KAYBEE P.LTD,MUMBAI vs. ITO 10(1)(3) (ERSTWHILE JURIDICTIONAL ITO 8(2)(2), MUMBAI

In the result, ground no.6 is allowed for statistical purpose

Bench: Shri R.C. Sharma & Shri Pawan Singhm/S Kaybee Private Limited Ito-10(1)(3) 301, ‘A’ Wing, Solaris-1, Room No. 25 B, Ground Saki Vihar Road, Andheri (E), Vs. Floor, Aayakar Bhavan, Mumbai-400072. Mumbai (Erstwhile Pan: Aaack1715H Jurisdictional Ito-8(2)(2), Mumbai. Appellant Respondent M/S Kaybee Private Limited Ito-10(1)(3) 301, ‘A’ Wing, Solaris-1, Room No. 25 B, Ground Saki Vihar Road, Andheri (E), Vs. Floor, Aayakar Bhavan, Mumbai-400072. Mumbai (Erstwhile Pan: Aaack1715H Jurisdictional Ito-8(2)(2), Mumbai. Appellant Respondent Appellant By : Shri Madhur Agarwal (Advocate) Respondent By : Shri Jayant Kumar With Shri V. Jenerdhanan (Cit-Dr) Date Of Hearing : 28.05.2018 Date Of Pronouncement : 08.08.2018

92A of the Act. 3. The Ld. CIT(A) grossly erred, in fact and in law. in upholding the arm's length brokerage rate for yarn product at 2% as determined by Ld. AO as against 0.75% actually received by the appellant. (a) The Ld. CIT(A) grossly erred in not appreciating that the comparable instance of 2% brokerage rate

TATA CHEMICALS LTD.,MUMBAI vs. DY CIT 2 (3)(1), MUMBAI

92A(3) of the Act, in respect of\nadjustment on impugned arm's length interest on the preference\nshare capital of the Associated Enterprise, subscribed by the\nAppellant, by recharacterising preference shares as a loan.\n2. Disallowance u/s 14A :- Rs. 4,86,94,253/-\nThe learned Assessing Officer erred in computing the disallowance\nu/s 14A as per Rule 8D amounting

TATA MOTORS LTD,MUMBAI vs. ACIT 2(3), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं.631/मुं/2013 (िन.व. 2008-09) Tata Motors Limited Bombay House, 24,Homi Mody Street, Hutama Chowk, Mumbai – 400001. Pan: Aaact-2727-Q ...... अपीलाथ"/Appellant बनाम Vs. The Addl. Commissioner Of Income Tax Circle -2(3), Mumbai. Aaykar Bhavan, M.K.Road, Mumbai – 400 020 ....."ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : Shri J.D.Mistry, Sr.Advocate With Shri Nikhil Tiwari,Advocate "ितवादी "ारा/Respondent By : Ms. Vatsala Jha, Cit-Dr & Shri Manoj Kumar Singh, Sr.Ar सुनवाई की ितिथ/ Date Of Hearing : 10/11/2023 घोषणा की ितिथ/ Date Of Pronouncement : 05/02/2024 आदेश/Order Per Vikas Awasthy, Jm:

disallowed assessee’s claim on the reasoning that FCCNs issued by the assessee are in the nature of convertible debentures, hence, expenditure related to issue of such debenture is capital in nature. However, it is observed that while deciding identical issue in assessee’s own case for assessment year 2005–06, in ITA no.3336/Mum /2011, dated 13th April

THE DY CIT, CIRCLE-4(1)(2),, AHMEDABAD vs. VODAFONE WEST LIMITED,, AHMEDABAD

In the result, the appeal by the Revenue is partly allowed for statistical\npurposes

disallowance made on account of royalty paid to Wireless\nPlanning Commissioner (“WPC).\n73. The brief facts of the case, pertaining to this issue, as emanating from\nthe record, are: During the assessment proceedings, the assessee incurred\nan expenditure of Rs.97,57,68,959/- in respect of license fees payable to\nWPC, a wing of Department of Telecommunication towards

VODAFONE WEST LIMITED,(FORMERLY KNOWN AS VODAFONE ESSAR GUJARAT LIMITED),AHMEDABAD vs. THE DY.CIT, CIRCLE-4(1)(2),, AHMEDABAD

In the result, the appeal by the Revenue is partly allowed for statistical\npurposes

disallowance made on account of royalty paid to Wireless\nPlanning Commissioner (“WPC\").\n73.\nThe brief facts of the case, pertaining to this issue, as emanating from\nthe record, are: During the assessment proceedings, the assessee incurred\nan expenditure of Rs.97,57,68,959/- in respect of license fees payable to\nWPC, a wing of Department of Telecommunication towards

