DCIT, CIRCLE-5(1), , KOLKATA vs. KESORAM INDUSTRIES LIMITED, KOLKATA

In the result, all the appeals of the revenue for AYs 2012-13, 2014-

Bench: Hon’Ble Shri P. M. Jagtap, Vp (Kz) & Hon’Ble Shri A. T. Varkey]

139(1) of the Act. We therefore do not find any infirmity in the order of the Ld. CIT(A) and, we confirm the same and dismiss this ground of appeal of revenue. 7. Ground No. 2 of the appeal of the Revenue is directed against the Ld. CIT(A)’s action of deleting the disallowance of Rs.3

M/S. KESORAM INDUSTRIES LTD., ,KOLKATA vs. DCIT, CIRCLE - 5(1) , KOLKATA

In the result, all the appeals of the revenue for AYs 2012-13, 2014-

Bench: Hon’Ble Shri P. M. Jagtap, Vp (Kz) & Hon’Ble Shri A. T. Varkey]

139(1) of the Act. We therefore do not find any infirmity in the order of the Ld. CIT(A) and, we confirm the same and dismiss this ground of appeal of revenue. 7. Ground No. 2 of the appeal of the Revenue is directed against the Ld. CIT(A)’s action of deleting the disallowance of Rs.3

DCIT, CIRCLE - 5(1) , KOLKATA vs. M/S. KESORAM INDUSTRIES LTD., , KOLKATA

In the result, all the appeals of the revenue for AYs 2012-13, 2014-

Bench: Hon’Ble Shri P. M. Jagtap, Vp (Kz) & Hon’Ble Shri A. T. Varkey]

139(1) of the Act. We therefore do not find any infirmity in the order of the Ld. CIT(A) and, we confirm the same and dismiss this ground of appeal of revenue. 7. Ground No. 2 of the appeal of the Revenue is directed against the Ld. CIT(A)’s action of deleting the disallowance of Rs.3

KESORAM INDUSTRIES LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-5(1), KOLKATA

In the result, all the appeals of the revenue for AYs 2012-13, 2014-

Bench: Hon’Ble Shri P. M. Jagtap, Vp (Kz) & Hon’Ble Shri A. T. Varkey]

139(1) of the Act. We therefore do not find any infirmity in the order of the Ld. CIT(A) and, we confirm the same and dismiss this ground of appeal of revenue. 7. Ground No. 2 of the appeal of the Revenue is directed against the Ld. CIT(A)’s action of deleting the disallowance of Rs.3

DCIT, CIRCLE - 11(1), KOLKATA, KOLKATA vs. M/S. EPCOS FERRITES LTD., (SINCE MERGED WITH M/S. EPCOS INDIA P. LTD.,), NADIA

In the result, the both appeals filed by the revenue are dismissed, except other ground no

Bench: Shri A.T. Varkey, Jm & Dr.A.L.Saini, Am

transfer pricing grounds) are dismissed. 25. Now, we shall take other miscellaneous grounds raised by the Revenue. 26.(i).Ld CIT(A) erred in deleting provision for payment of gratuity under section 40A(7) of the Act and addition made on account of contribution to superannuation fund U/s 40A(9) of The Act. (a). Provision for gratuity

MADHU JAYANTI INTERNATIONAL LIMITED,KOLKATA vs. DCIT, CIRCLE - 4(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 214/Kol/2016 Assessment Year : 2011-12 Madhu Jayanti International Ltd. -Vs- Dcit, Cc-4(1), Kolkata [Pan: Aabcm 7502 R] (Appellant) (Respondent)

section 144C(5) of the Act dated 15.10.2015 for the Asst Year 2011-12. 2. Though the assessee had raised several grounds of appeal before us with regard to the transfer pricing addition, the only effective issue to be decided in this appeal is with regard to the determination of the Most Appropriate Method (MAM) in the instant case

