Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


ACIT v. Hyundai Construction Equipment India Pvt. Ltd. (2021) 62 CCH 181 / 213 TTJ 203 (Pune)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Where extraordinary financial event of amalgamation happened in the preceding year and got recorded in books of accounts of the preceding year itself, company cannot be removed from list of comparables for current year on this sole reason, if it is otherwise functionally similar-Inclusion of a government company as comparable by the TPO rejected. [R. 10B]

Tasty Bitte Eatables Ltd. v. ACIT (2021) 214 TTJ 643 (Pune)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Comprables-Exclusion of company from the comparable is set aside-Amount of export incentives is liable to be considered as part of operating revenue-Transfer pricing adjustment is to be restricted only to the extent of international transactions-TPO is directed to grant working capital adjustment as per the methodology suggested by DRP. [S. 144C]

Mubea Automotive Components India (P) Ltd. v. Dy. CIT (2021) 214 TTJ 1047 / 63 CCH 501 / 208 DTR 217 (Pune)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-CUP method is not the most appropriate method in the facts of the case-Assessing Officer is directed to determine ALP under the TNMM but restricting the amount of adjustment only to the International Transactions. [R. 10B]

Jayant Agro Organics Ltd. v. Addl. CIT 214 TTJ 368 (Mum.)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Cup method-Rate at which the distribution company sells the electricity to the customers has to be adopted the transactions relating to transfer of electricity to other units-Purchase made from AE are at arm’s length price and non AE transactions are considered under CUP method.

Dow Agrosciences India (P) Ltd. v. ACIT (2021) 214 TTJ 1064 / 126 taxmann.com 240/(2022) 214 DTR 291 (Mum.)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Royalty-Net margin is higher than the margin of the comparables, addition was deleted-It is not obligatory for the assessee to demonstrate as to whether or not the international transaction has resulted into economic benefit. [S. 92BF(ii)]

Bank of India v. ACIT (2021) 209 TTJ 301 / 197 DTR 134 (Mum.)(Trib.)

S. 90 : Double taxation relief-Tax credit-Assessing Officer will examine the provisions of the respective tax treaty and compute thee admissible tax credit separately for each jurisdiction-Matter remanded. [S. 37(1), 90(3), 280Z, A297(2)(k), General Clauses Act, S 24]

Shri Shankarling Co-Operative Credit Souharda Sahakari Niyamit v. ITO (2021) 91 ITR 57. (SN) (Bang.)(Trib.)

S. 80P : Co-operative societies-Interest and dividend income-Directed the Assessing Officer to consider de novo and to verify whether assessee had deducted tax at source on interest payment to non-members exceeding Rs. 10,000 per annum. [S. 80P(2)(a)(i), 80P(4)]

ITO v. Pavagada Souharda Multi Purpose Co-Operative Ltd. (2021) 91 ITR 16 (SN) (Bang.)(Trib.)

S. 80P : Co-operative societies-Souhardasahakari Registered Under Karnataka Souharda Co-Operative Act, 1997-Eligible For Deduction [S. 2(19), 80P(2)(a)(i)]

ITO v. Pavagada Souharda Multi Purpose Co-Operative Ltd. (2021) 91 ITR 16 (SN) (Bang.)(Trib.)

S. 80P : Co-operative societies-Souhardasahakari Registered Under Karnataka Souharda Co-Operative Act, 1997-Eligible For Deduction [S. 2(19), 80P(2)(a)(i)]

Shree Datta Prasad Sahakari Patsanstha Ltd. v. ITO (2021) 213 TTJ 617 / 205 DTR 337 / (2022) 193 ITD 285 (Mum.)(Trib.)

S. 80P : Co-operative societies-Return filed in the status of firm-Rectification application moved to change the status as an AOP and for allowing the claim u/s. 80P of the Act-Conditions of section 80A(5) is not satisfied-Denial of deduction is valid. [S. 80A(5), 80P(2)(a)(i), 143(1), 154]