THE ITO, (INTERNATIONAL TAXATION),, SURAT vs. MICRO INKS LIMITED,, VAPI

In the result, appeal of the assessee is allowed

Bench: Shri Sandeep Gosain, Hon'Ble & Shri O.P.Meena, Hon'Bleआ.अ.सं./I.T.A No.2375/Ahd/2014 "नधा"रण वष"/Assessment Year: 2012-13 The Income Tax Officer, V Micro Inks Limited, (International Taxation), Surat. S. Bilakhia House, Muktanand Marg, Chala, Vapi – 396 191. [Pan: Aaach 7063 F] अपीलाथ" / Appellant ""यथ"/Respondent आ.अ.सं./I.T.A No.2707/Ahd/2014 "नधा"रण वष"/Assessment Year: 2012-13 Micro Inks Limited, V The Income Tax Officer, Bilakhia House, Muktanand S. (International Taxation), Marg, Chala, Vapi – 396 191. Surat. [Pan: Aaach 7063 F] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Gopala Krishnan – Ca राज"वक"ओरसे /Revenue By Mrs. Anupam Singla – Sr.Dr सुनवाईकीतारीख/ Date Of Hearing: 06.02.2020 उ"घोषणाक"तार"ख/Pronouncement On: 14.02.2020

Pricing requirement, the Appellant company reimbursed the actual cost of such data usage without any additional mark up. In this manner it was submitted that the non-resident company has not earned any income by virtue of this reimbursement of expenses. 8.3 The Learned Assessing Officer has relied upon the decision of Honorable Madras High Court in the case

BHARUCH DISTRICT CENTRAL CO.-OP. BANK LTD.,,BHARUCH vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX, BHAURCH RANGE,, BHARUCH

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

9,345,000 2028 Total(Rs) 504,960,000 4,960,000 500,000,000 446,330,000 53,670,000 11. On perusal of the aforesaid details, the Ld. CIT(A) was of the view that premium amount of Rs.49.65 lacs as shown in the column No.4 is not eligible for deduction as the assessee is not claiming premium

THE BHARUCH DIST.CENTRAL CO.OP.BANK LTD.,,BHARUCH vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, BHARUCH

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

9,345,000 2028 Total(Rs) 504,960,000 4,960,000 500,000,000 446,330,000 53,670,000 11. On perusal of the aforesaid details, the Ld. CIT(A) was of the view that premium amount of Rs.49.65 lacs as shown in the column No.4 is not eligible for deduction as the assessee is not claiming premium

BHARUCH DISTRICT CENTRAL CO.-OP. BANK LTD.,,BHARUCH vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX, BHAURCH RANGE,, BHARUCH

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

9,345,000 2028 Total(Rs) 504,960,000 4,960,000 500,000,000 446,330,000 53,670,000 11. On perusal of the aforesaid details, the Ld. CIT(A) was of the view that premium amount of Rs.49.65 lacs as shown in the column No.4 is not eligible for deduction as the assessee is not claiming premium

THE ACIT, CIRCLE-1,, BHARUCH vs. BHARUCH DISTRICT CENTRAL CO. OP. BANK LTD.,, BHARUCH

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

9,345,000 2028 Total(Rs) 504,960,000 4,960,000 500,000,000 446,330,000 53,670,000 11. On perusal of the aforesaid details, the Ld. CIT(A) was of the view that premium amount of Rs.49.65 lacs as shown in the column No.4 is not eligible for deduction as the assessee is not claiming premium

THE BHARUCH DIST.CENTRAL CO.OP.BANK LTD.,,BHARUCH vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, BHARUCH

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

9,345,000 2028 Total(Rs) 504,960,000 4,960,000 500,000,000 446,330,000 53,670,000 11. On perusal of the aforesaid details, the Ld. CIT(A) was of the view that premium amount of Rs.49.65 lacs as shown in the column No.4 is not eligible for deduction as the assessee is not claiming premium

BHARUCH DISTRICT CENTRAL CO.-OP. BANK LTD.,,BHARUCH vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX, BHAURCH RANGE,, BHARUCH

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

9,345,000 2028 Total(Rs) 504,960,000 4,960,000 500,000,000 446,330,000 53,670,000 11. On perusal of the aforesaid details, the Ld. CIT(A) was of the view that premium amount of Rs.49.65 lacs as shown in the column No.4 is not eligible for deduction as the assessee is not claiming premium

