ASSISTANT COMMISSIONER OF INCOME TAX, TIRUPUR vs. SRI SHANMUGAVEL MILLS PRIVATE LIMITED, TIRUPUR

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

5. The TPO thus determined the Arm’s Length Price (ALP) of electricity transferred from section 80-IA eligible windmill division of the assessee to the textile division of the assessee at Rs.10,69,94,336/-. The assessee on the other hand had taken the selling price of TANGEDCO to any other high tension Sri Shanmugavel Mills

ASSISTANT COMMISSIONER OF INCOME TAX, TIRUPPUR vs. PRABHU SPINNING MILLS PRIVATE LIMITED, TIRUPPUR

In the result all the grounds raised by the revenue for the A

Bench: Shri George George K & Shri S.R. Raghunathaआयकर अपील सं./Ita Nos.:433 & 435/Chny/2025 धनिाजरण वर्ज / Assessment Year: 2018-19 & 2017-18 Acit, Circle -1 Prabhu Spining Mills Private 121, Adarns Plaza, Vs. Limited, 60, Feet Road, No. 207 – 86, Mangalam Road, Tiruppur – 641 602. Karuvampalayam, Tiruppur – 641 604. Tamil Nadu. (अपीलाथी/Appellant) [Pan:Aabcp-0750-E] (प्रत्यथी/Respondent) अपीलाथी की ओर से/Appellant By : Shri. Arv Sreenivasan, Cit प्रत्यथी की ओर से/Respondent By : Shri. T. Banusekar, Advocate. सुनवाई की तारीख/Date Of Hearing : 16.07.2025 घोर्णा की तारीख/Date Of Pronouncement : 13.08.2025

5. The TPO thus determined the Arm’s Length Price (ALP) of electricity transferred from section 80-IA eligible windmill division of the assessee to the textile division of the assessee at Rs.10,69,94,336/-. The assessee on the other hand had taken the selling price of TANGEDCO to any other high tension industrial consumers

HOSPIRA HEALTHCARE INDIA PRIVATE LIMITED,CHENNAI vs. DCIT, CHENNAI

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.469/Chny/2017 िनधा<रण वष< /Assessment Year: 2012-13 M/S. Hospira Healthcare India The Dy. Commissioner Of Pvt. Ltd., Vs. Income Tax, Sri-Nivas, New No.86 (Old No.89), Corporate Circle-2(2), Gn Chetty Road, T Nagar, Chennai. Chennai – 600 017. [Pan: Aaabco 2190F] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" की ओर से/ Appellant By : Shri Sriram Seshadri, C.A Jkथ" की ओर से /Respondent By : Shri A. Sasikumar, Cit सुनवाई की तारीख/Date Of Hearing : 25.04.2024 घोषणा की तारीख /Date Of Pronouncement : 22.07.2024 आदेश / O R D E R Per Jagadish, A.M : Aforesaid Appeal Filed By The Assessee Against The Assessment Order Passed By The Dcit, Corporate Circle-2(2), Chennai U/S.143(3) R.W.S. 144C(13) Of The Income Tax Act, 1961 (Hereinafter “The Act”) For The Assessment Year 2012-13, In Pursuance Of The Directions Issued By The Dispute Resolution Panel, Bengalore (Hereinafter ‘Drp’) Vide Directions Dated 09.11.2016. :- 2 -:

d) profit split method; (e) transactional net margin method. Sub-section (2) of section 92C mandates that: `The most appropriate method referred to in sub-section (1) shall be applied, for determination of arm's length price, in the manner as may be prescribed’. On going through the prescription of sub-sections (1) and (2) of section 92C read with

M/S. ASHOK LEYLAND LIMITED,CHENNAI vs. ACIT NON CORPORATE CIRCLE 8(1)-LTU-2, , CHENNAI

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue stands dismissed

Bench: Shri Aby T. Varkey & Shri Jagadish

17 :: authorities that, the relevant R&D and sales & marketing efforts were not made by the eligible unit but the revenues included the benefits from such efforts was misplaced as all the relevant costs & expenses towards R&D and sales & marketing had been appropriately allocated to work out the eligible profits of the Pantnagar Unit. 5.6 In light

