CUMMINS INDIA LIMITED,,PUNE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 1(1),, PUNE

In the result, appeal of the assessee bearing ITA No

Pricing Officer (TPO). On due consideration of\nsubmissions filed by the assessee, Ld.TPO vide order dated\n29/07/2021 passed an order u/s.92CA(3) of the Act\n\nproposing TP adjustment of Rs.12,70,86,646/-. Ld.AO along\nwith TP adjustments also, proposed various other additions\namounting to Rs.68,14,79,984/- and passed a draft\nassessment order u/s.143(3) r.w.s.144C(1

QUBIX BUSINESS PARK PRIVATE LIMITED,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-8, PUNE, PUNE

In the result, Ground No.2 of the assessee is allowed for statistical purpose

Bench: DR.DIPAK P. RIPOTE (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)

transfer pricing adjustments ought not be made to the computation of book profits under section 115JB of the Act. 7. Non grant of deduction under section 80-IAB on income from other sources and capital gains earned during the subject year The Hon’ble. DRP / NFAC / Ld.AO has erred in not granting a deduction under section

KRISH WINES,JALGAON vs. ACIT CIRCLE 1,, JALGAON

In the result, the appeal filed by the assessee is dismissed

transferred from the ITO, Ward\n2(2), Jalgaon to DCIT, Circle – 2, Jalgaon (now Circle – 1, Jalgaon) on 08.04.2019\nas per jurisdiction. Notice u/s 142(1) of the Act on 20.05.2019 along with\nquestionnaire asking the assessee to file certain details regarding the scrutiny\nassessment.\nSecond notice u/s 142(1) of the Act was issued on 31.10.2019\nrequesting the assessee

DIMPLE RAJESH OSWAL,PUNE vs. INCOME TAX OFFICER WARD 5(1), PUNE

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

Bench: Shri R. K. Pandaassessment Year : 2016-17

transfer of such immovable property. 4.4 This section came into the effect om 01.04.2014 as per the finance act 2013. Therefore the section raised by the appellant that section 56(2)(vii)(b) is not attracted in her case, is hereby ejected. Therefore, I am of the considered view that the AO has rightly added difference in the computation

REXEL INDIA PRIVATE LIMITED,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX, PUNE

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

56,81,346/- He submitted that\nsuch excess consideration paid by the assessee represents cost incurred\nby it towards acquisition of Goodwill as defined u/s 43(1) of the Act.\n6.1\nReferring to page Nos.216 to 226 of the Paper Book containing the\nvaluation report prepared by Deloitte India LLP whereinthe fair equity\nshare exchange ratio for the purpose

DCIT, CIRCLE-8, PUNE vs. MAHLE ANAND THERMAL SYSTEMS PVT. LTD., PUNE

Transfer Pricing Officer (TPO) for determining the arm's length price (ALP) of the international transactions. The TPO accepted the transaction of Payment of R&D expenses at ALP. In the computation of total income, the assessee had claimed weighted deduction u/s.35(2AB) of the Act amounting to Rs.26,73,42,263/- on Research and development expenses. The assessee

ACIT, CENTRAL CIRCLE-1, NASHIK, NASHIK vs. RAJENDRA RASIKLAL SHAH, NASHIK

In the result, the appeal of the Revenue is dismissed

section 56(2)(vii)(b). The impugned price was fixed in F.Y. 2015-16 as per the registered sale deed and hence, the value of the property for stamp duty purpose is to be considered on the date of registering the agreement.\n6.6 In this regard, it is noticed that, the impugned consideration fixed

DCIT CIRCLE 8 , PUNE vs. MAHLE ANAND THERMAL SYSTEMS PVT. LTD, PUNE

In the result, the appeal and the CO filed by the assessee are partly allowed and the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2014-15

Transfer Pricing Officer (TPO) for determining the arm’s length price (ALP) of the international transactions. The TPO accepted the transaction of Payment of R&D expenses at ALP. In the computation of total income, the assessee had claimed weighted deduction u/s.35(2AB) of the Act amounting to Rs.26,73,42,263/- on Research and development expenses. The assessee

DCIT,CIRCLE-8 , PUNE vs. MAHALE ANAND THERMAL SYSTEMS PVT. LTD. , PUNE

In the result, the appeal and the CO filed by the assessee are partly allowed and the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2014-15

