PCIT-1, NEW DELHI vs. BEAM GLOBAL SPIRITS & WINE (INDIA) PVT. LTD.

Bench: HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR,HON'BLE MR. JUSTICE YASHWANT VARMA

section 92C. The fourth step would be to compare the price of the transaction that is shown to exist with that of the arm's length price and make the transfer pricing adjustment by substituting the arm's length price for the contract price. xxxx xxxx xxxx 60. The transfer pricing adjustment is not expected to be made by deducing

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

Price of Market support services fee.” 28. The assessee has raised the following grounds of appeal in Cross objection No. 231/Del/2011 in ITA No. 3007/Del/2011 for the Assessment Year 2003-04:- “1. On the facts and circumstances of the case and in law, we wish to rely on the order dated March 29, 2011 issued under section

COMMISSIONER OF INCOME TAX vs. ORIENT CRAFTS LTD.

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE R.V.EASWAR

transfer of Duty Free Replenishment Certificate, being the Duty Remission Scheme, under the export and import policy formulated and announced under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992);” 4. Sub-Section (3) of Section 80HHC and the Explanation (baa) read as under : “Section 80HHC- Deduction in respect of profits retained for export business

THE COMMISSIONER OF INCOME TAX vs. ORIENT CRAFT LTD.

transfer of Duty Free Replenishment Certificate, being the Duty Remission Scheme, under the export and import policy formulated and announced under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992);” 4. Sub-Section (3) of Section 80HHC and the Explanation (baa) read as under : “Section 80HHC- Deduction in respect of profits retained for export business

THE COMMISSIONER OF INCOME TAX V vs. NAGESH KNITWEARS P.LTD.

transfer of Duty Free Replenishment Certificate, being the Duty Remission Scheme, under the export and import policy formulated and announced under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992);” 4. Sub-Section (3) of Section 80HHC and the Explanation (baa) read as under : “Section 80HHC- Deduction in respect of profits retained for export business

THE COMMISSIONER OF INCOME TAX vs. ORIENT CARFT LTD.

transfer of Duty Free Replenishment Certificate, being the Duty Remission Scheme, under the export and import policy formulated and announced under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992);” 4. Sub-Section (3) of Section 80HHC and the Explanation (baa) read as under : “Section 80HHC- Deduction in respect of profits retained for export business

THE COMMISSIONER OF INCOME TAX vs. ORIENT CRAFT LTD.

transfer of Duty Free Replenishment Certificate, being the Duty Remission Scheme, under the export and import policy formulated and announced under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992);” 4. Sub-Section (3) of Section 80HHC and the Explanation (baa) read as under : “Section 80HHC- Deduction in respect of profits retained for export business

THE COMMISSIONER OF INCOME TAX vs. ORIENT CRAFT LTD.

transfer of Duty Free Replenishment Certificate, being the Duty Remission Scheme, under the export and import policy formulated and announced under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992);” 4. Sub-Section (3) of Section 80HHC and the Explanation (baa) read as under : “Section 80HHC- Deduction in respect of profits retained for export business

THE COMMISSIONER OF INCOME TAX V vs. NAGESH KNITWEARS P. LTD.

transfer of Duty Free Replenishment Certificate, being the Duty Remission Scheme, under the export and import policy formulated and announced under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992);” 4. Sub-Section (3) of Section 80HHC and the Explanation (baa) read as under : “Section 80HHC- Deduction in respect of profits retained for export business

(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

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

transferring income yielding assets to non-residents whilst at the same time retaining the power to benefit from such transactions i.e. the income so generated. Under the original 1961 IT Act, a similar provision was found under Section 92. By Finance Act, 2001 w.e.f. 1.4.2002, Section 92 was substituted by Sections 92 to 92F, provisions in Chapter

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 shall examine the same and decide the issue afresh after granting of proper opportunity of hearing to the assessee. Noble Resources & Training India Pvt. Ltd Vs.DCIT, ITA No. 1827 & 1847/Del/2015 (Assessment Year: 2009-10 & 2010-11) e. Thereafter, the learned TPO shall make any adjustment, if any, and then learned Assessing Officer, based on the above 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

Transfer Pricing Officer shall examine the same and decide the issue afresh after granting of proper opportunity of hearing to the assessee. Noble Resources & Training India Pvt. Ltd Vs.DCIT, ITA No. 1827 & 1847/Del/2015 (Assessment Year: 2009-10 & 2010-11) e. Thereafter, the learned TPO shall make any adjustment, if any, and then learned Assessing Officer, based on the above adjustment

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)

Section 92CA of the act. 06. As stated, that assessee mostly had Specified Domestic Transactions [SDT]. Assessee has shown transfer of power and steam from eligible unit to non-eligible unit during the year. 07. Assessee has shown the transfer of the power as per its transfer pricing study report from eligible unit to non-eligible unit as Under :- Transferor

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

section 92C, the arm 's length price in relation to an international transaction shall be determined by any of the following methods, being the most appropriate method, in the following manner, namely:— (a) comparable uncontrolled price method, by which,— (i) the price charged or paid for property transferred or services provided in a comparable uncontrolled transaction, or a number

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)

Transfer Pricing Officer was sustained to that extent. iv) With respect to the disallowance of the production cost of Rs. 31678 6095/- under section 37 (1) of the Income Tax Act, The Ld. Dispute Resolution Panel held that as the Assessee has failed to show the commercial expediency test in the instant case, the disallowance is correctly made

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)

transfer pricing Officer vide order dated 14 September 2011 accepted the ALP of the all international transactions undertaken by the appellant. He further stated that the CIT – A has also erred in upholding the addition on account of the alleged transaction of issue of corporate guarantee without appreciating that there was no corporate guarantee given by the assessee

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)

transfer pricing Officer vide order dated 14 September 2011 accepted the ALP of the all international transactions undertaken by the appellant. He further stated that the CIT – A has also erred in upholding the addition on account of the alleged transaction of issue of corporate guarantee without appreciating that there was no corporate guarantee given by the assessee