THE ACIT, CIRCLE-1,, BHARUCH vs. BHARUCH DISTRICT CENTRAL CO. OP. BANK LTD.,, BHARUCH

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

9,345,000 2028 Total(Rs) 504,960,000 4,960,000 500,000,000 446,330,000 53,670,000 11. On perusal of the aforesaid details, the Ld. CIT(A) was of the view that premium amount of Rs.49.65 lacs as shown in the column No.4 is not eligible for deduction as the assessee is not claiming premium

THE ACIT, CIRCLE-1,, BHARUCH vs. BHARUCH DISTRICT CENTRAL CO. OP. BANK LTD.,, BHARUCH

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

9,345,000 2028 Total(Rs) 504,960,000 4,960,000 500,000,000 446,330,000 53,670,000 11. On perusal of the aforesaid details, the Ld. CIT(A) was of the view that premium amount of Rs.49.65 lacs as shown in the column No.4 is not eligible for deduction as the assessee is not claiming premium

SHREE KHEDUT SAHAKARI KHAND UDYOG MANDLI LTD.,BARDOLI vs. INCOME TAX OFFICER, WARD-1, BARDOLI

Bench: Shri Dinesh Mohan Sinha & Shri Bijyananda Pruseth

9. The Id. AR submitted that the payment of cane price in installments – first, during the harvesting season based on provisional values and subsequently, on crystallization of accounts – is a standard and longstanding industry practice in the cooperative sugar sector throughout India and cannot be interpreted as an after-the-event distribution of surplus. The AR emphasized that the payment

DCIT, CENTRAL CIRCLE-2, SURAT, SURAT vs. DHANPRIYA PRINTS PVT. LTD.,, SURAT

In the result, Ground No. 4 to 6 raised by the Revenue in ITA

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble Accountnat Member (Physical Court Hearing) Sl.

9. In the result, appeal filed by the assessee in ITA No.69/SRT/2021 and IT(SS)A No.70/SRT/2021, are dismissed. The Revenue’s appeal in IT(SS)A No. 75/SRT/2021, IT(SS)A No.76/SRT/2021 and ITA No.52/SRT/2022 are also dismissed. 10. The common ground no.2, raised by the Revenue, is reproduced below for ready reference and adjudication. “2. Common Ground No.2

BETEX INDIA LIMITED,SURAT vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2, SURAT

In the result, Ground No. 4 to 6 raised by the Revenue in ITA

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble Accountnat Member (Physical Court Hearing) Sl.

9. In the result, appeal filed by the assessee in ITA No.69/SRT/2021 and IT(SS)A No.70/SRT/2021, are dismissed. The Revenue’s appeal in IT(SS)A No. 75/SRT/2021, IT(SS)A No.76/SRT/2021 and ITA No.52/SRT/2022 are also dismissed. 10. The common ground no.2, raised by the Revenue, is reproduced below for ready reference and adjudication. “2. Common Ground No.2

DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2, SURAT vs. BETEX INDIA LIMITED, SURAT

In the result, Ground No. 4 to 6 raised by the Revenue in ITA

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble Accountnat Member (Physical Court Hearing) Sl.

9. In the result, appeal filed by the assessee in ITA No.69/SRT/2021 and IT(SS)A No.70/SRT/2021, are dismissed. The Revenue’s appeal in IT(SS)A No. 75/SRT/2021, IT(SS)A No.76/SRT/2021 and ITA No.52/SRT/2022 are also dismissed. 10. The common ground no.2, raised by the Revenue, is reproduced below for ready reference and adjudication. “2. Common Ground No.2

BILAKHIA HOLDING P LTD,VAPI vs. THE ACIT,VAPI CIRCLE, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