ACIT NON CORPORATE CIRCLE 8(1)-LTU-2, , CHENNAI vs. M/S. ASHOK LEYLAND LIMITED, CHENNAI

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue stands dismissed

Bench: Shri Aby T. Varkey & Shri Jagadish

17 :: authorities that, the relevant R&D and sales & marketing efforts were not made by the eligible unit but the revenues included the benefits from such efforts was misplaced as all the relevant costs & expenses towards R&D and sales & marketing had been appropriately allocated to work out the eligible profits of the Pantnagar Unit. 5.6 In light

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)

d. The Hon'ble DRP / learned AO / TPO has erred in not determining appropriately the arm's length nature of the transfer pricing policy followed in the inter-unit transfer of semi / unfinished products. e. The Hon'ble DRP / learned AO / TPO has erred by comparing the net operating margins earned by tax holiday and non-tax holiday unit from

EATON POWER QUALITY PRIVATE LIMITED,PUDUCHERRY vs. THE DEPUTY COMMISSIONER OF INCOME TAX, PUDUCHERRY

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

Transfer Pricing Officer (TPO) to determine the ALP in respect of the international transactions entered into by the assessee with its AE; and pursuant thereto, the TPO vide order dated 27.10.2023 made adjustment of Rs.29,88,48,209/-. Pursuant thereto, the AO passed the draft assessment order on 20.12.2023 computing total income of the assessee at Rs.72

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE LTU-1, CHENNAI, NUNGAMBAKKAM vs. ORIENT GREEN POWER COMPANY LIMITED , CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Manu Kumar Giri & Shri S.R.Raghunatha

d) affect any penalty, forfeiture or punishment incurred in respect of any offence committed against any enactment so repealed; or (e) affect any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid; and any such investigation, legal proceeding or remedy may be instituted, continued or enforced, and any such

EATON POWER QUALITY PRIVATE LIMITED,PONDICHERRY vs. DCIT, PONDICHERRY

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

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 1010/Chny/2017 िनधा"रण वष" / Assessment Year: 2012-13 Eaton Power Quality Private The Deputy Commissioner Of Limited, V. Income Tax, No.2, Evr Street Sedarapet, Pondicherry Circle, Puducherry 605 111, Pondicherry. Puducherry (Ut). [Pan: Aacc-6943-R] आयकर अपील सं./It(Tp)A No.: 35/Chny/2021 िनधा"रण वष" / Assessment Year: 2016-17 Eaton Power Quality Private The Assessing Officer, Limited, V. National E-Assessment Centre, No.2, Evr Street Sedarapet, Delhi. Puducherry 605 111, Puducherry (Ut). [Pan: Aacc-6943-R] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. Vishal Kalra, Advocate : Shri. S. Maruthu Pandian, Cit ""यथ" क" ओर से/Respondent By सुनवाई क" तारीख/Date Of Hearing : 01.05.2023 घोषणा क" तारीख/Date Of Pronouncement : 03.05.2023 आदेश /O R D E R

D E R PER MANJUNATHA. G, ACCOUNTANT MEMBER: These two appeals filed by the assessee is directed against separate orders of the Assessing Officer passed u/s. 143(3) r.w.s. 144C(13) of the Income-tax Act, 1961 :-2-: IT(TP)A. No: 35/Chny/2021 & ITA No: 1010/Chny/2017 (hereinafter referred to as “the Act”) dated 15.02.2017 & 22.04.2021 in pursuant to DRP directions

ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(1), CHENNAI, CHENNAI vs. M/S CHOLAMANDALAM INVESTMENT & FINANCE COMPANY LTD, CHENNAI

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

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Ble

d) of the Act, hence it is considered speculative in nature. As per Section 43(5) of the Act, ‘speculative transaction’ means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips

ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(1), CHENNAI, CHENNAI vs. CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED, CHENNAI

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

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Ble

d) of the Act, hence it is considered speculative in nature. As per Section 43(5) of the Act, ‘speculative transaction’ means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips

ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(1), CHENNAI, CHENNAI vs. M/S CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED, CHENNAI

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

d) of the Act,\nhence it is considered speculative in nature.\nAs per Section 43(5) of the Act, `speculative transaction' means a\ntransaction in which a contract for the purchase or sale of any\ncommodity, including stocks and shares, is periodically or ultimately\nsettled otherwise than by the actual delivery or transfer of the\ncommodity or scrips.\n5.2

