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

41,85,78,484 reduced by assessee Thus, Bank has suo moto reduced its claim under section 36(1)(viia) by 41.85 crores on rural advances in the revised working submitted vide letter dated November 20, 2018. 5.5 Of the 36 branches mentioned in the show cause notice, 34 branches have been removed from the list of rural branches

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

1)(e). If due to t assessee to comply to the requirements of Rule 10(1)(e). If due to t assessee to comply to the requirements of Rule 10(1)(e). If due to the reasonable cause, the assessee could not furnish the relevant reasonable cause, the assessee could not furnish the relevant reasonable cause, the assessee could

STRIDES ARCOLAB LTD,NAVI MUMBAI vs. DCIT CIR 10(3),

Bench: Shri Amit Shukla, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No.2877/Mum/2014 (निर्धारणवर्ा / Assessment Year: 2009-10) Strides Shasun Limited Dcit Cir. 15(3)(2) (Formerly Known As R. No. 451, 4Th Floor, Strides Arcolab Limited) बिधम/ Aayakar Bhavan, M. K. 201, Devavrata, Sector 17, Road, Mumbai-400 020 Vs. Vashi, Navi Mumbai – 400 703 स्थायीलेखासं./जीआइआरसं./ Pan No. Aadcs8104P (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Shri Percy Pardiwala/ Shri Ketan Ved /Shri Ninad Patade, Ld. Ars प्रत्यथीकीओरसे/Respondent By : Ms. Vatsalaa Jha, Ld. Dr सुनवाईकीतारीख/ : 18.01.2023 Date Of Hearing घोषणाकीतारीख / : 28.02.2023 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla : The Aforesaid Appeal Has Been Filed By Assessee Against The Order Dated 26.02.2014 Passed U/S 143(3) R.W.S. 144C(13) In 2

transfer pricing order under section 92CA(3) of the Act, there remains no variation arising as a consequence thereto and the case of the assessee, being an Indian company, falls outside the definition of „eligible assessee‟ as defined under section 144C(15)(b) of the Act. Thus, the Ld. AO cannot be said to acquire a „legal or a valid

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)

Transfer pricing 1,31,76,48,381 1,26,51,38,000 adjustment Total (A) CT adjustment 1. Disallowance of 48,57,29,824 41,00,49,931 Ld.DRP relied on its convention expenses earlier year directions and held that the convention expenses incurred are in violation of MCI regulations. AO reduced convention expenses by 8.92% while passing the final

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

LARSEN & TOUBRO LTD,MUMBAI vs. DCIT RG 2(2), MUMBAI

Transfer pricing addition of INR 4,11,67,000/- (viii) Disallowance of deduction under Section 80HHC of the Act to the extent of INR 1,82,45,413/- [INR 3,94,71,017/- Less INR 2,12,25,604/-] (ix) Disallowance of deduction under Section 80HHE of the Act to the extent

GAMMON INDIA LTD,MUMBAI vs. DCIT, CC- 7(2)., MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Rahul Chaudhary, Hon'Blem/S. Gammon India Ltd V. Dcit-Central Circle 7(2) 3Rd Floor, Plot No. 3/8 Room No. 655, 6Th Floor Hamilton House, J.N. Heredia Marg Aayakar Bhavan Ballard Estate, Mumbai- 400038 M.K. Road, Mumbai- 400020 Pan: Aaacg3821A (Appellant) (Respondent) Dcit, Central Circle 7(2) V. M/S. Gammon India Ltd Room No. 655, 6Th Floor 1, Gammon House Aayakar Bhavan, M.K. Road Veer Savarkar Marg Mumbai- 400020 Prabhadevi, Mumbai - 400025 Pan: Aaacg3821A (Appellant) (Respondent)

transfer pricing order under section 92CA(3) of the Act, there remains no variation arising as a consequence thereto and the case of the assessee, being an Indian company, falls outside the definition of ‘eligible assessee’ as defined under section 144C(15)(b) of the Act. Thus, the Ld. AO cannot be said to acquire a ‘legal or a valid

DCIT CC 7(2), MUMBAI vs. M/S GAMMON INDIA LTD., MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Rahul Chaudhary, Hon'Blem/S. Gammon India Ltd V. Dcit-Central Circle 7(2) 3Rd Floor, Plot No. 3/8 Room No. 655, 6Th Floor Hamilton House, J.N. Heredia Marg Aayakar Bhavan Ballard Estate, Mumbai- 400038 M.K. Road, Mumbai- 400020 Pan: Aaacg3821A (Appellant) (Respondent) Dcit, Central Circle 7(2) V. M/S. Gammon India Ltd Room No. 655, 6Th Floor 1, Gammon House Aayakar Bhavan, M.K. Road Veer Savarkar Marg Mumbai- 400020 Prabhadevi, Mumbai - 400025 Pan: Aaacg3821A (Appellant) (Respondent)

transfer pricing order under section 92CA(3) of the Act, there remains no variation arising as a consequence thereto and the case of the assessee, being an Indian company, falls outside the definition of ‘eligible assessee’ as defined under section 144C(15)(b) of the Act. Thus, the Ld. AO cannot be said to acquire a ‘legal or a valid

