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Income tax Appellate Tribunal

ITAT: Upholds customs data to be more reliable under CUP; Relies on precedents and OECD commentary

  • In Favour of Revenue
  • Citation Number : TS-163-ITAT-2023(DEL)-TP
  • Tax Payer : Louis Dreyfus Company India Pvt Ltd
Income tax Appellate Tribunal

ITAT: Restricts TP adjustment on guarantee commission @ 0.5%; Upholds TP adjustment qua interest on inter-corporate deposits

  • In Favour of Both, Partially
  • Citation Number : TS-160-ITAT-2023(Mum)-TP
  • Tax Payer : Hindustan Construction Co Ltd
Income tax Appellate Tribunal

ITAT: Deletes TP adjustment made for a single month; Confirms assessee’s higher ALP owing to quality difference

  • In Favour of Assessee
  • Citation Number : TS-161-ITAT-2023(Ahd)-TP
  • Tax Payer : H K Ispat Pvt Ltd
Income tax Appellate Tribunal

ITAT: Deletes TP-adjustment absent Revenue’s appeal against earlier year’s order; Remits claim for enhanced deduction u/s 80IA

  • In Favour of Both, Partially
  • Citation Number : TS-162-ITAT-2023(DEL)-TP
  • Tax Payer : DCM Shriram Industries Ltd
Income tax Appellate Tribunal

ITAT: Holds assessment void-ab-initio absent valid reference to TPO

  • In Favour of Assessee
  • Citation Number : TS-159-ITAT-2023(PUN)-TP
  • Tax Payer : Fiat India Automobiles Private Limited
Income tax Appellate Tribunal

ITAT: Rejects TPO’s disallowance of 6% of royalty for bundled rights and services; Remits matter for fresh consideration

  • In Favour of Assessee
  • Citation Number : TS-157-ITAT-2023(DEL)-TP
  • Tax Payer : Marks & Spencer (India) Pvt Ltd
Income tax Appellate Tribunal

ITAT: Deletes TP-adjustment citing TPO’s order was barred by limitation; Follows precedents

  • In Favour of Assessee
  • Citation Number : TS-156-ITAT-2023(Mum)-TP
  • Tax Payer : Credit Suisse AG (as a successor of Credit Suisse (International Holdings AG)
Income tax Appellate Tribunal

ITAT: Remits issue pertaining to disallowance of 5% markup for purchase of fixed assets

  • In Favour of Assessee
  • Citation Number : TS-158-ITAT-2023(DEL)-TP
  • Tax Payer : AVL Technical Centre Pvt Ltd
Income tax Appellate Tribunal

ITAT: Directs compliance of DRP’s directions ‘in letter and spirit’; Remits comparables for fresh examination

  • In Favour of Assessee
  • Citation Number : TS-153-ITAT-2023(HYD)-TP
  • Tax Payer : Cotiviti India Private Limited (merged entity of Care Management International (P) Ltd)
Income tax Appellate Tribunal

ITAT: Rules on comparables and allowability of 60 days’ credit period; Follows precedent

  • In Favour of Both, Partially
  • Citation Number : TS-154-ITAT-2023(HYD)-TP
  • Tax Payer : Quislex Legal Services Private Limited
Income tax Appellate Tribunal

ITAT: Upholds assessee’s TNMM as MAM for exports and royalty, CUP for interest on ECB; Follows earlier order

  • In Favour of Assessee
  • Citation Number : TS-155-ITAT-2023(Mum)-TP
  • Tax Payer : Firmenich Aromatics Production (India) Private Limited
Income tax Appellate Tribunal

ITAT: Rules on comparables qua SWD segment; Allows assessee’s plea w.r.t receipt of intra-group services

  • In Favour of Both, Partially
  • Citation Number : TS-149-ITAT-2023(Bang)-TP
  • Tax Payer : UXC India IT Services Pvt Ltd
Income tax Appellate Tribunal

ITAT: Applies upper turnover filter in SWD, ITeS segments; Adopts LIBOR+2% on outstanding receivables

  • In Favour of Both, Partially
  • Citation Number : TS-150-ITAT-2023(Bang)-TP
  • Tax Payer : Marlabs Innovations Pvt Ltd
Income tax Appellate Tribunal

ITAT: Upholds forex gain/loss as operating expense; Rejects functionally different comparables

  • In Favour of Both, Partially
  • Citation Number : TS-151-ITAT-2023(Bang)-TP
  • Tax Payer : Subex Limited
Income tax Appellate Tribunal

ITAT: Rectifies earlier order; Allows credit period and interest above 60 days period

  • In Favour of Revenue
  • Citation Number : TS-152-ITAT-2023(HYD)-TP
  • Tax Payer : Quislex Legal Services P Ltd
High Court

HC: Dismisses assessee’s writ petition against assessment order; Notes merger with another Company

  • In Favour of Revenue
  • Citation Number : TS-931-HC-2022(TEL)-TP
  • Tax Payer : Cordys R&D India Pvt Ltd
Income tax Appellate Tribunal

ITAT: Remits TP adjustment qua segmental margins under manufacturing segment

  • In Favour of Both, Partially
  • Citation Number : TS-146-ITAT-2023(Bang)-TP
  • Tax Payer : Makino India Pvt Ltd
Income tax Appellate Tribunal

ITAT: Holds foreign currency loss inter-linked to sales as operating expense for PLI computation

  • In Favour of Revenue
  • Citation Number : TS-147-ITAT-2023(Mum)-TP
  • Tax Payer : Phoenix Comtrade Private Limited
Income tax Appellate Tribunal

ITAT: Upholds royalty payment of 4% at ALP; Follows precedents

  • In Favour of Assessee
  • Citation Number : TS-148-ITAT-2023(Bang)-TP
  • Tax Payer : Praxair India Private Limited
High Court

HC: Holds passing final order before draft order not curable mistake u/s 292B; Dismisses Revenue’s appeals

  • In Favour of Assessee
  • Citation Number : TS-145-HC-2023(KAR)-TP
  • Tax Payer : Cisco Systems Services B.V.