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

92A, 92B, 92C, 92D and 92E, unless the context otherwise requires,— ……… i) "arm's length price" means a price which is applied or proposed to be applied in a transaction between persons other than associated enterprises, in uncontrolled CO Nos. 257 & 258 /Mum/2024 M/s. JSW Steel Coated Products Limited ii) conditions; 32. The definition of ALP, as reproduced above, speaks

DCIT RG. - 6(3), MUMBAI vs. M/S. KANSAI NEROLAC PAINTS LTD., MUMBAI

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

disallowance under rule 8D(2)(iii). Needless to say that the assessee be given a proper opportunity of being heard. It is ordered accordingly. ADDITION TOWARDS UNUTILISED MODVAT CREDIT – Ground No.3 15. During the course of assessment proceedings, the assessee was asked to explain as to why the value of closing stock should not be determined by including 10 Kansai

KANSAI NEROLAC PAINTS LIMITED (ERSTWHILE KNOWN AS GOODLASS NEROLAC PAINTS LIMITED),MUMBAI vs. ADDL. CIT, RANGE 6 (2), MUMBAI

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

disallowance under rule 8D(2)(iii). Needless to say that the assessee be given a proper opportunity of being heard. It is ordered accordingly. ADDITION TOWARDS UNUTILISED MODVAT CREDIT – Ground No.3 15. During the course of assessment proceedings, the assessee was asked to explain as to why the value of closing stock should not be determined by including 10 Kansai

M/S. KANSAI NEROLAC PAINTS LTD.,MUMBAI vs. DCIT RG. - 6(3), MUMBAI

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

disallowance under rule 8D(2)(iii). Needless to say that the assessee be given a proper opportunity of being heard. It is ordered accordingly. ADDITION TOWARDS UNUTILISED MODVAT CREDIT – Ground No.3 15. During the course of assessment proceedings, the assessee was asked to explain as to why the value of closing stock should not be determined by including 10 Kansai

KANSAI NEROLAC PAINTS LIMITED (ERSTWHILE KNOWN AS GOODLASS NEROLAC PAINTS LIMITED),MUMBAI vs. ADDL CIT, RANGE 6 (2), MUMBAI

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

disallowance under rule 8D(2)(iii). Needless to say that the assessee be given a proper opportunity of being heard. It is ordered accordingly. ADDITION TOWARDS UNUTILISED MODVAT CREDIT – Ground No.3 15. During the course of assessment proceedings, the assessee was asked to explain as to why the value of closing stock should not be determined by including 10 Kansai

KANSAI NEROLAC PAINTS LTD,MUMBAI vs. DCIT RG 6(2), MUMBAI

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

disallowance under rule 8D(2)(iii). Needless to say that the assessee be given a proper opportunity of being heard. It is ordered accordingly. ADDITION TOWARDS UNUTILISED MODVAT CREDIT – Ground No.3 15. During the course of assessment proceedings, the assessee was asked to explain as to why the value of closing stock should not be determined by including 10 Kansai

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

92A, 92B, 92C, 92D and 92E, unless the context otherwise\nrequires,-\ni)\n\"arm's length price\" means a price which is applied or proposed to be applied in a\ntransaction between persons other than associated enterprises, in uncontrolled\nconditions;\nii) conditions;\n32. The definition of ALP, as reproduced above, speaks of two conditions. Firstly,\nthe transaction must be between

M/S. SP IMPERIAL STAR PRIVATE LIMITED ,MUMBAI vs. ITO, WARD, 3(3)(3), MUMBAI

In the result, the appeal filed by the assessee is allowed for statistical purpose

Bench: SHRI. AMARJIT SINGH (Accountant Member), MS. KAVITHA RAJAGOPAL (Judicial Member)

Section 92A(2) of the Act, for which disallowance of interest payable/paid by the assessee is to be determined as per Section

COX & KINGS LTD,MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

In the result, both the appeals of the assessee are partly allowed for statistical purposes

Bench: Shri D. Karunakara Rao & Shri Pawan Singh

92A(3) of the Act. TPO suggested adjustments to the tune of Rs. 2,80,20,501/- on accounts of interest adjustments, corporate guarantee adjustments and share premium adjustments. After making corporate disallowance / additions, the Assessing Officer determined the assessed income at Rs. 72,84,03,200/- against the return of income of Rs. 69.43 Crs (rounded of). AO considered

DAGA GLOBAL CHEMICALS LTD,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX-12(2)(1), MUMBAI

