HSBC ASSET MANAGEMENT (INDIA) P.LTD,MUMBAI vs. ASST CIT 1(1), MUMBAI

In the result, the appeal by the assessee is allowed

Bench: Shri M. Balaganesh & Shri Sandeep Singh Karhail

172. The return of income filed by the assessee was selected for scrutiny and statutory notices under section 143(2) and section 142(1) of the Act were issued and served on the assessee. Pursuant to the reference made by the AO, the Transfer Pricing

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

section 14A regardless of whether they are direct or indirect, fixed or variable and managerial or financial in accordance with law. It is further evident that deduction in respect of expenditure incurred by the assessee in relation to exempt income and taxable income has to be determined as per mechanism laid down in section 14A and in accordance with

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

Transfer Pricing Officer found that assessee has charged 0.10% to Citi Group Global Market Limited, UK at the rate of 0.10%. Therefore, assessee was asked to explain that why benchmarking of this transaction should not be made by adopting the rate charged to FIIs. The assessee objected to the same stating that there are functional differences in a respect

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

Transfer Pricing Officer found that assessee has charged 0.10% to Citi Group Global Market Limited, UK at the rate of 0.10%. Therefore, assessee was asked to explain that why benchmarking of this transaction should not be made by adopting the rate charged to FIIs. The assessee objected to the same stating that there are functional differences in a respect

THE GREAT EASTERN SHIPPING CO. LTD,MUMBAI vs. ASST CIT CIR 5(3)(2), MUMBAI

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

Bench: Shri Prashant Maharishi, Am & Shri Narfendrakumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 N D Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 N D Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

section 92C (3) of the act. Therefore, we disapprove both the above orders and directions. 050. Coming to the benchmarking analysis adopted by the assessee, we noted that assessee has made a suo moto adjustment considering 0.55% as arm‟s-length price of the international transaction, despite the fact that, assessee has not charged any guarantee fees from its associated

DCIT CIR 5(3)(2), MUMBAI vs. THE GREAT EASTERN SHIPPING CO. LTD, MUMBAI

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5 Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

section 92C (3) of the act. Therefore, we disapprove both the above orders and directions. 050. Coming to the benchmarking analysis adopted by the assessee, we noted that assessee has made a suo moto adjustment considering 0.55% as arm‟s-length price of the international transaction, despite the fact that, assessee has not charged any guarantee fees from its associated

THE GREAT EASTERN SHIPPING CO. LTD,MUMBAI vs. ASST CIT CIR 5(3)(2), MUMBAI

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

Bench: Shri Prashant Maharishi, Am & Shri Narfendrakumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 N D Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 N D Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

section 92C (3) of the act. Therefore, we disapprove both the above orders and directions. 050. Coming to the benchmarking analysis adopted by the assessee, we noted that assessee has made a suo moto adjustment considering 0.55% as arm‟s-length price of the international transaction, despite the fact that, assessee has not charged any guarantee fees from its associated

THE GREAT EASTERN SHIPPING CO. LTD,MUMBAI vs. DCIT CIR 5(3)(2), MUMBAI

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

Bench: Shri Prashant Maharishi, Am & Shri Narfendrakumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 N D Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 N D Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

section 92C (3) of the act. Therefore, we disapprove both the above orders and directions. 050. Coming to the benchmarking analysis adopted by the assessee, we noted that assessee has made a suo moto adjustment considering 0.55% as arm‟s-length price of the international transaction, despite the fact that, assessee has not charged any guarantee fees from its associated

DCIT 5(3)(2), MUMBAI vs. THE GREAT EASTERN SHIPPING CO.LTD, MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of The Great Eastern Shipping Income-Tax, Co. Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

transfer pricing provisions as they do not determine the arm‟s-length price of the international transaction in accordance with the provisions of section 92C (3) of the act. Therefore, we disapprove both the above orders and directions. 050. Coming to the benchmarking analysis adopted by the assessee, we noted that assessee has made a suo moto adjustment considering

THE GREAT EASTERN SHIPPING CO. LTD,MUMBAI vs. DCIT RG 5(3), MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of The Great Eastern Shipping Income-Tax, Co. Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

transfer pricing provisions as they do not determine the arm‟s-length price of the international transaction in accordance with the provisions of section 92C (3) of the act. Therefore, we disapprove both the above orders and directions. 050. Coming to the benchmarking analysis adopted by the assessee, we noted that assessee has made a suo moto adjustment considering

UPS EXPRESS PRIVATE LIMITED (FORMERLY KNOWN AS UPS JETAIR EXPRESS PRIVATE LIMITED),MUMBAI vs. DY.CIT 3(1) (1) ADDL/JT/DY/CIT/ITO/NFAC-DELHI, MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Ups Express Pvt. Ltd. (Formerly Known As Ups Jetair Dcit-3(1)(1) Express Pvt. Ltd. Aaykar Bhavan, M.K. Road, 6-A, Shyam Off Jvlr, Majas Vs. Mumbai-400020 Village, Jogeshwari(E) Mumbai-400060 (Appellant) (Respondent) Pan No. Aaacu4322N Assessee By : Shri Nitesh Joshi Revenue By : Shri Dhiraj Kumar Date Of Hearing: 18.07.2023 Date Of Pronouncement : 16.10.2023

transfer pricing officer and the learned dispute resolution panel has not followed the decision of the coordinate bench. He submitted that the assessee itself and submitted that coordination, licensing with the airlines is an activity incidental to the assessee is export pickup services for which it is already being compensated and incidental cost if any are considered under the transactional

