of Rs.17,88,68,890/-. The assessing officer took up the case for 9 I.T.A. No.1139/Chny/08, 1135/Chny/10 & C.O. No. 69/Chny/17, 1136/Chny/10 & 632-634/Chny/17 scrutiny and referred the case to the Transfer Pricing

GAMESA RENEWABLE PRIVATE LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, both the appeals of the assessee are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Shri Duvvuru Rl Reddy

pricing of the international transaction. 18.2 The assessee also submitted a detailed note on the various services availed by them under the terms of the agreement. Further, it was also submitted before the TPO that the AE party had identified the nature of stewardship/shareholder activities in each of the above department/services and such costs was excluded and not charged back

GAMESA RENEWABLE PRIVATE LIMITED,CHENNAI vs. ACIT, CHENNAI

In the result, both the appeals of the assessee are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Shri Duvvuru Rl Reddy

pricing of the international transaction. 18.2 The assessee also submitted a detailed note on the various services availed by them under the terms of the agreement. Further, it was also submitted before the TPO that the AE party had identified the nature of stewardship/shareholder activities in each of the above department/services and such costs was excluded and not charged back

TITAN COMPANY LIMITED,HOSUR vs. ACIT, CHENNAI

In the result, both the appeals filed by the assessee are allowed

Bench: Hon’Ble Shri Manu Kumar Giri & Shri Hon’Ble S.R. Raghunathaआयकर अपील सं./ Ita No.393/Chny/2018 & आयकर अपील सं./ It(Tp)A No.89/Chny/2018 िनधा>रण वष> /Assessment Years: 2013-14 & 2014-15 Titan Company Ltd., The Dy. Commissioner Of Income No.3, Spicot Industrial Complex, Vs. Tax, Hosur, Krishnagiri – 635 126. Ltu-2, [Pan: Aaact 5131A] Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent)

transfer pricing (TP) adjustment related to the claim u/s. 80IC ITA No.393/Chny/2015 & IT(TP)A No.89/Chny/2018 Titan Company Ltd. :- 3 -: of the Act. For the first two issues, the assessee placed reliance on the order of the Co-ordinate Bench of the Tribunal in the Assessee’s own case for earlier assessment years, vide ITA Nos. 518, 505– 507/2018 dated

DCIT, CHENNAI vs. SIVA VENTURES LTD., CHENNAI

In the result, the assessee’s appeals in ITA No 1392/2016 for the

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

Transfer Pricing assessment. In the said valuation, the option to convert was valued using Cox Ross Rubinstein Model. The annualized return on the investment determined on the basis of such valuation, it can be established that the effective annualized yield on the investment is higher than the arm's length earning on a lending in foreign exchange. Further, details

DCIT, CHENNAI vs. SIVA VENTURES LTD., CHENNAI

In the result, the assessee’s appeals in ITA No 1392/2016 for the

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

Transfer Pricing assessment. In the said valuation, the option to convert was valued using Cox Ross Rubinstein Model. The annualized return on the investment determined on the basis of such valuation, it can be established that the effective annualized yield on the investment is higher than the arm's length earning on a lending in foreign exchange. Further, details

SIVA INDUSTRIES AND HOLDINGS LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the assessee’s appeals in ITA No 1392/2016 for the

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

Transfer Pricing assessment. In the said valuation, the option to convert was valued using Cox Ross Rubinstein Model. The annualized return on the investment determined on the basis of such valuation, it can be established that the effective annualized yield on the investment is higher than the arm's length earning on a lending in foreign exchange. Further, details

DCIT, CHENNAI vs. SIVA VENTURES LIMITED, CHENNAI

In the result, the assessee’s appeals in ITA No 1392/2016 for the

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

Transfer Pricing assessment. In the said valuation, the option to convert was valued using Cox Ross Rubinstein Model. The annualized return on the investment determined on the basis of such valuation, it can be established that the effective annualized yield on the investment is higher than the arm's length earning on a lending in foreign exchange. Further, details

SIEMENS GAMESA RENEWABLE POWER PRIVATE LIMITED,CHENNAI vs. DCIT, CORPORATE CIRCLE 2(1), CHENNAI

The appeal stand partly allowed in terms of our above order

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपीलसं./Ita No.71/Chny/2018 (िनधा<रणवष< / Assessment Year: 2013-14) & आयकरअपीलसं./It(Tp)A No.88/Chny/2018 (िनधा<रणवष< / Assessment Year: 2014-15) M/S. Siemens Gamesa Renewable Power Dcit Private Limited Corporate Circle-2(1) (Formerly Known As Gamesa Renewable Chennai. बनाम/ Pvt.Ltd. Before That Known As Gamesa Wind Vs. Turbine Pvt.Ltd.) 334, Futura Tech Park, 8Th Floor, Block B Sholinganallur, Chennai-600 119. "थायीलेखासं./जीआइआरसं./Pan/Gir No.Aaccg-6027-C (अपीलाथ"/Appellant) : ( !थ" / Respondent) अपीलाथ" की ओर से/ Appellant By : Shri B. Ramakrishnan (Fca) & Shri Shrenik Chordia (Ca) – Ld.Ar !थ" की ओर से/Respondent By : Shri Sasi Kumar (Cit) – Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 12-07-2023 घोषणाकीतारीख/Date Of Pronouncement : 08-09-2023 आदेश / O R D E R Manoj Kumar Aggarwal () 1. Aforesaid Appeals By Assessee For Assessment Years (Ay) 2013- 14 & 2014-15 Have Identical Facts & Issues. The Appeal For Ay 2013- 14 Arises Out Of Final Assessment Order Dated 30-10-2017 Passed By Ld.

exempt income. Issue No. 6: Transfer Pricing Adjustment at entity level made without considering the parity basis: 8.Without prejudice to ground

AMBATTUR CLOTHING LIMITED,CHENNAI vs. DCIT COMPANY CIRCLE 1(1), CHENNAI

In the result the appeal of the assessee is allowed

transfer pricing adjustment has to be made only in\nrespect of the transaction of the assessee being a tested party, with\nassociated enterprise outside the country after comparing the transaction\nmade by similarly placed company in uncontrolled transaction with non-\nAssociated Enterprise. Therefore, we are unable to uphold the order of\nthe Dispute Resolution Panel Accordingly the order