ACIT, NEW DELHI vs. SH. VALMIK THAPAR, NEW DELHI

Appeals are disposed of by this common order as indicated above

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

transfer of capital asset, he was eligible for deduction under section 54EC. He submitted that for this reason, the claim of the assessee is correct, supported by the decision and therefore non-application of mind by the learned assessing officer. With respect to the claim of deduction u/s 54EC, he further relied upon circular number 3/2008, which provided that

SH. VALMIK THAPAR,NEW DELHI vs. ACIT, NEW DELHI

Appeals are disposed of by this common order as indicated above

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

transfer of capital asset, he was eligible for deduction under section 54EC. He submitted that for this reason, the claim of the assessee is correct, supported by the decision and therefore non-application of mind by the learned assessing officer. With respect to the claim of deduction u/s 54EC, he further relied upon circular number 3/2008, which provided that

DCIT, CIRCLE- 16(2), NEW DELHI vs. MENETA AUTOMOTIVE COMPONENTS PVT. LTD., NEW DELHI

In the result, the appeal of the Revenue is dismissed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

transfer pricing guidelines issued by the CBDT in Instruction No.3/2003 the Tribunal was right in observing that by not making reference to the TPO, the Assessing Officer had breached the mandatory instructions issued by the CBDT. IN THE SUPREME COURT OF INDIA CIVIL APPEAL NO.6144 OF 2019 THE PRINCIPAL COMMISSIONER OF INCOME TAX-4, MUMBAI …Appellant Versus M/s. S.G. ASIA

(Now known as Sony India Limited)

Sections (1) and (2) to Section 92C are applicable to the assessed, as well as the Assessing Officer invoking power under Sub-Section (3) to Section 92C of the Act. As noted above, sub-section (2) to Section 92C stipulates that most appropriate method, out of the methods specified in sub-section (1) shall be applied to determine

NOBLE RESOURCE & TRADING INDIA PVT. LTD.,NEW DELHI vs. ACIT, NEW DELHI

The appeal is allowed with above direction

Bench: Shri Amit Shukla & Shri Prashant Maharishi

143 (3) was passed wherein „business support service‟ segment adjustment was determined at Rs. 10731404/– and „export and import of chemical segment‟ adjustment was made of Rs. 67428360/-. Total transfer pricing adjustment was Rs. 78159764/-. Consequently, total income of assessee was assessed at loss of Rs. 13095662/– against the returned loss of Rs. 215212462/–. One corporate tax adjustment

NOBLE RESOURCES & TRADING INDIA PVT. LTD.,NEW DELHI vs. DCIT, NEW DELHI

The appeal is allowed with above direction

Bench: Shri Amit Shukla & Shri Prashant Maharishi

143 (3) was passed wherein „business support service‟ segment adjustment was determined at Rs. 10731404/– and „export and import of chemical segment‟ adjustment was made of Rs. 67428360/-. Total transfer pricing adjustment was Rs. 78159764/-. Consequently, total income of assessee was assessed at loss of Rs. 13095662/– against the returned loss of Rs. 215212462/–. One corporate tax adjustment

M/S. NEW DELHI TELEVISION LTD.,NEW DELHI vs. ACIT, NEW DELHI

Bench: Shri H. S. Sidhu & Shri Prashant Maharishinew Delhi Television Ltd, Vs. Acit, 207, Okhla Industrial Estate, Phase- Circle-13(1), Iii, New Delhi New Delhi Pan: Aaacn0865D (Appellant) (Respondent) Acit, Vs. New Delhi Television Ltd, Circle-13(1), 207, Okhla Industrial Estate, New Delhi Phase-Iii, New Delhi Pan: Aaacn0865D (Appellant) (Respondent)

143(3) of the Act is valid in light of the extended time limit provided under section 153 of the Act. 2. That on facts and in law the CIT(A) erred in upholding that the expenditure of Rs. 22,16,476/- incurred by the appellant for obtaining licenses for use of accounting software were capital in nature without appreciating

DCIT, NEW DELHI vs. M/S. NEW DELHI TELEVISION LTD., NEW DELHI

Bench: Shri H. S. Sidhu & Shri Prashant Maharishinew Delhi Television Ltd, Vs. Acit, 207, Okhla Industrial Estate, Phase- Circle-13(1), Iii, New Delhi New Delhi Pan: Aaacn0865D (Appellant) (Respondent) Acit, Vs. New Delhi Television Ltd, Circle-13(1), 207, Okhla Industrial Estate, New Delhi Phase-Iii, New Delhi Pan: Aaacn0865D (Appellant) (Respondent)

143(3) of the Act is valid in light of the extended time limit provided under section 153 of the Act. 2. That on facts and in law the CIT(A) erred in upholding that the expenditure of Rs. 22,16,476/- incurred by the appellant for obtaining licenses for use of accounting software were capital in nature without appreciating

DCM SHRIIRAM LTD.,NEW DELHI vs. ADDL.CIT, SPECIAL RANGE- 3 , NEW DELHI

In the result appeal of assessee is partly allowed

Bench: Shri Kul Bharat & Shri Prashant Maharishi(Through Video Conferencing)

143(3) r.w.s. 144C of the Act dated 31 October 2018 is bad in law. 1.3 That the additions/disallowances made by Ld. AO are wholly illegal, untenable and on erroneous grounds. GROUNDS OF APPEALS IN RESPECT OF TRANSFER PRICING ADJUSTMENTS Transfer of power-Rs. 26,52,98,490/- 2. That the Ld. DRP/TPO/AO have erred in law and facts