Transfer Pricing Officer (TPO) for determining the arm’s length price (ALP) of the international transactions. The TPO accepted the transaction of Payment of R&D expenses at ALP. In the computation of total income, the assessee had claimed weighted deduction u/s.35(2AB) of the Act amounting to Rs.26,73,42,263/- on Research and development expenses. The assessee

MAHLE ANAND THERMAL SYSTEMS PRIVATE LIMITED,PUNE vs. DY COMMISSIONER OF INCOME TAX, PUNE

In the result, the appeal and the CO filed by the assessee are partly allowed and the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2014-15

Transfer Pricing Officer (TPO) for determining the arm’s length price (ALP) of the international transactions. The TPO accepted the transaction of Payment of R&D expenses at ALP. In the computation of total income, the assessee had claimed weighted deduction u/s.35(2AB) of the Act amounting to Rs.26,73,42,263/- on Research and development expenses. The assessee

M/S PERSISTENT SYSTEMS LIMITED,PUNE vs. ASSESSMENT UNIT, INCOME-TAX DEPARTMENT, PUNE

In the result, appeal of the Assessee is Partly Allowed

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकरअपीलसं. / Ita No.692/Pun/2022 िनधा"रणवष" / Assessment Year : 2018-19 M/S.Persistent Systems Assessment Unit, Income Limited, V Tax Department. “Bhageerath” 402, Senapati S Bapat Road, Pune – 411016. Pan: Aabcp 1209 Q Appellant/ Assessee Respondent /Revenue Assessee By Shri Dhanesh Bafna& Shriaditya Vaidya– Ar’S Revenue By Shri Suhas Kulkarni - Irs Addl Commissioner Of Income Tax Date Of Hearing 26/09/2023 Date Of Pronouncement 02/11/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By The Assessee Is Directed Against The Assessment Order, Dated 20.07.2022 Under Section 143(3) R.W.S. 144C(13) Read With Section 144B Of The Income Tax Act, 1961 For A.Y.2018-19. The Assessee Has Raised The Following Grounds Of Appeal: “Ground 1: Order Is Invalid / Non Est  On The Facts & In The Circumstances Of The Case & In Law, The Assessment Unit (‘Au’) Has Erred In Passing The Draft Assessment M/S.Persistent Systems Limited [A]

56,793,750 RPM Maintenance services in relation to sublicensing 4 Onsite software development 1,719,812,996 TNMM services availed from AEs 5 Commission received for Sales and 18,077,794 CUP Marketing Services 6 Commission paid for Sales and 604,009,635 TNMM Marketing Services 7 Offshore Software Development 3,033,905,444 TNMM Revenue received

M/S. CLASSIC CITI INVESTMENTS PRIVATE LIMITED,PUNE vs. THE INCOME TAX OFFICER, WARD-1(2), PUNE

In the result, the appeal for the A

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury

transfer of 34000 Equity shares at value of Rs.11,764.70 per share. The assessee submitted valuation report in respect of Equity shares to Diana having the fair market of shares at Rs.11,680.00 per share under Discounted Cash Flow (DCF) method. The AO held that the shares acquired by the assessee from ABIL were undervalued at Rs.11,764.70 per share

M/S. CLASSIC CITI INVESTMENTS PRIVATE LIMITED,PUNE vs. THE INCOME TAX OFFICER, WARD-1(2), PUNE

In the result, the appeal for the A

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury

transfer of 34000 Equity shares at value of Rs.11,764.70 per share. The assessee submitted valuation report in respect of Equity shares to Diana having the fair market of shares at Rs.11,680.00 per share under Discounted Cash Flow (DCF) method. The AO held that the shares acquired by the assessee from ABIL were undervalued at Rs.11,764.70 per share

CUMMINS GENERATOR TECHNOLOGIES INDIA PRIVATE LIMITED,PUNE vs. THE ASSESSMENT UNIT, INCOME TAX DEPARTMENT, NFAC AND THE ACIT, CIRCLE 1(1), PUNE, PUNE

