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

In the result, appeals of both, revenue and assessee are partly\nallowed for all the three

section 80HHC /80HHE etc. there is\nspecific provision to exclude from the \"Profit of the Business\", the other\nincome such as commission, brokerage, interest, rent etc. However,\nthere is no specific exclusion while computing deduction under section\n10A/10AA/10B of the Act. Therefore, in view of the aforesaid provisions,\nit is clear that, what is exempted is not merely the profits

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 has made an adjustment of ₹ 197,951,187 and the assessee has not shown the same as international transaction, the learned dispute resolution panel held that the arm‟s-length price of the performance guarantee should be taken at 1% of the amount of guarantee. Accordingly, the objections of the assessee were disposed of. 018. Based

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 has made an adjustment of ₹ 197,951,187 and the assessee has not shown the same as international transaction, the learned dispute resolution panel held that the arm‟s-length price of the performance guarantee should be taken at 1% of the amount of guarantee. Accordingly, the objections of the assessee were disposed of. 018. Based

DCIT, CIRCLE 3 4, MUMBAI, MUMBAI vs. TATA CONSULTANCY SERVICES LIMITED, MUMBAI

In the result, appeals of both, revenue and assessee are partly\nallowed for all the three

Section 40(a)(ia) of the Act both under normal provisions of the Act\nas well as under the computation of book profits u/s.115JB of the Act. We find\nthat the Id. CIT(A) had deleted the said disallowance by observing as under:-\n\"This is a matter arising for the first time in the case of assessee

DEPUTY CIT-5(1)(1), MUMBAI, MUMBAI vs. M/S ESSAR SHIPPING LIMITED , MUMBAI

In the result, the appeal filed by the revenue stands dismissed

Bench: Shri Amit Shukla, Jm & Shri M Balaganesh, Am आयकरअपीलसं./ I.T.A. No. 821/Mum/2022 (निर्धारणवर्ा / Assessment Year: 2015-16) M/S Essar Shipping Dy. Cit-Circle – 5(3)(1), Limited R. No. 568, Aayakar बिधम/ Essar House, 11, K K Bhavan, M. K. Road, Vs. Marg, Mahalaxmi, Mumbai-400 020 Mumbai-400 034 स्थायीलेखासं./जीआइआरसं./ Pan No. Aacce3707D (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Shri Prakash R. Mane, Ld. Dr प्रत्यथीकीओरसे/Respondent By : Shri Manoj Patwari/ Shri Rishav Patwari, Ld. Ars सुनवाईकीतारीख/ : 18.08.2022 Date Of Hearing घोषणाकीतारीख / : 14.11.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeal Has Been Filed By The Revenue Against Impugned Order Dated 28.02.2022, Passed By Ld. Cit (Appeals)-56, Mumbai For The Quantum Of Assessment Passed U/S 143(3) R.W.S.

transfer pricing provisions envisage computation of income from specified international transactions of receipt or expenditure, of course with reference to the stated price of such transactions. This is completely in contrast to Chapter-XII G, where the stated price of the transaction has no relevance to the computation of income of qualifying ships, which is based on the weight

M/S ESSAR SHIPPING LTD ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 5(1)(1) , MUMBAI

In the result, ground no. 5 raised by the assessee is dismissed

transfer pricing, where\nthe said price of any transaction cannot be applied to while computing income of\nqualifying ships which are merely based on the weight of the ship and the number of\ndays it has been held for which Arm's Length Price has no relevance. It further held\nthat the provisions of Section 115VA overrides Section

M/S. VAN-OORD INDIA PVT. LTD,MUMBAI vs. ACIT CIR 5(3) (2) , MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri Amit Shukla & Shri Gagan Goyalm/S. Van Oord India Pvt. Ltd. 201, 2Nd Floor, Central Plaza, 166 Cst Road, Kalina, Raheja Towers, Opp. Sidbi, Mumbai-400 098 Pan: Aaach5430J ..... Appellant Vs. Acit Circle 5(3) (2) Aayakar Bhavan, M. K. Road, Mumbai- 400 020 ..... Respondent & Acit Circle 5(3) (2) Aayakar Bhavan, M. K. Road, Mumbai- 400 020 ...... Appellant Vs.

transfer pricing provisions envisage computation of income from specified international transactions of receipt or expenditure, of-course with reference to the stated price of such transactions. This is completely in contrast to Chapter-XII-G, where the stated price of the transaction has no relevance to the computation of income of qualifying ships, which is based on the weight

THE GREAT EASTERN SHIPPING CO.,MUMBAI vs. ADDL.C.I.T. RG.5(3), MUMBAI

In the result, appeal by assessee is partly allowed in the terms aforesaid

TRANSFER PRICING ISSUES(T.P ISSUES): (i) Ground No.15 : General (ii) Ground No.16 to 18: T.P adjustment on interest on foreign currency loans to Associated Enterprises. (iii) Ground NO.19 to 21: T.P adjustment in respect of performance guarantee given on behalf of the Associated Enterprises. (iv) Ground No.22 to 24: T.P. Adjustment in respect of financial guarantee given on behalf

ACIT - 3(4), MUMBAI vs. THE SHIPPING CORPORATION OF INDIA LTD., MUMBAI

In the result, the appeal of the assessee is partly allowed and the\nappeal of the revenue is dismissed

43C, in the case of a company, the income from the business of\noperating qualifying ships, may, at its option, be computed in accordance\nwith the provisions of this Chapter and such income shall be deemed to\nbe the profits and gains of such business chargeable to tax under the\nhead “Profits and gains of business or profession

SHIPPING CORPORATION OF INDIA LTD.,MUMBAI vs. DCIT (LTU)-CIRCLE, MUMBAI

In the result, the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2014-15 The Shipping Corporation Of India Deputy Commissioner Of Limited, Income Tax (L.T.U.)-Circle-2, 245, Shipping House, Madam Cama Vs. 29Th Floor, Centre-2, World Road, Nariman Point, Trade Centre, Cuffe Parade, Mumbai-400021. Mumbai-400006. Pan No. Aaact 1524 F Appellant Respondent

43C of the Act i.e. profit and gains of business or profession. In section 115V-I of the Act, income from operation of the qualified ships is defined as ‘relevant shipping income’, which consists of profit from ‘core activities’ and profit from ‘incidental activities’. The profit from incidental activities in excess of 0.25% turnover from core activities has been excluded

KOTAK MAHINDRA BANK LIMITED,MUMBAI vs. DCIT-3(2)(2), ASSESSMENT UNIT, INCOME TAX DEPT, MUMBAI

In the result, appeal of the Revenue is dismissed

43C(6)(c)\napply where the capital assets enters a block of asset as in case of the\nassessee. Thus, as per the section what is required to be reduced is money\npayable in respect of asset sold, discarded, demolished and\ndestroyed.There is no provisions in section 43(6) to state that if value as\nperstamp duty is higher than

DCIT-2(3)(1), MUMBAI vs. KOTAK MAHINDRA BANK LTD, MUMBAI

43C(6)(c)\napply where the capital assets enters a block of asset as in case of the\nassessee. Thus, as per the section what is required to be reduced is money\nPage 11\nITA No. 3754/Mum/2023& ITA No. 4103/Mum/2023\nA.Y. 2019-20\nKotak Mahindra Bank Limited\npayable in respect of asset sold, discarded, demolished and\ndestroyed.There is no provisions