ACIT CIR. 12(1)(2), MUMBAI vs. BHARTI AXA LIFE INSURANCE COMPANY LTD., MUMBAI

In the result, the appeal of the revenue is dismissed and cross objection of the assessee is allowed

transfer pricing adjustment of Rs 7,14,48,533/-. In the said assessment order, there is a specific observation made by the ld AO that the income of the assessee life insurance company was determined in accordance with section 44 read with First Schedule to the Act. 4.3. Later this assessment was sought to be reopened

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:

Transfer Pricing Officer" means a Joint Commissioner or Deputy Commissioner or Assistant Commissioner authorised by the Board17 to perform all or any of the functions of an Assessing Officer specified in sections 92C and 92D in respect of any person or class of persons.]' Provisions of section 2 (28C) of the Act defines the Joint Commissioner means a person appointed

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

transferred to Electricity Board - Whether in above circumstances, since assessee was not able to collect enhanced charges, necessary entries made in its books of account represented only hypothetical income and it could not be brought to tax as it did not represent income which had really accrued even though assessee-company was following mercantile system of accounting UCO Bank

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

transferred to Electricity Board - Whether in above circumstances, since assessee was not able to collect enhanced charges, necessary entries made in its books of account represented only hypothetical income and it could not be brought to tax as it did not represent income which had really accrued even though assessee-company was following mercantile system of accounting UCO Bank

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

transferred to Electricity Board - Whether in above circumstances, since assessee was not able to collect enhanced charges, necessary entries made in its books of account represented only hypothetical income and it could not be brought to tax as it did not represent income which had really accrued even though assessee-company was following mercantile system of accounting UCO Bank

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

transferred to Electricity Board - Whether in above circumstances, since assessee was not able to collect enhanced charges, necessary entries made in its books of account represented only hypothetical income and it could not be brought to tax as it did not represent income which had really accrued even though assessee-company was following mercantile system of accounting UCO Bank

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

transferred to Electricity Board - Whether in above circumstances, since assessee was not able to collect enhanced charges, necessary entries made in its books of account represented only hypothetical income and it could not be brought to tax as it did not represent income which had really accrued even though assessee-company was following mercantile system of accounting UCO Bank

PRAFUL CHANDARIA,MUMBAI vs. ADIT )IT) 1(1), MUMBAI

The appeal of the assessee stands allowed

Bench: Shri G S Pannu & Shri Amit Shukla

price within a stipulated time period is given which may not be termed as “capital asset” under section 2(14), because, without exercising the option no actual asset is created. Here in the present case as discussed in our earlier part of our finding, the right in the shares has been given for an incredibly large period of 150 years

PURSE HOLDINGS INDIA P.LTD,MUMBAI vs. ITO 7(1)(4), MUMBAI

The appeal of the assessee stands allowed

Bench: Shri G S Pannu & Shri Amit Shukla

price within a stipulated time period is given which may not be termed as “capital asset” under section 2(14), because, without exercising the option no actual asset is created. Here in the present case as discussed in our earlier part of our finding, the right in the shares has been given for an incredibly large period of 150 years

VODAFONE INDIA LTD,MUMBAI vs. ASST CIT 8(3)(2), MUMBAI

151/- On 31/03/2015, the Assessing Officer passed Draft Assessment Order under Section 143(3) read with Section 144C(1) of the Act incorporating the above transfer pricing adjustment. In addition the Assessing Officer also proposed other additions/disallowances as per the provisions of the Act. 3.2. The Assessee filed objections before the DRP against the Draft Assessment Order, dated 31/03/2015

LANXESS INDIA P.LTD,THANE vs. ASST CIT CIR 1, THANE

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2009-10 Lanxess India Private Limited, Asst. Commissioner Of Income-Tax, Lanxess House, Plot No. 162-164, Circle 1, Road No. 27, Wagle Estate, Opp. Iti Vs. 6Th Floor, Asher It Park, Road No. College, Midc, 16-Z, Wagle Industrial Estate, Thane-(West)-400604. Thane. Pan No. Aaccb 3880 A Appellant Respondent Assessment Year: 2009-10 Asst. Commissioner Of Income-Tax, Lanxess India Private Limited, Circle 1, Lanxess House, Plot No. 162-164, 6Th Floor, Asher It Park, Road No. 16- Vs. Road No. 27, Wagle Estate, Opp. Iti Z, Wagle Industrial Estate, College, Midc, Thane. Thane-(West)-400604 Pan No. Aaccb 3880 A Appellant Respondent

price of sales i.e. export of finished goods length price of sales i.e. export of finished goods length price of sales i.e. export of finished goods was under determination and therefore same was under determination and therefore same cannot be taken as cannot be taken as numerator for profit level indicator. The numerator for profit level indicator

