SHRI VALMIK THAPAR,NEW DELHI vs. DCIT, 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

price adopted by the registered valuer on his own whims and fancies. He therefore submitted that the issue is covered by this coordinate bench decision in favour of the assessee on the issue of adoption of the fair market value for computation of the cost of acquisition of the capital asset transferred as on 1 April 1981. 39. With respect

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

price adopted by the registered valuer on his own whims and fancies. He therefore submitted that the issue is covered by this coordinate bench decision in favour of the assessee on the issue of adoption of the fair market value for computation of the cost of acquisition of the capital asset transferred as on 1 April 1981. 39. With respect

(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

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

DCIT, NEW DELHI vs. M/S. BBC WORLD INDIA (P) LTD., NEW DELHI

In the result appeal of the assessee and the learned assessing officer are allowed for statistical purposes

Bench: Shri Kuldip Singh & Shri Prashant Maharishi

143(3) read with section 144C(1) of the Act. The DRP while issuing directions under section 144C(5) of the Act did not allow reasonable opportunity to the Appellant to fight the case on merits. The directions of the DRP are erroneous and perverse on facts. Transfer Pricing

EBRO INDIA PVT.LTD. ,DELHI vs. ACIT CIRCLE-7(1), DELHI

In the result, the ground no 4 raised by the assessee is allowed

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI YOGESH KUMAR U.S. (Accountant Member)

section 143 (1) of the Act on 01.10.2019 at an income of Rs.11,02,48,570/-. Subsequently, the case was selected for scrutiny through CASS and the reasons of selection for case were (i) substantial increase in share capital in a year; and (ii) large value of international transactions in the nature of guarantee. The statutory notices u/s 143

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

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

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

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)

1), New Delhi {hereinafter referred to as the “AO”} under section 143(3) of the Income Tax Act, 1961 {hereinafter referred to as “the Act”} is barred by limitation and hence bad in law. 1.1 That on facts and in law, the CIT (A) erred in law in holding that the impugned assessment completed under section 143

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)

1), New Delhi {hereinafter referred to as the “AO”} under section 143(3) of the Income Tax Act, 1961 {hereinafter referred to as “the Act”} is barred by limitation and hence bad in law. 1.1 That on facts and in law, the CIT (A) erred in law in holding that the impugned assessment completed under section 143

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

transfer pricing officer, The learned AO passed order in terms of section 144C (1) of the act on 07/03/2014 determining total loss of INR 359068286 against the returned income of the assessee of loss of INR 2602874. From the above, He reduced the brought forward losses and unabsorbed depreciation amounting to INR 36747130. Consequently the total loss was determined

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

transfer pricing officer, The learned AO passed order in terms of section 144C (1) of the act on 07/03/2014 determining total loss of INR 359068286 against the returned income of the assessee of loss of INR 2602874. From the above, He reduced the brought forward losses and unabsorbed depreciation amounting to INR 36747130. Consequently the total loss was determined

MARUTI SUZUKI INDIA LTD vs. COMMISSIONER OF INCOME TAX

The appeals are allowed in the above terms, but with no orders as to costs

143(2) and 142(1) of the Act were issued. During the course of assessment proceedings, the AO invoked the provisions of Section 92CA (1) of the Act and referred the case to the transfer pricing

MARUTI SUZUKI INDIA LTD vs. COMMISSIONER OF INCOME TAX

The appeals are allowed in the above terms, but with no orders as to costs

143(2) and 142(1) of the Act were issued. During the course of assessment proceedings, the AO invoked the provisions of Section 92CA (1) of the Act and referred the case to the transfer pricing

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

1 of this order.” 8. The Dispute Resolution Panel (DRP) by order dated 30.09.2010 passed under Section 144C (5) of the Act reduced the said mark up of 5% of FOB value of exports to 3%. The Assessing Officer accordingly in the final assessment order dated 8.10.2010 passed under section 143(3)/144C(3) of the IT Act computed LFIL

CEVA FREIGHT (INDIA) PVT. LTD.,GURGAON vs. DCIT, GURGAON

Bench: Shri N. K. Saini & Ms Suchitra Kambleceva Freight India Pvt. Ltd. Vs Dcit (Now Merged With Ceva Logistics Circle-1(1), Gurgaon India Private Limited W.E.F. April, 5Th Floor, Hsiidc Building, 1, 2016 Vide Order Dated Vanijya Nikunj, Udyog November 9, 2017 Of National Vihar, Phase-V Company Law Tribunal) Gurgaon Sewa Tower, Plot No. 19, Sectdor- 18, 2Nd Floor, Block, C, Maruti Industrial Complex, Udyog Vihar Gurgaon Aaacc2674H (Respondent) (Appellant) Ceva Freight India Pvt. Ltd. Vs Dcit Sewa Tower, Plot No. 19, Sectdor- Circle-1(1), 18, 5Th Floor, Hsiidc Building, 2Nd Floor, Block, C, Maruti Vanijya Nikunj, Udyog Industrial Complex, Udyog Vihar Vihar, Phase-V Gurgaon Aaacc2674H Gurgaon (Appellant) (Respondent) Ceva Freight India Pvt. Ltd. Vs Acit Formerly Known As Egl Eagle Circle 1(1) Global Logistic (India) Pvt. Ltd. Gurgaon 1St Floor, Tower C, Dlf Building No. 10 Dlf Phase-Ii, Dlf Cyber (Respondent) City, Gurgaon Aaacc2674H (Appellant) Vs Dcit Formerly Known As Egl Eagle Circle 11(1) Global Logistic (India) Pvt. Ltd. New Delhi 1St Floor, Tower C, Dlf Building No. 10 Dlf Phase-Ii, Dlf Cyber (Respondent) City, Gurgaon Aaacc2674H (Appellant) Ceva Freight India Pvt. Ltd. Vs Dcit 1St Floor, Tower C, Dlf Building Circle 1(1) No. 10, Gurgaon Dlf Phase-Ii, Dlf Cyber City, Gurgaon Aaacc2674H (Respondent) (Appellant)

1), New Delhi ("the Ld. AO") vide final assessment order dated September 29, 2011 (received by the Appellant on October 19, 2011) passed under section 143 (3) read with section 144C (13) of the Income Tax Act, 1961 ("the Act") is not in accordance with the law and therefore not sustainable. Transfer Pricing