MONDELEZ INDIA FOODS PVT. LTD. (FORMERLY KNOWN AS CADBURY INDIA LTD.),MUMBAI vs. ACIT ,RANGE 5 (1)(2), MUMBAI

In the result, appeal of the assessee company is allowed/partly\nallowed for statistical purposes, as per our aforesaid observations

section 14A of the Act read\nwith Rule 8D\n32-33.\nAllocation of expenditure at Baddi Unit-I & II\n34.\nLevy of interest u/s.234C of the Act\n\n3\n35.\nNon grant of MAT credit\nITA No. 7269/MUM/2019\nMondelez India Foods Pvt. Ltd.\n2. At the very outset, it is noted from the order sheet entries that\nthough the present

STRIDES PHARMA SCIENCE LTD.,NAVI MUMBAI vs. THE DY CIT -5(1)(2), MUMBAI

In the result ITA number 1004/M/2021 filed by the assessee for assessment year 2016 – 17 is allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Strides Pharma Science Ltd. Dcit 15(1)(2) 201, Devavrata, Sector-17, Aayakar Bhavan, M K Road, Vs. Vashi, Navi Mumbai, 400703 Mumbai 400020 (Appellant) (Respondent) Pan No. Aadcs8104P

section in chapter X of the act. Only if there is income which is chargeable to tax under the normal provisions of the act, then alone Chapter X of the act could be invoked. Further, since there is no income arising from the transaction of issue of shares, the provisions of chapter X would not apply. The Hon'ble Bombay

SIEMENS AKTIENGESELLSCHAFT,MUMBAI vs. ASSTT. CIT (INTERNATIONAL TAXATION)-CIRCLE-4(2)(1), MUMBAI

In the result, grounds No

Bench: Smt. Beena Pillai () & Smt. Renu Jauhri ()

section 253(1)(d) of the Income-tax Act, 1961 ('the Act') on the following amongst other grounds each of which is in the alternative and without prejudice to any other: 1. The AO erred in determining the Appellant's total income at Rs. 4,75,06,48,172 as against the returned income

SIEMENS AKTIENGESELLSCHAFT,MUMBAI vs. ASSTT. CIT (INTERNATIONAL TAXATION)-CIRCLE-4(2)(1), MUMBAI

In the result, grounds No

Bench: Smt. Beena Pillai () & Smt. Renu Jauhri ()

section 253(1)(d) of the Income-tax Act, 1961 ('the Act') on the following amongst other grounds each of which is in the alternative and without prejudice to any other: 1. The AO erred in determining the Appellant's total income at Rs. 4,75,06,48,172 as against the returned income

LARSEN & TOUBRO INFOTECH LTD,MUMBAI vs. ADDL CIT RG 2(2), MUMBAI

transfer pricing adjustments were incorporated in the Draft Assessment Order, dated 28.03.2013. In the Draft Assessment Order, the Assessing Officer also proposed 6. disallowance of INR 172,94,09,811/- out of aggregate deduction of INR 263,04,15,538/- claimed by the Appellant under Section

ADITYA BIRLA NUVO LTD (SINCE AMALGAMATED WITH GRASIM INDUSTRIES LIMITED),MUMBAI vs. DCIT CC-1(4) EARLIER WITH ACIT(LTU) 1, MUMBAI

Bench: SHRI AMIT SHUKLA, JUDICIAL MEMBER &\nSMT RENU JAUHRI, ACCOUNTANT MEMBER\nITA No.563/Mum/2018\n(Assessment Year :2013-14)\nAditya BirlaNuvo Ltd. Vs. Dy. CIT, Central Circle – 1(4)\n(Since Amalgamated with\nGrasim Industries Limited)\nA2 Aditya Birla Centre, S. K.\nAhire Marg, Worli, Mumbai\nEarlier with Asst. CIT(LTU) 1\nRoom No. 902, Old CGO\nBuilding, 9th Floor, M. K. Road,\nMumbai-400 020\nPAN/GIR No.AAACI1747H\n(Appellant) .. (Respondent)\nITA No.1885/Mum/2018\n(Assessment Year :2013-14)

transfer price of power supplied byCPP was to\nbe bench marked at annual average of landed cost at whichpower was being purchased by\nmanufacturing units from State ElectricityBoard. The revenue carried the matter on appeal\nbefore this court and theappeal filed by the revenue was dismissed and the said decision is\nreportedin (2025) 172 taxman.com 391 (Kolkata). In the said

DCIT CC 3(4) CEN RG 3, MUMBAI vs. PATEL ENGINEERING LTD, MUMBAI

In the result, appeal filed by the assessee is dismissed

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

price and the book value of shares of the AES is nothing but loan in disguise." 5. "On the facts and in the circumstances of the case and in law, the CIT(A) was justified in deleting the disallowance u/s 14A ignoring the fact that the monthly summary of the joint venture capital account submitted by the assessee shows that