CHOLAMANDALAM INVESTMENT AND FIANANCE CO. LTD.,CHENNAI vs. DCIT, CORPORATE CIRCLE-1(1), CHENNAI

d) of the Act,\nhence it is considered speculative in nature.\nAs per Section 43(5) of the Act, `speculative transaction' means a\ntransaction in which a contract for the purchase or sale of any\ncommodity, including stocks and shares, is periodically or ultimately\nsettled otherwise than by the actual delivery or transfer of the\ncommodity or scrips.\n5.2

M/S. MAHINDRA RESIDENTIAL DEVELOPERS LTD.,,KANCHIPURAM vs. ITO, CORPORATE WARD - 4 (1),, CHENNAI

In the result, the appeals of the assessee for AYs 2012-13, 2013-14

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.870/Chny/2017 िनधा"रणवष"/Assessment Year: 2012-13 & आयकर अपील सं./Ita Nos.338 & 339/Chny/2020 िनधा"रणवष"/Assessment Years: 2013-14 & 2014-15

17 ITR 19 (supp) observed "valuation is not an exact science. Mathe- matical certainty is not demanded, nor indeed is it possi- ble." The Income-tax Officer in this case worked out the cost of lease hold interest by adopting the 5/8th ratio, though the Appellate Commissioner gave the benefit to the Assessee of the Full Price of the land

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LTD.,CHENNAI vs. ACIT, LARGE TAXPAYER UNIT-1, CHENNAI

Bench: Shri Mahavir Singh, Hon’Ble & Shrimanjunatha.G, Hon’Bleआयकरअपीलसं./Ita No.269/Chny/2022 िनधा"रणवष"/Assessment Year: 2017-18 V. M/S.Cognizant Technology- The Asst. Commissioner- Solutions India Pvt. Ltd., Of Income Tax, 5/535, Okkiam, Thoriapakkam, Large Taxpayer Unit-1, Old Mahabalipuram Road, Chennai. Chennai-600 096. [Pan:Aaacd 3312 M] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri Ajay Vohra, Sr.Counsel For Shri N.V. Balaji, Adv. ""यथ" क" ओर से /Respondent By : Shri R.Shankaranarayanan, Additional Solicitor – General Of India For Shri A.P.Srinivas, Sr. Standing Counsel : सुनवाईक"तारीख/Date Of Hearing 03.07.2023 घोषणाक"तारीख /Date Of Pronouncement : 13.09.2023

5. The assessee deducted TDS on consideration paid to non-resident shareholders, M/s.Cognizant Technology Solutions Corporation, USA, M/s.MarketRx Inc. USA, and M/s.CSS Investments LLC, Delaware, USA, because, treaty benefit is not available to non-resident shareholders of USA. The assessee did not withheld tax on consideration paid to M/s.Cognizant (Mauritius) Ltd., Mauritius, because, capital gain is not chargeable

CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED,CHENNAI, TAMIL NADU vs. DEPUTY COMMISSIONER OF INCOME-TAX (DCIT), CHENNAI-1, CHENNAI, TAMIL NADU

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

d) of the Act,\nhence it is considered speculative in nature.\nAs per Section 43(5) of the Act, `speculative transaction' means a\ntransaction in which a contract for the purchase or sale of any\ncommodity, including stocks and shares, is periodically or ultimately\nsettled otherwise than by the actual delivery or transfer of the\ncommodity or scrips.\n5.2

ASSISTANT COMMISSIONER OF INCOME TAX, NUNGAMBAKKAM vs. R K M POWERGEN PRIVATE LIMITED, T NAGAR

In the result the appeal of the revenue for the both the

17@ May 2007 and 8th April 2009 on the fairness of the subscription price of the equity shares. It is undisputed that Mudajaya is a listed company in existence for decades before RK or RKM were incorporated. It carries on independent business. It agreed to pay a price of Rs.250 per share because of the commercial prospects of the Appellant

DEPUTY COMMISSIONER OF INCOMETAX, CHENNAI vs. SAINT - GOBAIN INDIA PRIVATE LIMITED, CHENNAI

In the result, the assessee succeeds

Bench: Shri Aby T. Varkey & Shri Jagadish

D E R PER ABY T. VARKEY, JM: These are cross-appeals preferred by the assessee as well as the Revenue against the order of the Learned Commissioner of Income Tax (Appeals), (hereinafter referred to as ‘Ld.CIT(A)‘), Chennai-16, dated 22.03.2024 for the Assessment Year (hereinafter referred to as ‘AY‘) 2016-17. 2. For the present case in hand