ACIT CIR 1, THANE vs. LANXESS INDIA P.LTD, THANE

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2009-10 Lanxess India Private Limited, Asst. Commissioner Of Income-Tax, Lanxess House, Plot No. 162-164, Circle 1, Road No. 27, Wagle Estate, Opp. Iti Vs. 6Th Floor, Asher It Park, Road No. College, Midc, 16-Z, Wagle Industrial Estate, Thane-(West)-400604. Thane. Pan No. Aaccb 3880 A Appellant Respondent Assessment Year: 2009-10 Asst. Commissioner Of Income-Tax, Lanxess India Private Limited, Circle 1, Lanxess House, Plot No. 162-164, 6Th Floor, Asher It Park, Road No. 16- Vs. Road No. 27, Wagle Estate, Opp. Iti Z, Wagle Industrial Estate, College, Midc, Thane. Thane-(West)-400604 Pan No. Aaccb 3880 A Appellant Respondent

price of sales i.e. export of finished goods length price of sales i.e. export of finished goods length price of sales i.e. export of finished goods was under determination and therefore same was under determination and therefore same cannot be taken as cannot be taken as numerator for profit level indicator. The numerator for profit level indicator

DY CIT CC-1(4), MUMBAI vs. M/S GRASIM INDUSTRIES LTD., MUMBAI

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

151 of CIT(A) Order)[Factually incorrect please refer Para 41, 43-44, 48-50 below and also 68 – 77 below]. ITA Nos. 1935/MUM/2020 & 41/MUM/2021 Grasim Industries Ltd. 2018-19 27. Merely some assets in the nature of shares of ABFL, along with some minor other assets were transferred, as against a unit, along with a very few liabilities

GRASIM INDUSTRIES LTD.,MUMBAI vs. DY CIT, CENTRAL CIRCLE-1(4), MUMBAI

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

151 of CIT(A) Order)[Factually incorrect please refer Para 41, 43-44, 48-50 below and also 68 – 77 below]. ITA Nos. 1935/MUM/2020 & 41/MUM/2021 Grasim Industries Ltd. 2018-19 27. Merely some assets in the nature of shares of ABFL, along with some minor other assets were transferred, as against a unit, along with a very few liabilities

HEMENDRA RAMJI VIRA,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

151. The records, authority, and jurisdiction all stood vested in the PCIT–Central-2 and the DCIT, Central Circle 4(1), Mumbai. 21. In light of the factual matrix and legal authorities placed before us, the conclusion is inescapable: the notice issued under section 148 of the Act on 29.03.2018 by the ACIT, Circle 27(1), Mumbai, was vitiated

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

151. The records, authority, and jurisdiction all stood vested in the PCIT–Central-2 and the DCIT, Central Circle 4(1), Mumbai. 21. In light of the factual matrix and legal authorities placed before us, the conclusion is inescapable: the notice issued under section 148 of the Act on 29.03.2018 by the ACIT, Circle 27(1), Mumbai, was vitiated

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

151. The records, authority, and jurisdiction all stood vested in the PCIT–Central-2 and the DCIT, Central Circle 4(1), Mumbai. 21. In light of the factual matrix and legal authorities placed before us, the conclusion is inescapable: the notice issued under section 148 of the Act on 29.03.2018 by the ACIT, Circle 27(1), Mumbai, was vitiated

HEMENDRA RAMJI VIRA,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

151. The records, authority, and jurisdiction all stood vested in the PCIT–Central-2 and the DCIT, Central Circle 4(1), Mumbai. 21. In light of the factual matrix and legal authorities placed before us, the conclusion is inescapable: the notice issued under section 148 of the Act on 29.03.2018 by the ACIT, Circle 27(1), Mumbai, was vitiated