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

Transfer Pricing Officer / Assessing Officer. The observation of the Ld. DRP is reproduced below: - 3.3 Directions: We have considered the relevant facts and the contentions of the assessee and find that the AO has made an addition on account of expenditure u/s.14A. This is evidence enough that the AO is not satisfied with the calculation of the estimation

CASTROL INDIA LTD,MUMBAI vs. NFAC, DELHI

In the result, the issue under consideration is remitted back to the file of Assessing Officer for statistical purpose

Bench: Shri Vikas Awasthy, Hon’Ble & Shri S. Rifaur Rahman, Hon'Blecastrol India Limited V. National Faceless Appeal Centre Technopolis Knowledge Park Delhi Mahakali Caves Road Chakala, Andheri (E) Mumbai – 400093 Pan: Aaacc4481E (Appellant) (Respondent) Assessee Represented By : Shri Dhanesh Bafna, Ms. Chandni Shah, Shri Hardik Nirmal & Ms. Riddhi Maru Department Represented By : Ms. A. Alankrutha

deem it fit and proper to remit this issue back to the file of the Assessing Officer / Transfer Pricing Officer to benchmark the above transactions as per law. Accordingly, ground raised by the assessee is allowed for statistical purpose. Page 21 of 29 Castrol India Limited 38. With regard to Ground No. 2.1 and 2.2, the relevant facts are, assessee

EOS POWER INDIA P.LTD,MUMBAI vs. JCIT (OSD) 8(1), MUMBAI

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

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

Transfer Pricing Officer also held that the above payments resulting into substantial beneficial ownership in the hand of the respondent becomes deemed dividend

EOS POWER INDIA P.LTD,MUMBAI vs. DCIT RG 8(1), MUMBAI

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

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

Transfer Pricing Officer also held that the above payments resulting into substantial beneficial ownership in the hand of the respondent becomes deemed dividend

CITIGROUP GLOBAL MARKETS (INDIA) PRIVATE LIMITED,MUMBAI vs. DCIT, CIRCLE-4(1), MUMBAI

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

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm Citigroup Global Markets (India) Private Limited The Dcit 1402, 14Th Floor, Circle -4(1), First International Financial Aaykar Bhavan Centre, Vs. M.K. Road, Bandra Kurla Complex, Mumbai-400 020 G Block, Bandra (East), Mumbai-400 051 (Appellant) (Respondent) Pan No.Aaecs7234F Citigroup Global Markets (India) The Jcit (Osd) Private Limited 4(1)(1) 1402, 14Th Floor, Room No. 640, 6 Th Floor, First International Financial Aaykar Bhavan, Centre, Vs. M.K. Road, Bandra Kurla Complex, G Block, Bandra (East), Mumbai-400 020 Mumbai-400 051 (Appellant) (Respondent) Assessee By : Shri Nishant Thakkar & Mr. Jasmin Amalsadwala, Ars Revenue By : Ms. Vranda U. Matkari, Dr Date Of Hearing: 04/08/2023 Date Of Pronouncement : 25/10/2023

deemed to be carrying on a speculation business to the extent to which the business consists of the purchase and sale of such shares.” 03. In ITA No. 72/Mum/2018 assessee is also aggrieved raising following grounds of appeal:- “On the facts and circumstances of the case and in law, Citigroup Global Markets India Private Limited (hereinafter referred to as 'CGMIPL

JOINT COMMISSIONER OF INCOME TAX (OSD)-4(1)(1), MUMBAI vs. CITIGROUP GLOBAL MARKETS (INDIA) PRIVATE LIMITED, MUMBAI

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

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm Citigroup Global Markets (India) Private Limited The Dcit 1402, 14Th Floor, Circle -4(1), First International Financial Aaykar Bhavan Centre, Vs. M.K. Road, Bandra Kurla Complex, Mumbai-400 020 G Block, Bandra (East), Mumbai-400 051 (Appellant) (Respondent) Pan No.Aaecs7234F Citigroup Global Markets (India) The Jcit (Osd) Private Limited 4(1)(1) 1402, 14Th Floor, Room No. 640, 6 Th Floor, First International Financial Aaykar Bhavan, Centre, Vs. M.K. Road, Bandra Kurla Complex, G Block, Bandra (East), Mumbai-400 020 Mumbai-400 051 (Appellant) (Respondent) Assessee By : Shri Nishant Thakkar & Mr. Jasmin Amalsadwala, Ars Revenue By : Ms. Vranda U. Matkari, Dr Date Of Hearing: 04/08/2023 Date Of Pronouncement : 25/10/2023

deemed to be carrying on a speculation business to the extent to which the business consists of the purchase and sale of such shares.” 03. In ITA No. 72/Mum/2018 assessee is also aggrieved raising following grounds of appeal:- “On the facts and circumstances of the case and in law, Citigroup Global Markets India Private Limited (hereinafter referred to as 'CGMIPL

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

In the result, appeals of both, revenue and assessee are partly\nallowed for all the three

price with regular internet access for which no\nparticular software or hardware is required.\nvi. It is for use of a copyrighted right in the article. Just as a book\nis a copyright article, purchase of the book allows a use of\ninformation contained therein but do not transfer any of the\ncopyright therein.\nvii. There was nothing so secret

