ICICI BANK LTD.,MUMBAI vs. THE DY CIT -2(3)(1), MUMBAI

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

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Icici Bank Ltd. The Dy. Commissioner Of Icici Bank Towers, Income-Tax 2(3)(1) Bandra Kurla Complex, Aaykar Bhavan, Vs. 5Th Floor, Room No.552, Badra (East), Mumbai-400 051 M.K. Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaaci1195H

Transfer pricing adjustment of ₹5,82,51,214/- in view of determination of Arm's Length Price of international transaction under Section 92CA(3) of the Act by order dated 31st October, 2018, wherein on the international transaction of buy ICICI Bank Ltd; A.Y. 2015-16 back of shares of ₹65,62,50,000/- was upwardly revised

ACIT-23(1), MUMBAI, PIRAMAL CHAMBER, MUMBAI vs. PARISHI DIAMONDS, MUMBAI

In the result, the appeal of the Revenue is dismissed

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2012-13 Acit-23(1), Parishi Diamonds, 511, 5Th Floor, Piramal Chamber, Cc2091 To Cc 2093 Tower Central Vs. Lalbaug, Parel, Wings Bharat Diamond Bourse Bandra Mumbai-400012. Kurla Complex, Bandra East, Mumbai-400051. Pan No. Aajfp 2118 B Appellant Respondent

Section 92C of the Income Tin Act, 1961, for the purpose of determining arm's length price of the Act, 1961, for the purpose of determining arm's length price of the Act, 1961, for the purpose of determining arm's length price of the transaction. Parishi Diamonds 12 CONCLUSION. As the firm has also sold diamonds to independent parties

INDIA MEDTRONIC P LTD,MUMBAI vs. ADDL/JT/DY/ASSTT/CIT/ITO, NATIONAL E-ASSESSMENT CENTRE, DELHI

In the result, appeal of the assessee is allowed on legal ground

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI PRASHANT MAHARISHI (Accountant Member)

35,87,893 14,13,63,999 The ld. DRP directed on the Ld. TPO to account of import of consider alleged finished goods* excessive AMP expenses as non- operating while computing margin for import of finished goods. Further, the ld. DRP directed the Ld. TPO to examine the 6 M/s. India Medtronic Pvt. Ltd. correctness of margins of; • Sataytej

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

IV. Chapter VI- A, Chapter XVIIB etc.  Thus, the proposal made by the TPO of creating a transaction of a deemed receivable is clearly tantamount to applying transfer pricing provision to notional transaction, which is beyond TPO's jurisdiction as prescribed under section 92CA. Hence, the said proposal is bad in law, void-ab-initio

ASIAN PAINTS LIMITED,SANTACRUZ vs. ASSISTANT COMMISSIONER OF INCOME TAX, LTU CIRCLE 1, CUFFE PARADE

In the result, appeals filed by assessee and Revenue for\nA

price higher than the MRP of the respective\ntinted shade. Therefore, the dealer can charge the cost of\ncolorant over and above the MRP of the base paint and they are\nat the liberty to fix the price of the final colour shade subject to\nthe Tinted Shades MRP list separately provided to the dealers\ni.e. the same cannot exceed

STRIDES ARCOLAB LTD,NAVI MUMBAI vs. DCIT CIR 15(3)(2), MUMBAI

The appeal of the assessee is allowed

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

section 35(1 )(iv) of the Act. 2 : 0 Re.: Credit for advance-tax granted short by Rs. 3,16,50f 152/- 2 : 1 The Assessing Officer has erred in granting credit for advance-tax short by Rs. 3,16,50,152/-.” 6. The Ld.AR submitted that the assessee has raised the additional grounds, which do not involve verification

BANK OF INDIA,MUMBAI vs. ACIT-2(1)(2), MUMBAI

In the result, the appeal by the Revenue for the assessment year 2018-

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailita No.1452/Mum/2023 Assessment Year : 2016-17 Assessment Year : 2018-19

price which is one of the two recognized methods of valuation of the closing stock. 7.5 It cannot be the effect of the RBI guidelines that the total income for the purpose of Income Tax has to be computed in accordance with the enjoinment of these guidelines. These are only meant as guiding factors to determine the commercial profit

ACIT, CIRCLE-2(1)(1), MUMBAI vs. M/S BANK OF INDIA, MUMBAI

In the result, the appeal by the Revenue for the assessment year 2018-

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailita No.1452/Mum/2023 Assessment Year : 2016-17 Assessment Year : 2018-19

price which is one of the two recognized methods of valuation of the closing stock. 7.5 It cannot be the effect of the RBI guidelines that the total income for the purpose of Income Tax has to be computed in accordance with the enjoinment of these guidelines. These are only meant as guiding factors to determine the commercial profit

VARIAN MEDICAL SYSTEMS INTERNATIONAL (INDIA) PRIVATE LIMITED,MUMBAIQQQ vs. ASSESSMENT UNIT NFAC CETNRE ITO, MINISTRY OF FINANCE DELHI, DELHI