In the result, the appeal filed by the assessee and the Revenue are

Bench: Shri Shamim Yahya & Shri Amarjit Singhm/S. Daga Global Chemicals D C I T - 12(2)(1) P. Ltd. Room No. 223/262 101, Mahek Plaza 2Nd Floor, Aayakar Bhavan Vs. Off L.T. Road, Maharashtra M.K. Road, Mumbai 400020 Nagar Lane, Borivali (W) Mumbai 400092 Pan – Aaacd2233M Appellant Respondent D C I T - 12(2)(1) M/S. Daga Global Chemicals Room No. 223/262 P. Ltd. 2Nd Floor, Aayakar Bhavan 101, Mahek Plaza Vs. M.K. Road, Mumbai 400020 Off L.T. Road, Maharashtra Nagar Lane, Borivali (W) Mumbai 400092 Appellant Respondent

disallowed by the AO. 5. Before the learned CIT(A) the assessee made elaborate submission informing that the assessee has engaged in the business of trading in chemicals/petro products and allied products and export its products to Iran. During the year assessee has entered into a contract with DLS, Dubai, which is a company controlled by Shri Kriti Krishan Daga

DCIT 6(2), MUMBAI vs. KANSAI NEROLAC PAINTS LTD, MUMBAI

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6789/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ Dcit Circle -6(2) M/S. Kansai Nerolac Paints Ltd., R.No. 563, Aayakar Bhavan, Nerolac House, K.G. Marg, M.K. Road, Churchgate, V. Lower Parel, Mumbai-400020 Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. आयकर अपीऱ सं./I.T.A. No.7196/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ M/S. Kansai Nerolac Paints Addl. Cit Circle -6(2) Ltd., R.No. 669, Nerolac House, K.G. Marg, Aayakar Bhavan, V. Lower Parel, Mumbai 400013 M.K. Road, Mumbai- 400020 स्थायी ऱेखा सं./ Pan : Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

disallowance having been made with respect to addition of Rs. 5,12,27,909 u/s 145A of the 1961 Act on account of differential Cenvat Credit in opening and closing stock. The assessee is following exclusive method of accounting while valuing stock while the Revenue is contending that only inclusive method of accounting can be adopted while valuing stock keeping

KANSAI NEROLAC PAINTS LTD,MUMBAI vs. ADDL CIT RG 6(2), MUMBAI

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6789/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ Dcit Circle -6(2) M/S. Kansai Nerolac Paints Ltd., R.No. 563, Aayakar Bhavan, Nerolac House, K.G. Marg, M.K. Road, Churchgate, V. Lower Parel, Mumbai-400020 Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. आयकर अपीऱ सं./I.T.A. No.7196/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ M/S. Kansai Nerolac Paints Addl. Cit Circle -6(2) Ltd., R.No. 669, Nerolac House, K.G. Marg, Aayakar Bhavan, V. Lower Parel, Mumbai 400013 M.K. Road, Mumbai- 400020 स्थायी ऱेखा सं./ Pan : Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

disallowance having been made with respect to addition of Rs. 5,12,27,909 u/s 145A of the 1961 Act on account of differential Cenvat Credit in opening and closing stock. The assessee is following exclusive method of accounting while valuing stock while the Revenue is contending that only inclusive method of accounting can be adopted while valuing stock keeping

SHILPA SHETTY,MUMBAI vs. ACIT CC 13, MUMBAI

The appeal stands partly allowed

Bench: Hon’Ble Shri Saktijit Dey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

92A of the Income Tax Act, 1961 ('the Act'). b. Appellant's profession was an 'enterprise' within the meaning of section 92F(iii) of the Act separate from the Appellant being an 'enterprise'. 3. The Appellant prays that the alleged 'international transaction' was not between AEs and therefore the addition be considered as bad in law and be deleted. WITHOUT

SWANSTON MULTIPLEX CINEMAS P.LTD,MUMBAI vs. ASST CIT CIR 11(1), MUMBAI

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2005-06 Swanston Multiplex Cinemas Acit, Private Limited, Circle-11(1), बनाम/ 9Th Floor, Viraj Towers, W.E. R. No.467, Vs. Highway Next To Andheri Aayakar Bhavan, Flyover Andheri (East), M. K. Road, Mumai-400093 Mumbai-400020 ("नधा"रती/Assessee) (राज"व /Revenue) Pan No.:-Aafcs6295K

disallowance of ` 30,94,732/- made u/s 40(a) for non- deduction of tax at source u/s 195 of the Act, on the payment made a non-resident company is concerned, the argument of the ld. counsel is that a non-resident company is excluded from the definition of royalty, per clause (v) to Explanation-2 to section