S. 92C : Transfer pricing-Arm’s length price-Manufacturing and trading of light commercial air-conditioning systems-Methods-Transactional Net Margin Method (TNMM)-Other method-MAM-Rule of consistency was followed-Directed to other method.
Carrier Midea India (P.) Ltd. v. DCIT (2021) 191 ITD 286 (Delhi)(Trib.)
Digest of case laws
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This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S. 92C : Transfer pricing-Arm’s length price-Comparable-Turnover filter-Having small turnover-Cannot be compared with giant companies having huge turnover-Matter remanded.
Kumaran Systems (P.) Ltd. v. DCIT (2021) 191 ITD 514 (Chennai) (Trib.)S. 70 : Set off of loss-One source against income from another source-Same head of income-Long term capital loss-Non-Resident-ownership of shares was transferred-consideration was paid and transaction was complete-Benefit of long-term capital loss set-off cannot be denied. [S. 45]
Michael E Desa v. ITO(IT) (2021) 191 ITD 691 / 206 DTR 114 / 213 TTJ 753 (Mum.)(Trib.)S. 69A : Unexplained money-Search and Seizure-Jewellery seized-Below limit prescribed by CBDT Circular No 1916, dt. 11-5-1994-Addition was deleted. [S. 132]
Ankit Manubhai Kachadiya v. DCIT (2021) 191 ITD 618 (Surat) (Trib.)S. 68 : Cash credits-Non-Resident-Remittance from abroad-Money brought in India for investment-Addition cannot be made as cash credits. [S. 5]
Iqbal Ismail Virani v. ITO (IT) (2021) 191 ITD 316 / 87 ITR 654 / 211 TTJ 913 / 204 DTR 354 (Panaji)(Trib.)S. 68 : Cash credits-Share application and share premium-Received earlier year-Addition cannot be made in the current financial year.
Geeri Fashion (P.) Ltd. v. ITO (2021) 191 ITD 155 (Surat)(Trib.)S. 68 : Cash credits-Unproved purchases-Reconciliation statement was filed-Custom duties paid-No addition can be made. [S. 143(3)]
ACIT v. Nilkanth Concast (P.) Ltd. (2021) 191 ITD 73(Delhi)(Trib.)S. 68 : Cash credits-Brought forward creditors from earlier financial year-Addition cannot be made as cash credits for the relevant assessment year.
Ravindra Arunachala Nadar v. ACIT (2021) 191 ITD 520 (Chennai)(Trib.)S. 68 : Cash credits-Unsecured loan-Confirmation, financial statements and bank statements of creditors were produced-Addition is held to be not justified.
K.P. Manish Global Ingredients (P.) Ltd. v. (2021) 191 ITD 548 / 212 TTJ 375 / 203 DTR 1 /(2022) 96 ITR 657 (Chennai)(Trib.)S. 68 : Cash credits-Bank account-Cash flow statement-Unexplained income-Peak credit-Directed to grant peak credit.
Renukaben Umedsinh Parmar (Smt.) v. ITO (2021) 191 ITD 672 / 87 ITR 707 (Surat)(Trib.)