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Income tax Appellate Tribunal

ITAT: Rules on comparables qua Levi India's inventory procurement & sourcing support services segment

Sep 15, 2022
  • In Favour of Both, Partially
  • Citation Number : TS-619-ITAT-2022(Bang)-TP
  • Tax Payer : Levi Strauss (India) Pvt Ltd
Income tax Appellate Tribunal

ITAT: Holds SDT adjustment not sustainable considering Sec.92BA(i) omission; Remits for examination u/s.40A(2)

Sep 15, 2022
  • In Favour of Both, Partially
  • Citation Number : TS-620-ITAT-2022(Bang)-TP
  • Tax Payer : Sri Krishna Diamonds (Firm)
Income tax Appellate Tribunal

ITAT: Quashes assessment order passed on non-existent entity; Follows one SC ruling, distinguishing another

Sep 15, 2022
  • In Favour of Assessee
  • Citation Number : TS-617-ITAT-2022(Bang)-TP
  • Tax Payer : Biocon Biologics Limited (Formerly known as Biocon Biologics India Limited)
Income tax Appellate Tribunal

ITAT: Remits ALP determination w.r.t. royalty on export sales for fresh adjudication; Computes AE-interest at LIBOR+2%

Sep 14, 2022
  • In Favour of Both, Partially
  • Citation Number : TS-614-ITAT-2022(CHNY)-TP
  • Tax Payer : Titan Company Ltd (earlier Titan Industries Ltd)
Income tax Appellate Tribunal

ITAT: Upholds deletion of TP-adjustments qua intra-group services, finished goods sales

Sep 14, 2022
  • In Favour of Assessee
  • Citation Number : TS-615-ITAT-2022(Kol)-TP
  • Tax Payer : AT&S India Private Limited
Income tax Appellate Tribunal

ITAT: Directs fresh adjudication on ALP-adjustment qua payments for Headquarter-services in light of evidences

Sep 14, 2022
  • In Favour of Both, Partially
  • Citation Number : TS-616-ITAT-2022(CHNY)-TP
  • Tax Payer : Eaton Power Quality Private Limited
High Court

HC: Dismisses Revenue's appeal on comparables qua investment advisory services provider, follows precedents

Sep 14, 2022
  • In Favour of Assessee
  • Citation Number : TS-613-HC-2022(BOM)-TP
  • Tax Payer : Warburg Pincus India pvt ltd
Income tax Appellate Tribunal

ITAT: Rules on comparables' selection for SWD; Directs interest @ LIBOR+200 bps on AE-receivables

Sep 13, 2022
  • In Favour of Both, Partially
  • Citation Number : TS-609-ITAT-2022(HYD)-TP
  • Tax Payer : EPAM Systems India Pvt Ltd
Income tax Appellate Tribunal

ITAT: Upholds CIT(A)'s deletion of TP-adjustment qua sale of finished goods to AE

Sep 13, 2022
  • In Favour of Both, Partially
  • Citation Number : TS-610-ITAT-2022(Kol)-TP
  • Tax Payer : Manaksia Steels Ltd
Income tax Appellate Tribunal

ITAT: Holds Sec 153 time limit applicable to DRP directions/ AO order in remand cases; Follows Madras HC ruling

Sep 13, 2022
  • In Favour of Assessee
  • Citation Number : TS-611-ITAT-2022(Ahd)-TP
  • Tax Payer : Cadila Healthcare Limited
Income tax Appellate Tribunal

ITAT: Quashes TP-adjustment, NFAC's final assessment order not in accordance with DRP’s directions

Sep 13, 2022
  • In Favour of Both, Partially
  • Citation Number : TS-612-ITAT-2022(Bang)-TP
  • Tax Payer : Toyota Tsusho India Private Limited
High Court

HC: Holds management services received by Sandvik Asia; Upholds ITAT order deleting TP adjustment

Sep 13, 2022
  • In Favour of Assessee
  • Citation Number : TS-608-HC-2022(BOM)-TP
  • Tax Payer : Sandvik Asia Pvt Ltd
Income tax Appellate Tribunal

ITAT: Rules on comparables qua SWD / MSS segments; Remits working capital adjustment, interest on receivables

Sep 12, 2022
  • In Favour of Both, Partially
  • Citation Number : TS-607-ITAT-2022(Bang)-TP
  • Tax Payer : ARM Embedded Technologies Pvt Ltd
Income tax Appellate Tribunal

ITAT: Sale promotion expense reimbursed by AE part of composite distribution activity; Deletes adjustment

Sep 12, 2022
  • In Favour of Assessee
  • Citation Number : TS-606-ITAT-2022(Mum)-TP
  • Tax Payer : Signity India Pvt Ltd
Income tax Appellate Tribunal

ITAT: Holds TPO's order barred by limitation, follows coordinate bench ruling in Emerson

Sep 12, 2022
  • In Favour of Assessee
  • Citation Number : TS-604-ITAT-2022(Mum)-TP
  • Tax Payer : Dow Agrosciences India Pvt Ltd
Income tax Appellate Tribunal

ITAT: Excludes Axis Integrated Systems; Liaison-services not at par with marketing and sales support services

Sep 12, 2022
  • In Favour of Assessee
  • Citation Number : TS-605-ITAT-2022(Mum)-TP
  • Tax Payer : Juniper Networks India Private Limited
Income tax Appellate Tribunal

ITAT: Holds CIT(A) statutorily empowered to direct AO, not TPO, to make further enquiry

Sep 12, 2022
  • In Favour of Revenue
  • Citation Number : TS-603-ITAT-2022(DEL)-TP
  • Tax Payer : Knowledge Infrastructure Systems Pvt. Ltd
Income tax Appellate Tribunal

ITAT: Deletes ALP-adjustment in respect of intra group services, AMP expenses for Philips India; Follows earlier orders

Sep 09, 2022
  • In Favour of Assessee
  • Citation Number : TS-599-ITAT-2022(Kol)-TP
  • Tax Payer : Philips India Ltd
Income tax Appellate Tribunal

ITAT: Remits MAM selection for assessee w.r.t import of finished/ semi-finished goods; Follows earlier-order

Sep 09, 2022
  • In Favour of Both, Partially
  • Citation Number : TS-600-ITAT-2022(Bang)-TP
  • Tax Payer : AMC Cookware (India) Pvt Ltd
Income tax Appellate Tribunal

ITAT: Assessee’s predominant revenue from trading in UPS and accessories; TNMM with Berry Ratio not applicable

Sep 09, 2022
  • In Favour of Assessee
  • Citation Number : TS-601-ITAT-2022(CHNY)-TP
  • Tax Payer : Socomec Innovative Power Solutions Private Limited