DCIT, CENTRAL CIRCLE - 4(4), KOLKATA, KOLKATA vs. M/S. ELECTROSTEEL CASTINGS LIMITED., KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

139 above, viz. Investments of the assessee (Rs.15,894.02 lakhs), strategic investments (Rs. 5990.06 lakhs), investments which yielded dividend income during the previous year including strategic investments (Rs.13,650.89 lakhs) and investments in dividend yielding shares (excluding strategic investments) (Rs. 7,660.83 lakhs). 144. Without prejudice to the above submissions, it was also submitted on behalf of the assessee that

M/S. ELECTROSTEEL CASTING LIMITED.,KOLKATA vs. DCIT, CENTAL CIRCLE - 4(4), KOLKATA, KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

139 above, viz. Investments of the assessee (Rs.15,894.02 lakhs), strategic investments (Rs. 5990.06 lakhs), investments which yielded dividend income during the previous year including strategic investments (Rs.13,650.89 lakhs) and investments in dividend yielding shares (excluding strategic investments) (Rs. 7,660.83 lakhs). 144. Without prejudice to the above submissions, it was also submitted on behalf of the assessee that

DCIT, CENTRAL CIRCLE - 4(4), KOLKATA, KOLKATA vs. M/S. ELECTROSTEEL CASTINGS LIMITED., KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

139 above, viz. Investments of the assessee (Rs.15,894.02 lakhs), strategic investments (Rs. 5990.06 lakhs), investments which yielded dividend income during the previous year including strategic investments (Rs.13,650.89 lakhs) and investments in dividend yielding shares (excluding strategic investments) (Rs. 7,660.83 lakhs). 144. Without prejudice to the above submissions, it was also submitted on behalf of the assessee that

M/S. ELECTROSTEEL CASTING LIMITED.,KOLKATA vs. DCIT, CENTAL CIRCLE - 4(4), KOLKATA, KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

139 above, viz. Investments of the assessee (Rs.15,894.02 lakhs), strategic investments (Rs. 5990.06 lakhs), investments which yielded dividend income during the previous year including strategic investments (Rs.13,650.89 lakhs) and investments in dividend yielding shares (excluding strategic investments) (Rs. 7,660.83 lakhs). 144. Without prejudice to the above submissions, it was also submitted on behalf of the assessee that

ZAFAR IQBAL,SILIGURI vs. DCIT, CIRCLE - 1, SILIGURI, SILIGURI

In the result, the appeal filed by the assessee is partly allowed for\nstatistical purposes

139\nof the Act, these grounds of appeal are allowed and the finding of the\nLd. CIT(A) are reversed and the Ld. AO is directed to allow deduction\nu/s 54F of the Act to the assessee as per law. Hence, Ground Nos.\n2, 3 and 4 are allowed and the findings of the Ld. CIT(A) are reversed\nand

N L C NALCO INDIA LTD PREVIOUSLY KNOWN AS ONDEO NALCO INDIA LTD.,KOLKATA vs. ACIT, CIR - 11, KOLKATA, KOLKATA

In the result, the appeal of assessee in ITA No

Bench: Shri Mahavir Singh, Jm& Shri Waseem Ahmed, Am]

Transfer Pricing Regulation. 24. Further, it is also a fact that the aforesaid intra-group service charge was allowed as deduction by TPO for the assessment years 2005-06, 2006-07, 2007-08 and 2008-09. In this connection, Ld. Counsel referred to the decision of the Hon'ble Calcutta High Court in the case of CIT vs. Britannia Industries

NLC NALCO INDIA LTD.,KOLKATA vs. ACIT, CIRCLE - 11, KOLKATA, KOLKATA

In the result, the appeal of assessee in ITA No

Bench: Shri Mahavir Singh, Jm& Shri Waseem Ahmed, Am]

Transfer Pricing Regulation. 24. Further, it is also a fact that the aforesaid intra-group service charge was allowed as deduction by TPO for the assessment years 2005-06, 2006-07, 2007-08 and 2008-09. In this connection, Ld. Counsel referred to the decision of the Hon'ble Calcutta High Court in the case of CIT vs. Britannia Industries

