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

section 37(1) of the Act. 28. Before we proceed further, let us understand the Lease transaction and its recording in the books as per Accounting Standard, the leases are classified as Finance Lease and Operating Lease. As per the accounting standards a lease is classified as Finance Lease if the lessor transfers substantially all the risks and rewards incidental

O.C TANNER INDIA PRIVATE LIMITED ,MUMBAI vs. DCIT, CIRCLE -2(3)(1), MUMBAI

In the result the appeal is, accordingly, he appeal is, accordingly, allowed for statistical allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2021-22 O.C. Tanner India Pvt. Ltd., Dy. Cit, Circle-2(3)(1), No. 2, Lave 7 Tower 2, Phase Ii, 552, 5Th Floor, Aayakar Bhavan, Raiaskaran Techpark Andheri Vs. Maharishi Karve Road, Kurla Road, Andheri East, Mumbai-400020. Sakinaka S.O. Mumbai, Mumbai-400072. Pan No. Aabco 1031 F Appellant Respondent

section 253, which empowers it to adjudicate appeals against final 253, which empowers it to adjudicate appeals against final 253, which empowers it to adjudicate appeals against final assessment orders passed by the AO. The DRP not being an assessment orders passed by the AO. The DRP not being an assessment orders passed by the AO. The DRP not being

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

section 14 A of the income tax act of ₹ 54,199,690/– . The brief of the fact shows that during the year the assessee has earned exempt income of ₹ ITA Nos. 2266 & 2239/Mum/2022 Macrotech Developers Ltd; A.Ys. 17-18 & 18-19 8,303,761/–. Assessee disallowed the same sum under section 14 A of the act. The learned AO disbelieved

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

section 14 A of the income tax act of ₹ 54,199,690/– . The brief of the fact shows that during the year the assessee has earned exempt income of ₹ ITA Nos. 2266 & 2239/Mum/2022 Macrotech Developers Ltd; A.Ys. 17-18 & 18-19 8,303,761/–. Assessee disallowed the same sum under section 14 A of the act. The learned AO disbelieved

GRASIM INDUSTRIES LTD ( CORPORATE FINANCE DIVISION),MUMBAI vs. ADDL CIT RG 6(3), MUMBAI

Bench: the CIT(A). The CIT(A) partly allowed the appeal preferred by the Assessee vide order, dated 18/05/2009. 4. Not being satisfied with the relief granted by the Id. CIT(A), the Assessee has preferred appeal before this Tribunal. The Revenue has also filed cross-appeal challenging the relief granted by the Id. CIT(A).

Section 43B of the Act was inserted by the Finance Act, 1987 with effect from 01/04/1988. The First Proviso made it clear that Section 43B shall not apply in relation to any sum which is actually paid by the assessee in the next accounting year if it is paid on or before the due date for furnishing the return

BARCLAYS BANK PLC,MUMBAI vs. CIT (INTERNATIONAL TAXATION)-RANGE-1, MUMBAI

In the result, the appeal by the assessee stands partly allowed

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm)

transfer pricing adjustment were made by the TPO. These have been detailed in the assessment order para ‘7’ of the assessment order referred above. The TP adjustment made by TPO were in total Rs. 83,045,395/-. Assessee had made objection before the DRP and pursuant to DRP direction, the assessment was framed as per section 144C

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

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)

transfer pricing issue related to disallowance under section 14 A of the act covering ground number 1 – 8 of the appeal, the learned authorized representative submitted that:- Submissions i) The Appellant is a tonnage tax company and the Profit & Loss Account for the tonnage tax and non-tonnage tax business activities is prepared from the separate books of account maintained

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)

transfer pricing issue related to disallowance under section 14 A of the act covering ground number 1 – 8 of the appeal, the learned authorized representative submitted that:- Submissions i) The Appellant is a tonnage tax company and the Profit & Loss Account for the tonnage tax and non-tonnage tax business activities is prepared from the separate books of account maintained

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)

transfer pricing issue related to disallowance under section 14 A of the act covering ground number 1 – 8 of the appeal, the learned authorized representative submitted that:- Submissions i) The Appellant is a tonnage tax company and the Profit & Loss Account for the tonnage tax and non-tonnage tax business activities is prepared from the separate books of account maintained

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)

transfer pricing issue related to disallowance under section 14 A of the act covering ground number 1 – 8 of the appeal, the learned authorized representative submitted that:- Submissions i) The Appellant is a tonnage tax company and the Profit & Loss Account for the tonnage tax and non-tonnage tax business activities is prepared from the separate books of account maintained