In the result, the appeal of the assessee is partially allowed

Bench: Shri Narender Kumar Choudhry, Jm & Ms Padmavathy S, Am

Transfer Pricing Adjustment (B-A) 3,03,99,153 9. The ld. Authorized Representative (AR) during the course of hearing submitted a chart contending the inclusion of twelve (12) comparables added by the TPO. The ld. AR submitted that all the comparables have been added by the TPO based on the T.P. order for the earlier

SHELL INDIA MARKETS PVT. LTD.,MUMBAI vs. ACIT (LTU) - 2, MUMBAI

In the result, appeal by assessee is allowed

35: Disallowance of Amortized Lease Rentals 9 Ground No. 36 to 38: Alternate disallowance of payment for Business Support Services under Section 40(a) of the Act 10 Ground No. 39 to 40: Disallowance of depreciation claimed on Goodwill arising on merger 11 Ground No. 41 to 42: Disallowance of Repairs & Maintenance expenditure 12 Ground No. 43 to 45: Disallowance

ACIT, (LTU)-2, MUMBAI vs. SHELL INDIA MARKETS PVT. LTD., MUMBAI

In the result, appeal by assessee is allowed

35: Disallowance of Amortized Lease Rentals 9 Ground No. 36 to 38: Alternate disallowance of payment for Business Support Services under Section 40(a) of the Act 10 Ground No. 39 to 40: Disallowance of depreciation claimed on Goodwill arising on merger 11 Ground No. 41 to 42: Disallowance of Repairs & Maintenance expenditure 12 Ground No. 43 to 45: Disallowance

CONCENTRIX SERVICES INDIA PRIVATE LIMITED (FORMERLY KNOWN AS MINACS PRIVATE LIMITED, MINACS LIMITED & ADITY BIRLA MINACS WORLDWIDE LIMITED ),MUMBAI vs. JOINT COMMISSIONER OF IT (OSD)10(2)(2)ASSISTANT COMMISSIONER OF INCOME TAX-9(2)(2), MUMBAI

pricing adjustment was warranted. The decision of CIT(A) to hold LIBOR + 1% as arm’s length rate of interest in respect of loan for AEs is in line with the above decisions of the Tribunal in the case of the Assessee. Accordingly, Ground No. III raised by the Assessee is dismissed. Ground No. IV 6. Ground No. IV raised

CONCENTRIX SERVICES INDIA PRIVATE LIMITED (FORMERLY KNOWN AS MINACS PRIVATE LIMITED, MINACS LIMITED & ADITY BIRLA MINACS WORLDWIDE LIMITED ),MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX-10(2)(2), MUMBAI

pricing adjustment was warranted. The decision of CIT(A) to hold LIBOR + 1% as arm’s length rate of interest in respect of loan for AEs is in line with the above decisions of the Tribunal in the case of the Assessee. Accordingly, Ground No. III raised by the Assessee is dismissed. Ground No. IV 6. Ground No. IV raised

SHAPOORJI PALLONJI AND COMPANY PVT LTD,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 8(3), MUMBAI

Appeals are partly allowed

Bench: SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI JAGADISH (Accountant Member)

iv) The decision in the case of Everest Kanto Cylinders Ltd., cannot be standard for every assessee as benchmarking for different assessee's is a factual exercise dependent upon number of factors including credit rating, financial strength, country of AE, attendant risks, etc. 8. Whether on the facts and circumstances of the case the Ld. CIT(A) was correct

SHAPOORJI PALLONJI AND COMPANY PRIVATE LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE -3(3)(1), MUMBAI

Appeals are partly allowed

Bench: SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI JAGADISH (Accountant Member)

iv) The decision in the case of Everest Kanto Cylinders Ltd., cannot be standard for every assessee as benchmarking for different assessee's is a factual exercise dependent upon number of factors including credit rating, financial strength, country of AE, attendant risks, etc. 8. Whether on the facts and circumstances of the case the Ld. CIT(A) was correct

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

Transfer Pricing, 4 (1) (2), Mumbai (the learned TPO) to examine arm’s-length price of those international transactions. ITA NO. 1004/MUM/2021 AY 16-17 Strides Pharma Science Ltd. 4. The learned TPO passed an order under section 92CA (3) on 31/10/2019 dealing with the international transactions as under: – i. On verification of Form No. 3CEB, the TPO noted that

DY CIT CIRCLE -3(4), MUMBAI, MUMBAI vs. ASIAN PAINTS LIMITED, MUMBAI

transferred to the dealers for a price once the sales\ninvoice is raised and delivery of such goods are made. In case\nof agency, the principal record the sale as and when agent\nultimately sell the goods, but here in this case, sales are\nrecorded as and when the goods are sold to the dealers and\nnot when dealer ultimately

STATE BANK OF INDIA,MUMBAI vs. ADDL CIT RG 2(2), MUMBAI

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

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

price. The Mumbai Tribunal held that excess of appreciation over the cost price would not be considered for valuing the closing stock. In the present case, we are not concerned with a scenario where in the State Bank of India ITA no.3645/Mum./2016 ITA no.4564/Mum./2016 later year the depreciation provided in earlier years is reduced. Further, the decision