ACIT CIRCLE 5(1)(1), MUMBAI vs. M/S ESSAR SHIPPING LIMITED, MUMBAI

In the result, appeal filed by the learned AO is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhry, Jm M/S Essar Shipping Limited Acit, Circle 5(1)(1) Essar House, 11, R.No.568, Aaykar Bhavan, Vs. Kk Marg, Mahalaxmi, M.K. Road, Mumbai-400 020 Mumbai-400 034 (Appellant) (Respondent) Pan No. Aacce3707D

deemed to be the income chargeable to tax under the head 'Profit and gains of business or profession'. Hence, it is clear from the above that actual receipts/revenues earned and expenses incurred are not taken into consideration for the purpose of determining the tonnage income of the company. The entire computation of the tonnage income depends on the tonnage capacity

TATA CHEMICALS LTD,MUMBAI vs. DCIT 2(3), MUMBAI

Appeal is hereby dismissed as infructuous

transferred to the non- eligible unit, had adopted the cost of production of steam as the sale price. The cost of production of steam has been considered by the assessee by using the cost accounting records which is prescribed and which is as per the mandate of cost accounting rules which has been consistently followed by the assessee. In this

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

Appeal is hereby dismissed as infructuous

transferred to the non- eligible unit, had adopted the cost of production of steam as the sale price. The cost of production of steam has been considered by the assessee by using the cost accounting records which is prescribed and which is as per the mandate of cost accounting rules which has been consistently followed by the assessee. In this

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

Appeal is hereby dismissed as infructuous

transferred to the non- eligible unit, had adopted the cost of production of steam as the sale price. The cost of production of steam has been considered by the assessee by using the cost accounting records which is prescribed and which is as per the mandate of cost accounting rules which has been consistently followed by the assessee. In this

M/S. LAXMI ORGANIC INDUSTRIES LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 3(2)(1), MUMBAI

In the result, appeal of the assessee is partly allowed

Dividend Distribution Tax\n(\"DDT\") paid despite specific request being made during the course of\nassessment proceedings.”\n\n3. Assessee has raised both legal issues as well as issues on the\nmerits of the case in the above reproduced grounds. We will deal with\nthem seriatim. Both the parties have extensively argued and made their\nrepresentation, orally as well

MONDELEZ INDIA FOODS P.LTD (FORMERLY KNOWN AS CADBURY INDIA LIMITED),MUMBAI vs. ASST CIT RG 5(1)(2), MUMBAI

In the result, appeal filed by the assessee for AY 2013-14 is allowed for statistical purpose

Bench: Shri Vikas Awasthy () & Ms. Padmavathy S. ()

Transfer pricing adjustment on-account payment of service fees to Cadbury Holding Limited 28 ITA 7104/Mum/2017 ITA 7404/Mum/2018 Mondelez India Foods P Ltd 7. During the year under consideration, MIFPL has availed services from Cadbury Schweppes Asia Pacific Pte Limited ('CSAPL') (covered by ground no. 8 to 10) and Cadbury Holding Limited ('CHL') (covered by ground

MACROTECH DEVELOPERS LTD.(SUCCESSOR TO BELLISSIMO CROWN BUILDMART PVT LTD.,,MUMBAI vs. DCIT CENTRAL CIRCLE 7(3), MUMBAI

The appeal is allowed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

dividend income during the year, however, there are investments, which are capable of earning exempt income. Accordingly, the disallowance under Section 14A r.w.r. 8D of the Act was computed at 1% of annual average value of investment amounting to ₹10,22,402/-. ii. Learned Assessing Officer also noted that assessee has claimed foreign exchange loss of ₹ 99,06,468/- which

MACROTECH DEVELOPRS LTD,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 7(3), MUMBAI

The appeal is allowed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

dividend income during the year, however, there are investments, which are capable of earning exempt income. Accordingly, the disallowance under Section 14A r.w.r. 8D of the Act was computed at 1% of annual average value of investment amounting to ₹10,22,402/-. ii. Learned Assessing Officer also noted that assessee has claimed foreign exchange loss of ₹ 99,06,468/- which

STANDARD CHARTERED BANK,MUMBAI vs. DDIT(IT) 2 (1), MUMBAI

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

deemed to be capital when it is made for the\ninitiation of a business, for extension of a business, or for a\nsubstantial replacement of equipment.\n2. Expenditure may be treated as properly attributable to\ncapital when it is made not only once and for all, but with a\nview to bringing into existence an asset or an advantage

STANDARD CHARTERED BANK,MUMBAI vs. DDIT(IT) 2 (1), MUMBAI

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

deemed to be capital when it is made for the\ninitiation of a business, for extension of a business, or for a\nsubstantial replacement of equipment.\n2. Expenditure may be treated as properly attributable to\ncapital when it is made not only once and for all, but with a\nview to bringing into existence an asset or an advantage

ACIT (IT)-4(2)(2), MUMBAI vs. STANDARD CHARTERED BANK LTD., MUMBAI

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

deemed to be capital when it is made for the\ninitiation of a business, for extension of a business, or for a\nsubstantial replacement of equipment.\n2. Expenditure may be treated as properly attributable to\ncapital when it is made not only once and for all, but with a\nview to bringing into existence an asset or an advantage