GREAVES COTTON LTD,MUMBAI vs. ASST CIT 7(1)(1), MUMBAI

In the result appeal for assessment year 2012 –

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal, Jm

Section 92F(ii) of the Income tax Act, 1961. Hence, said adjustment is invalid and bad-in-law. (ii) Without prejudice to above, (i) Appellant submits that corporate guarantee given to bank for giving financial facility to AE which is (ultimate) subsidiary of the Appellant being beneficial to the Appellant (and as such) is at arm‟s length as clarified

GREAVES COTTON LTD,MUMBAI vs. ASST CIT CIR 7(1)(1), MUMBAI

In the result appeal for assessment year 2012 –

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal, Jm

Section 92F(ii) of the Income tax Act, 1961. Hence, said adjustment is invalid and bad-in-law. (ii) Without prejudice to above, (i) Appellant submits that corporate guarantee given to bank for giving financial facility to AE which is (ultimate) subsidiary of the Appellant being beneficial to the Appellant (and as such) is at arm‟s length as clarified

DCIT-5(2)(1),MUMBAI, AAYAKAR BHAVAN vs. JSW STEEL COATED PRODUCTS LIMITED, MUMBAI

In the result, C.O. filed by assessee is\ndismissed as infructuous

gains derived by an\nundertaking that is engaged in the eligible activity of power generation.\nb. The SDT for which ALP is required to be determined is the 'supply of power by\nthe eligible power generation unit\".\nc. The method chosen to determine the ALP as well as the choice of tested party\nshould be such as to arrive

HSBC SECURITIES AND CAPITAL MARKETS (I) P.LTD,MUMBAI vs. DCIT RG 4(1), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyal

Gains. 3.1.7. On the facts and in the circumstances of the case and in law, the Hon'ble DRP erred in making wrong references to section 47(iv), (v) and (vid) without M/s HSBC Securities and Capital Markets (India) Pvt. Ltd. appreciating that these sections have no application whatsoever to the facts of the present case and further that these

HSBC SECURITIES AND CAPITAL MARKETS (INDIA) P. LTD,MUMBAI vs. DCIT RG 4(1), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyal

Gains. 3.1.7. On the facts and in the circumstances of the case and in law, the Hon'ble DRP erred in making wrong references to section 47(iv), (v) and (vid) without M/s HSBC Securities and Capital Markets (India) Pvt. Ltd. appreciating that these sections have no application whatsoever to the facts of the present case and further that these

DCIT 4(1), MUMBAI vs. HSBC SECURITIES AND CAPITAL MARKETS (INDIA) P.LTD, MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyal

Gains. 3.1.7. On the facts and in the circumstances of the case and in law, the Hon'ble DRP erred in making wrong references to section 47(iv), (v) and (vid) without M/s HSBC Securities and Capital Markets (India) Pvt. Ltd. appreciating that these sections have no application whatsoever to the facts of the present case and further that these

DY. COMMISSIONER OF INCOME TAX 5(2)(1), MUMBAI, MUMBAI vs. JSW STEEL COATED PRODUCTS LIMITED, MUMBAI

In the result, appeal of the

Bench: Shri Pawan Singh & Shri Girish Agrawal

gains derived by an undertaking that is engaged in the eligible activity of power generation. b. The SDT for which ALP is required to be determined is the 'supply of power by the eligible power generation unit". c. The method chosen to determine the ALP as well as the choice of tested party should be such as to arrive

THOMAS COOK (INDIA) LTD.,MUMBAI vs. ADDL/ JT/ DY/CIT/ASSTT/ITO, NATIONAL E-ASSESSMENT CENTRE, DELHI

In the result, appeal filed by the assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms. Kavitha Rajagopal, Hon'Ble

92F of the Act or Page No. 17 ITA NO. 752 & 2541/MUM/2022 (A.Y. 2017-18 & 2018-19) Thomas Cook (India) Limited "International Transaction" as defined under Section 92B of the Act being entered into by the assessee.  As such, the action of the TPO of treating the alleged transfer pricing adjustment as a deemed receivable is patently erroneous

M/S. TATA CHEMICALS LTD,MUMBAI vs. DCIT2(3) (1) - , MUMBAI

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

92F if transfer of such goods is SDT under section 92BA. He held that, in so far as the price that such goods and services would ordinarily fetch in the open market means that the electricity generated by the eligible unit would ordinarily fetch in the open market if sold and not the rate in which non-eligible unit could

DCIT(CC)-8(3), MUMBAI vs. JSW ENERGY LIMITED, MUMBAI

In the result the appeals filed by the revenue for assessment years under consideration stands partly allowed and cross appeals filed by the assesse stands dismissed