Bench: Shri Pawan Singh, Hon'Ble & Dr.Shri Arjun Lal Saini, Hon'Ble(Virtual Hearing) आ.अ.सं./I.T.A’S No.181 & 182/Srt/2017 "नधा"रण वष"/Assessment Years: 2009-10 & 2010-11 Bilakhia Holding P Ltd., Vs The Assistant Bilakhia House, Muktanand Marg, . Commissioner Of Income Chala, Surat – 394 520. Tax, Vapi Circle, Vapi. [Pan: Aadcs 4420 J] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओर से /Assessee By Shri Gopalakrishnan Aiyer – Ar राज"वक"ओर से /Revenue By Smt. Usha Shrote – Sr.Dr सुनवाई की तारीख/ Date Of Hearing: 13.04.2021 उ"घोषणा क" तार"ख/Pronouncement On: 19.05.2021 आदेश /O R D E R Per Dr.Arjun Lal Saini, Accountant Memeber: 1. Captioned Two Appeals Filed By Assessee Pertaining To Assessment Year 2009-10 & 2010-11, Are Directed Against The Separate Orders Passed By The Ld.Cit(A), Which In Turn Arise Out Of Separate Orders Passed By The Assessing Officer Under Section 271(1)(C) Of The Income Tax Act, 1961 (Here In After Referred To As The ‘Act’).

v. ACIT [(2014) 34 ITR (Tri) 429 Hyd.] , which refer to the concept of 'quasi capital' but none of these decisions throws any light on what constitutes 'quasi capital' in the context of transfer pricing and its relevance in ascertainment of the arm's length price of a transaction. Lest we may also end up contributing

BILAKHIA HOLDING P LTD,VAPI vs. THE ACIT,VAPI CIRCLE, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

Bench: Shri Pawan Singh, Hon'Ble & Dr.Shri Arjun Lal Saini, Hon'Ble(Virtual Hearing) आ.अ.सं./I.T.A’S No.181 & 182/Srt/2017 "नधा"रण वष"/Assessment Years: 2009-10 & 2010-11 Bilakhia Holding P Ltd., Vs The Assistant Bilakhia House, Muktanand Marg, . Commissioner Of Income Chala, Surat – 394 520. Tax, Vapi Circle, Vapi. [Pan: Aadcs 4420 J] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओर से /Assessee By Shri Gopalakrishnan Aiyer – Ar राज"वक"ओर से /Revenue By Smt. Usha Shrote – Sr.Dr सुनवाई की तारीख/ Date Of Hearing: 13.04.2021 उ"घोषणा क" तार"ख/Pronouncement On: 19.05.2021 आदेश /O R D E R Per Dr.Arjun Lal Saini, Accountant Memeber: 1. Captioned Two Appeals Filed By Assessee Pertaining To Assessment Year 2009-10 & 2010-11, Are Directed Against The Separate Orders Passed By The Ld.Cit(A), Which In Turn Arise Out Of Separate Orders Passed By The Assessing Officer Under Section 271(1)(C) Of The Income Tax Act, 1961 (Here In After Referred To As The ‘Act’).

v. ACIT [(2014) 34 ITR (Tri) 429 Hyd.] , which refer to the concept of 'quasi capital' but none of these decisions throws any light on what constitutes 'quasi capital' in the context of transfer pricing and its relevance in ascertainment of the arm's length price of a transaction. Lest we may also end up contributing

BILAKHIA HOLDINGS PVT. LTD.,,VAPI vs. THE ADDL.CIT.,VAPI RANGE,, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

transfer pricing regulations, cannot be compared with a transaction which is something materially different than a loan simplictor, for example, a non- refundable loan which is to be converted into equity. It is in this context that the loans, which are in the nature of quasi capital, are treated differently than the normal loan transactions. 9. The expression 'quasi capital

BILAKHIA HOLDINGS PVT. LTD.,VAPI vs. THE ACIT.,VAPI CIRCLE, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

transfer pricing regulations, cannot be compared with a transaction which is something materially different than a loan simplictor, for example, a non- refundable loan which is to be converted into equity. It is in this context that the loans, which are in the nature of quasi capital, are treated differently than the normal loan transactions. 9. The expression 'quasi capital

BILAKHIA HOLDINGS PVT. LTD.,,VAPI vs. THE JT.CIT.,VAPI RANGE,, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

transfer pricing regulations, cannot be compared with a transaction which is something materially different than a loan simplictor, for example, a non- refundable loan which is to be converted into equity. It is in this context that the loans, which are in the nature of quasi capital, are treated differently than the normal loan transactions. 9. The expression 'quasi capital

BILAKHIA HOLDING P LTD,VAPI vs. THE JT.CIT.,VAPI RANGE,, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

transfer pricing regulations, cannot be compared with a transaction which is something materially different than a loan simplictor, for example, a non- refundable loan which is to be converted into equity. It is in this context that the loans, which are in the nature of quasi capital, are treated differently than the normal loan transactions. 9. The expression 'quasi capital