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

Transfer of Undertakings) Act, 1970 and therefore, provisions of section 115- JB of the Act cannot be applied and consequently, tax on book profit (MAT) are not applicable to such banks. Therefore, respectfully following the decision of the Special Bench of the Tribunal (cited supra), Ground No.6, raised in assessee’s appeal, is allowed. 42. In view of our finding

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

Transfer of Undertakings) Act, 1970 and therefore, provisions of section 115- JB of the Act cannot be applied and consequently, tax on book profit (MAT) are not applicable to such banks. Therefore, respectfully following the decision of the Special Bench of the Tribunal (cited supra), Ground No.6, raised in assessee’s appeal, is allowed. 42. In view of our finding

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

In the result, appeal by assessee is allowed

41 to 42: Disallowance of Repairs & Maintenance expenditure 12 Ground No. 43 to 45: Disallowance of Repairs & Maintenance expenditure 10. The Revenue Department has also filed an appeal against the final assessment vide ITA No. 3016/Mum/2016 and the grounds of appeal are as under:- Sr. Particulars No. TRANSFER PRICING GROUNDS 1 Ground No. 1: Rejection of comparables Le, Jalan Agencies

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

In the result, appeal by assessee is allowed

41 to 42: Disallowance of Repairs & Maintenance expenditure 12 Ground No. 43 to 45: Disallowance of Repairs & Maintenance expenditure 10. The Revenue Department has also filed an appeal against the final assessment vide ITA No. 3016/Mum/2016 and the grounds of appeal are as under:- Sr. Particulars No. TRANSFER PRICING GROUNDS 1 Ground No. 1: Rejection of comparables Le, Jalan Agencies

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)

1) proposing, inter-alia, the above Transfer Pricing Addition. Since the Assessee preferred not to file any objections before the Dispute Resolution Panel, the Assessing Officer passed the Assessment Order, dated 20/04/2016 under Section 143(3) read with Section 144C(3) of the Act. After making the aforesaid Transfer Pricing Addition the Assessing Officer assessed total loss for the Assessment

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)

1) proposing, inter-alia, the above Transfer Pricing Addition. Since the Assessee preferred not to file any objections before the Dispute Resolution Panel, the Assessing Officer passed the Assessment Order, dated 20/04/2016 under Section 143(3) read with Section 144C(3) of the Act. After making the aforesaid Transfer Pricing Addition the Assessing Officer assessed total loss for the Assessment

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

41,977/-. 3.1. The case of the Assessee was selected for regular scrutiny assessment. During the assessment proceedings, the Assessing Officer noted that the Assessee had entered into international transactions with Associated Enterprises (AEs) and therefore, made a reference to the Transfer Pricing Officer (TPO) for computation of Arm’s Length Price (ALP) under Section 92CA(1

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

41,977/-. 3.1. The case of the Assessee was selected for regular scrutiny assessment. During the assessment proceedings, the Assessing Officer noted that the Assessee had entered into international transactions with Associated Enterprises (AEs) and therefore, made a reference to the Transfer Pricing Officer (TPO) for computation of Arm’s Length Price (ALP) under Section 92CA(1

ASSISTANT COMMISSIONER OF INCOME TAX 4(3)(1), MUMBAI vs. M/S.TAURIAN IRON AND STEEL COMPANY PRIVATE LIMITED , MUMBAI

In the result, appeal of the Revenue is dismissed

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

transfer pricing adjustment towards notional interest of advances to AE for Rs.4,70,784/-. The Assessing Officer, besides TP adjustments, also made the following additions:- 1) Rent payable u/s 41(1) Rs. 1,79,33,604/- 2) Unexplained purchases Rs. 1,20,000/- 3) Disallowance of depreciation on car Rs. 22,34,428/- 4) Disallowance under section

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

In the result, appeals of both, revenue and assessee are partly allowed for all the three assessment years

Bench: Shri Pawan Singh & Shri Girish Agrawal

41,659 TNMM consultancy services 2. Availing of Services 1514,04,98,922 TNMM 3. Interest received on 5,65,486 Other method amount of loan outstanding 4. Guarantee fees 30,42,30,780 Other method 4.1. Reference u/s. 92CA(1) was made to ld. Transfer Pricing Officer (TPO) for computing the Arm’s Length Price (ALP) in respect

BANK OF INDIA,MUMBAI vs. THE NATIONAL FACELESS ASSESSMENT CENTRE, MUMBAI

price which is one of the two recognized methods of\nvaluation of the closing stock.\n7.5 It cannot be the effect of the RBI guidelines that the total income for the\npurpose of Income Tax has to be computed in accordance with the enjoinment\nof these guidelines. These are only meant as guiding factors to determine the\ncommercial profit