M/S PRICEWATERHOUSE COOPERS PVT. LTD.,KOLKATA vs. ACIT, CIRCLE-2(2), KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed in part

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2011-12 M/S. Pricewaterhouse Coopers Private Limited……...............................……………………......Appellant Block-Ep, Plot –Y14 Salt Lake City Sector-V Kolkata – 700 091 [Pan : Aabcp 9181 H] Vs. Deputy Commissioner Of Income Tax (It), Circle-2(1), Kolkata……..........................…....Appellant Appearances By: Shri Kanchun Kaushal, A/R & Shri Bikash Kr. Jain, Ca, Appeared On Behalf Of The Assessee. Shri Vijay Shankar, Cit, D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : February 25Th, 2020 Date Of Pronouncing The Order : May 29Th, 2020 Order Per J. Sudhakar Reddy, Am :-

transfer pricing adjustment of Rs. 5,70,31,878 to the international transaction of the Appellant with its pricing adjustment of Rs. 5,70,31,878 to the international transaction of the Appellant with its pricing adjustment of Rs. 5,70,31,878 to the international transaction of the Appellant with its Associated Enterprise (‘AE') without considering the facts

D.C.I.T.,CIRCLA-10(2), KOLKATA vs. M/S BALARAMPUR CHINI MILLS LTD., KOLKATA

In the result, the appeal filed by the Revenue is dismissed

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey)

transferred. Thus he submits that price charged by the distribution company to the parties cannot be compared to the “charge” by the generating company. He argued that several additional fixed and variable costs like transmission network cost, commercial losses, wheeling charges, cross subsidy charges, customer servicing charges etc. are not included in a generation tariff as in the case

D.C.I.T.,CIRCLE-6(1), KOLKATA vs. M/S DEEPAK INDUSTRIES LTD., KOLKATA

In the result, the appeal of the revenue and CO of the assessee in A

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

price as determined by the assessee is at ALP. On the other hand, we do not find in the merit of the submissions of the ld DR that the assessee is not a contract manufacturer which are incorrect observations on the part of the TPO/AO. As regards the argument of the ld DR that the assessee itself followed TNMM method

D.C.I.T.,CIRCLE-6(1), KOLKATA vs. M/S DEEPAK INDUSTRIES LTD., KOLKATA

In the result, the appeal of the revenue and CO of the assessee in A

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

price as determined by the assessee is at ALP. On the other hand, we do not find in the merit of the submissions of the ld DR that the assessee is not a contract manufacturer which are incorrect observations on the part of the TPO/AO. As regards the argument of the ld DR that the assessee itself followed TNMM method

DONGFANG ELECTRIC CORPORATION,KOLKATA vs. DDIT (IT)-1(1), KOLKATA, KOLKATA

In the result, both the appeals of the assessee are allowed

Bench: Sri N.V. Vasudevan & Sri J. Sudhakar Reddy]

section 928 of the Act; 3. The Assessing Officer/TPO/DRP vide impugned order have erred in law and on the facts and circumstances of the case in making an adjustment of Rs236,541,345 by applying Transfer Pricing provisions and thereby rejecting the book results of the Project Office which were arrived at in consonance with Article 7(1) of Double

DONGFANG ELECTRIC CORPORATION,KOLKATA vs. DCIT, INTERNATIONAL TAXATION 1(1), KOLKATA, KOLKATA

In the result, both the appeals of the assessee are allowed

Bench: Sri N.V. Vasudevan & Sri J. Sudhakar Reddy]

section 928 of the Act; 3. The Assessing Officer/TPO/DRP vide impugned order have erred in law and on the facts and circumstances of the case in making an adjustment of Rs236,541,345 by applying Transfer Pricing provisions and thereby rejecting the book results of the Project Office which were arrived at in consonance with Article 7(1) of Double