LI & FUNG INDIA PVT LTD vs. COMMISSIONER OF INCOME TAX

The appeal is allowed and the order dated 25/11/11 of the ITAT Tribunal, Delhi Branch

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

section 143(3)/144C(3) of the IT Act computed LFIL‟s income at Rs 36, 67, 95, 634/- as against the returned income of Rs 3,08,26,448 after making the addition on account of transfer pricing

CIT vs. CUSHMAN AND WAKEFIELD INDIA PVT LTD

The appeal is partly allowed

Section 143(1). Since the assessee had entered into international transactions, the AO referred the matter to the Transfer Pricing

PR. COMMISSIONER OF INCOME TAX -7 vs. SUMITOMO CORPORATION INDIA (P) LTD.

Bench: HON'BLE MR. JUSTICE YASHWANT VARMA,HON'BLE MR. JUSTICE RAVINDER DUDEJA

Transfer Pricing Officer passed under sub-section (3) of section 92CA; and [(ii) any non-resident not being a company, or any foreign company.] Time limit for completion of assessment, reassessment and recomputation. 153. (1) No order of assessment shall be made under section 143

THE PR. COMMISSIONER OF INCOME TAX -6 vs. MICROSOFT INDIA ( R & D) PVT. LTD.

Bench: HON'BLE MR. JUSTICE VIPIN SANGHI,HON'BLE MR. JUSTICE SANJEEV NARULA

Transfer Pricing Officer passed under sub-section (3) of section 92CA; and [(ii) any non-resident not being a company, or any foreign company.] Time limit for completion of assessment, reassessment and recomputation. 153. (1) No order of assessment shall be made under section 143

THE PR. COMMISSIONER OF INCOME TAX -6 vs. MARUTI SUZUKI INDIA LTD.

Bench: HON'BLE MR. JUSTICE VIPIN SANGHI,HON'BLE MR. JUSTICE SANJEEV NARULA

Transfer Pricing Officer passed under sub-section (3) of section 92CA; and [(ii) any non-resident not being a company, or any foreign company.] Time limit for completion of assessment, reassessment and recomputation. 153. (1) No order of assessment shall be made under section 143

M/S ATOTECH INDIA LTD.,,GURGAON vs. ACIT, GURGAON

In the result ground No. 1 of the appeal of the assessee with respect to the above issue is allowed with above direction

Bench: I.C.Sudhir & Shri Prashant Maharishi & Atotech India Ltd, Acit, 66, Km Stone, Nh-8, Gurgaon Circle, Vs. Delhi Jaipur Highway, Gurgaon Gurgaon Pan:Aaccm0338G (Appellant) (Respondent)

transfer pricing officer under section 92CA (3) dated 09/09/2008, The Ld. assessing officer passed the final assessment order under section 143

MCKINSEY KNOWLEDGE CENTRE INDIA PVT. LTD.,GURGAON vs. DCIT, NEW DELHI

In the result ground No. 14 of the appeal of the assessee is dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishimckinsey Knowledge Centre India Pvt. Vs. Dcit, Ltd, Circle-16(2) 3Rd Floor, Block-Iii, Vatika Business Park, New Delhi Sector-49, Sohna Road, Gurgaon Pan:Aaccm2356G (Appellant) (Respondent)

Transfer Pricing Officer passed order under section 92CA of the income tax act 1961 on McKinsey Knowledge Centre India Pvt. Ltd V DCIT 6648/Del/2016 A Y 2012-13 29/01/2016 proposing the above addition. Consequently, the Ld. assessing officer passed draft order under section 143

LIUGONG INDIA PVT. LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the assessee is partly allowed, as indicated above

Bench: Shri I.C. Sudhir & Shri L.P. Sahu

143(3) r.w.s. 144C of the Income-tax Act (hereinafter referred to as ‘the Act’) and subsequent directions dated 21.11.2014 of DRP u/s. 144C(5) of the Act and final assessment order dated 30.01.2015 passed in pursuance to directions of DRP for the assessment year 2010-11. 2 ITA No.1482/Del./2015 2. The assessee company, Liugong India Pvt. Ltd. (LIPL

M/S. BG EXPLORATION & PRODUCTION INDIA LTD.,MUMBAI vs. JCIT, DEHRADUN

Bench: Shri I. C. Sudhir & Shri Prashant Maharishibg Exploration & Production Jcit, India Ltd, International Taxation, Bg House, Dehradun Vs. Lake Boulevard Road, Hiranandani Business Park, Powai, Mumbai Pan:Aaace4569K (Appellant) (Respondent) Dcit, Bg Exploration & Production International Taxation, India Ltd, Bg House, Lake Dehradun Boulevard Road, Hiranandani Vs. Business Park, Powai, Mumbai Pan: Aaace4569K (Appellant) (Respondent)

143(3) rws 144C of the Act by the Ld AO on 31/3/2014 incorporating therein adjustments in terms of order passed u/s 92 CA (3) of the Act on 30/1/2013 by the learned Transfer Pricing Officer [ hereinafter referred to as the Ld TPO] for the Assessment Year 2010-11, raising following grounds of appeal. “The appellant objects to the order