STAR INTERNAITONAL MOVIES LTD,MUMBAI vs. ASST CIT (IT) 4(2)(2), MUMBAI

In the result, the ground taken by the assessee is allowed for statistical purposes

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1519/Mum/2016 (नििाारण वर्ा / Assessment Year: 2011-12) बिाम/ Channel V Music Networks Deputy Commissioner Of Income-Tax(International Limited Taxation)- 2(1)(1) Partnership V. Scindia House, C/O Star India Private Ltd., Mumbai- 400038 Star House, Urmi Estate, 95, Ganpat Rao Kadam Marg, Lower Parel (W), Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaefc6136H (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

Transfer Pricing Officer, Mumbai (hereinafter called “the TPO”) u/s 92CA(3) of the 1961 Act. Subsequently, the assessee filed objections before learned DRP against the aforesaid draft assessment order dated 25.03.2015 passed by the AO , which were disposed off by learned DRP by issuing directions dated 22.12.2015 u/s 144C(5) of the 1961 Act. 2. The grounds of appeal raised

CHANNEL MUSIC NETWORKS LTD PARTNERSHIP,MUMBAI vs. DCIT (IT) 2(1)(1), MUMBAI

In the result, the ground taken by the assessee is allowed for statistical purposes

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1519/Mum/2016 (नििाारण वर्ा / Assessment Year: 2011-12) बिाम/ Channel V Music Networks Deputy Commissioner Of Income-Tax(International Limited Taxation)- 2(1)(1) Partnership V. Scindia House, C/O Star India Private Ltd., Mumbai- 400038 Star House, Urmi Estate, 95, Ganpat Rao Kadam Marg, Lower Parel (W), Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaefc6136H (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

Transfer Pricing Officer, Mumbai (hereinafter called “the TPO”) u/s 92CA(3) of the 1961 Act. Subsequently, the assessee filed objections before learned DRP against the aforesaid draft assessment order dated 25.03.2015 passed by the AO , which were disposed off by learned DRP by issuing directions dated 22.12.2015 u/s 144C(5) of the 1961 Act. 2. The grounds of appeal raised

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 officer noted that there are five vessels under construction and outstanding amount on which financial guarantees given is ₹ 659 crores. Therefore he held that the as the arm‟s-length price in case of financial guarantee is considered at 3%, the performance guarantee should also be benchmarked at the rate of 3%. Accordingly, he made an upward revision

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 officer noted that there are five vessels under construction and outstanding amount on which financial guarantees given is ₹ 659 crores. Therefore he held that the as the arm‟s-length price in case of financial guarantee is considered at 3%, the performance guarantee should also be benchmarked at the rate of 3%. Accordingly, he made an upward revision

GEMOLOGICAL INSTITUTE OF AMERICA INC.,MUMBAI vs. DCIT (IT) 2(3)(2), MUMBAI

In the result, the appeal for the assessment year 2016-17 is also partly allowed in the terms indicated above

3) of section 92C. It is then pointed out that, in contrast, no corresponding prohibition provided in section 92CC to 92CE, which are the provisions governing the APA scheme, nor is there any such prohibition in rule 10F to 10T, rules 44GA, rule 10MA and 10RA, which are the relevant rules for the APA scheme. It is therefore submitted that

GEMOLOGICAL INSTITUTE OF AMERICA INC.,MUMBAI vs. ASST CIT (IT) CIRCLE- 2 (3)(2), MUMBAI

In the result, the appeal for the assessment year 2016-17 is also partly allowed in the terms indicated above

3) of section 92C. It is then pointed out that, in contrast, no corresponding prohibition provided in section 92CC to 92CE, which are the provisions governing the APA scheme, nor is there any such prohibition in rule 10F to 10T, rules 44GA, rule 10MA and 10RA, which are the relevant rules for the APA scheme. It is therefore submitted that

GEMOLOGICAL INSTITUTE OF AMERICA, INC,MUMBAI vs. DCIT (IT) RG 2(3)(2), MUMBAI

In the result, the appeal for the assessment year 2016-17 is also partly allowed in the terms indicated above

3) of section 92C. It is then pointed out that, in contrast, no corresponding prohibition provided in section 92CC to 92CE, which are the provisions governing the APA scheme, nor is there any such prohibition in rule 10F to 10T, rules 44GA, rule 10MA and 10RA, which are the relevant rules for the APA scheme. It is therefore submitted that