Bench: Smt. Beena Pillai () & Shri Omkareshwar Chidara ()

gains of such undertaking or unit or enterprise or eligible business shall be computed as if the transfer, in either case, had been made at the market value of such goods or services as on that date. Explanation. - For the purposes of this sub-section, the expression "market value",- (i) in relation to any goods or services sold or supplied

TPG GROWTH II MAKETS PTE LTD.,MUMBAI vs. DCIT 4(1)(2), MUMBAI

Accordingly, Ground No. 4 raised by the Appellant is partly allowed

92F in Chapter X of the Act containing special provisions relating to avoidance of tax in the year 2001. Section 92(1) of the Act provides that income arising from ‘International Transaction’ shall be computed having regard to the arm’s length price. Section 92B of the Act deals with the meaning of expression ‘International Transaction’. Section

VIRAJ PROFILES LTD.,MUMBAI vs. DY CIT-CC-3(2), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

section 92F (ii) 8. Whether on the facts and circumstances of the case and in law. the CITIA) is correct in failing to recognize the fact that the assessee has not charged any guarantee fees and also not discharged its onus and has not provided any comparable to benchmark the transaction and as a result, the TPO is forced

KBS CREATION LTD ,MUMBAI vs. DY COMM. OF INCOME TAX -CIRCLE 24(1), MUMBAI

In the result, the concise ground of appeal of the assessee is allowed

Bench: SHRI PAWAN SINGH (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

capital employed. If finance cost is factored into working of the profit will be further reduced, thus, concept of making more than ordinary profit as pre- requisite is not met in the case. The DRP was of the view that net margin arrived by assessee is apparently low and will be further lowered if cost of finance is factored

DEPUTY COMMISSIONER OF INCOME TAX, MUMBAI vs. UTV SOFTWARE COMMUNICATIONS PVT LIMITED, MUMBAI

In the result, the appeal filed by the Revenue Department stands dismissed

Bench: Shri Narender Kumar Choudhry & Shri Omkareshwar Chidaraassessment Year: 2011-12

capital account transaction, where the money will either be allotted or refunded. Given the fact that the INR-USD exchange ratio has only gone up, any refund will automatically result in an exchange gain to the assessee, hence also no interest is warranted. However without prejudice to our above submission and without accepting the proposed interest addition to share application

TATA CHEMICALS LTD,MUMBAI vs. ADDL CIAT 2(3), MUMBAI

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

92F(ii), as we have noted earlier, defines arm's length price as a real or hypothetical price in the same or materially similar transaction "between persons other than associated enterprises, in uncontrolled conditions". In the first place, an enterprise and its SPV are inherently associated enterprises. The definition of 'associated enterprises' under section 92A(1) covers "an enterprise which

TATA CONSULTANCY SERVICES LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOMETAX 3(4), MUMBAI

In the result, appeals of both, revenue and assessee are partly allowed for all the three assessment years

Bench: Shri Pawan Singh & Shri Girish Agrawal

92F(ii). 5.3 Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) is correct on relying upon the draft red herring prospectus and more so it is only a draft and that Tata Sons Ltd cannot be the legal owner after the Court Order dated 09.05.2003 and that the assessee being the economic

DEPUTY COMMISSIONER OF INCOME TAX- 3(1)(1), MUMBAI, MUMBAI vs. DSV SOLUTIONS PVT. LTD. (FORMERLY UT WORLDWIDE (INDIA) PVT. LTD.), MUMBAI

In the result, the appeals filed by the revenueand cross\nobjections filed by the assesse for 2012-13, 2013-14 & 2014-\n15 under consideration stand dismissed

92F(ii), as no unrelated party in uncontrolled circumstances would have incurred such expenses without commensurate benefit and that the assessee failed to prove any third party justification for such huge expenses?\"\n4. 1. Ground 4 challenges, in its entirety, the CIT(A)'s treatment of the evidentiary record concerning the five reimbursement blocs whose aggregate of ₹22.43 crore

DEPUTY COMMISSIONER OF INCOME TAX- 3(1)(1), MUMBAI vs. DSV SOLUTIONS PVT. LTD. (FORMERLY UT WORLDWIDE (INDIA) PVT. LTD.) , MUMBAI

In the result, the appeals filed by the revenueand cross\nobjections filed by the assesse for 2012-13, 2013-14 & 2014-\n15 under consideration stand dismissed

92F(ii), as no\nunrelated party in uncontrolled circumstances would have incurred such expenses\nwithout commensurate benefit and that the assessee failed to prove any third party justification\nfor such huge expenses?\"\n4. 1. Ground 4 challenges, in its entirety, the CIT(A)'s treatment of the evidentiary\nrecord of the five reimbursement blocs whose aggregate of ₹22.43 crore