In the result, appeal of the assessee is partly allowed

Bench: Dr.Dipak P. Ripote & Shri Vinay Bhamoreआयकर अपीलसं. / Ita No.1641/Pun/2024 िनधा"रण वष" / Assessment Year: 2020-21 Cummins Generator V The Assessment Unit, Technologies India Pvt. Ltd., S Income Tax Department, Tower A, 6Th Floor, Cummins Nfac & The Acit, India Offie Campus, Balewadi, Circle-1(1), Pune. Pune – 411045. Pan: Aabcc1533E Appellant/ Assessee Respondent / Revenue Assessee By Shri Ketan Ved – Ar Revenue By Shir Prakash L Pathade – Cit(Dr) Date Of Hearing 05/12/2024 Date Of Pronouncement 19/12/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Order Of Assessing Officer Passed Under Section 143(3) R.W.S. 144C(13) Read With Section 144B Of The Income Tax Act, 1961 Dated 07.06.2024; To Give Effect To The Order Of Dispute Resolution Panel Dated 18.05.2024. The Grounds Of Appeal Raised By The Assessee Are As Under : “1. Ground For Not Following The Directions Of The Hon'Ble Dispute Resolution Panel (Hereinafter Referred To As "Drp")

1), Pune passed an order under section 92CA(3) of the Act on 29.07.2023. The assessee aggrieved by the order of Transfer Pricing Officer preferred an appeal before Dispute Resolution Panel. Dispute Resolution Panel decided the objections raised by assessee vide order dated 18.05.2024. Then the Assessing Officer passed an order under section 143(3) r.w.s. 144C(13) r.w.s. 144B

M/S. BILCARE LIMITED,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), PUNE

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.273/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 Dcit, Central Circle-2(2), Vs. M/S. Bilcare Limited, Pune. 601, Icc Trade Tower, Pune- 411016. Pan : Aabcb2242F Appellant Respondent आयकर अपीऱ सं. / Ita No.334/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 M/S. Bilcare Limited, Vs. Dcit, Central Circle- 6Th Floor, B Wing, Icc 2(2), Pune. Trade Tower, Senapati Bapat Road, Pune- 411006. Pan : Aabcb2242F Appellant Respondent

section 80 of the Act. In other C.O. No.14/PUN/2021 words, where a return of income was filed within due date prescribed u/s 139(1) showing positive income, loss determined by the Assessing Officer during the course of assessment proceedings on assessment in the assessment order can be carried forward and set off against the subsequent profits. 56. In the light

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), PUNE vs. M/S. BILCARE LIMITED, PUNE

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.273/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 Dcit, Central Circle-2(2), Vs. M/S. Bilcare Limited, Pune. 601, Icc Trade Tower, Pune- 411016. Pan : Aabcb2242F Appellant Respondent आयकर अपीऱ सं. / Ita No.334/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 M/S. Bilcare Limited, Vs. Dcit, Central Circle- 6Th Floor, B Wing, Icc 2(2), Pune. Trade Tower, Senapati Bapat Road, Pune- 411006. Pan : Aabcb2242F Appellant Respondent

section 80 of the Act. In other C.O. No.14/PUN/2021 words, where a return of income was filed within due date prescribed u/s 139(1) showing positive income, loss determined by the Assessing Officer during the course of assessment proceedings on assessment in the assessment order can be carried forward and set off against the subsequent profits. 56. In the light

PIAGGIO VEHICLES PVT LTD ,PUNE vs. ACIT, CIRCLE 4, PUNE, PUNE

In the result, the appeal of the assessee is dismissed

Bench: Ms. Astha Chandra & Shree Dr. Dipak P. Ripote

transfer pricing adjustment of Rs.7,36,97,574/- which were allowed by the Ld. CIT(A) relying on his decision in preceding AY 2015-16 in assessee’s own case involving the identical issues in respect of export of parts and component-service spares and export of parts and components – global sourcing and payment of corporate guarantee fees. Before

MAHLE BEHR INDIA PVT. LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,, PUNE

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

Transfer Pricing\nOfficer (TPO) for determining the arm's length price (ALP) of the international\ntransactions. The TPO accepted the transaction of Payment of R&D expenses at\nALP. In the computation of total income, the assessee had claimed weighted\ndeduction u/s.35(2AB) of the Act amounting to Rs.26,73,42,263/- on Research and\ndevelopment expenses. The assessee

M/S ACCORD MEDIPLUS PVT LTD,PUNE vs. INCOME TAX OFFICER, WARD-1(1), PUNE, PUNE

section 56(2)(vib) of the Act, to the\nparliament, special mention was made by the Honorable FM in\nrespect of closely held companies as well as taxing share premium in\nexcess of FMV. The FMV in instant case which is being projected is\nhighly doubtful, in view of the facts below:\n(i) Assessee does not own any land