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Income tax Appellate Tribunal

ITAT: Benchmarks interest on ECB at SBI+25 bps; Validates AO’s jurisdiction u/s 144B(8)

Dec 20, 2023
  • In Favour of Both, Partially
  • Citation Number : TS-710-ITAT-2023(PUN)-TP
  • Tax Payer : Prodair Air Products India Private Limited
Income tax Appellate Tribunal

ITAT: No reason to reject assessee's IGS benchmarking supported by PWC, KPMG reports

Dec 20, 2023
  • In Favour of Assessee
  • Citation Number : TS-711-ITAT-2023(Mum)-TP
  • Tax Payer : CLSA India Private Ltd
Income tax Appellate Tribunal

ITAT: Necessary to determine borrower's credit rating for determining ALP-interest, remits benchmarking

Dec 19, 2023
  • In Favour of Both, Partially
  • Citation Number : TS-708-ITAT-2023(Mum)-TP
  • Tax Payer : Nipro India Corporation Pvt Ltd
High Court

HC: Upholds Tribunal's deletion of AMP-adjustment in case of Sony India

Dec 19, 2023
  • In Favour of Assessee
  • Citation Number : TS-709-HC-2023(DEL)-TP
  • Tax Payer : Sony India Pvt Ltd
Income tax Appellate Tribunal

ITAT: Holds counter guarantee covered u/s 92B, rejects TPO's CUP for benchmarking export transaction

Dec 18, 2023
  • In Favour of Assessee
  • Citation Number : TS-705-ITAT-2023(Mum)-TP
  • Tax Payer : Kansai Nerolac Paints Ltd
Income tax Appellate Tribunal

ITAT: Remits adjudication of assessee’s nature of business, finds inconsistency in other AYs

Dec 18, 2023
  • In Favour of Both, Partially
  • Citation Number : TS-706-ITAT-2023(HYD)-TP
  • Tax Payer : Hyundai Motors India Engineering Pvt. Ltd.
Income tax Appellate Tribunal

ITAT: Deletes TP-adjustment made basis TPO-order concerning entity later merged with assessee

Dec 18, 2023
  • In Favour of Assessee
  • Citation Number : TS-707-ITAT-2023(DEL)-TP
  • Tax Payer : Boeing India Pvt Ltd
Income tax Appellate Tribunal

ITAT: Applies CUP considering overseas/domestic clients for broking services; Follows earlier order

Dec 15, 2023
  • In Favour of Both, Partially
  • Citation Number : TS-702-ITAT-2023(Mum)-TP
  • Tax Payer : Morgan Stanley India Company Private Limited
Income tax Appellate Tribunal

ITAT: Rejects profit estimation on non-AE transactions, rules on comparables qua Star-TV companies

Dec 15, 2023
  • In Favour of Assessee
  • Citation Number : TS-703-ITAT-2023(Mum)-TP
  • Tax Payer : Star Television Entertainment Ltd
High Court

HC: Excludes Infosys-BPO, a giant company as comparable for ITeS provider; Follows precedent

Dec 15, 2023
  • In Favour of Assessee
  • Citation Number : TS-704-HC-2023(DEL)-TP
  • Tax Payer : Future First Info. Services Pvt. Ltd
Income tax Appellate Tribunal

ITAT: Assessee can plead exclusion of comparables included in TP study report; Follows Pfizer

Dec 14, 2023
  • In Favour of Assessee
  • Citation Number : TS-700-ITAT-2023(Mum)-TP
  • Tax Payer : Juniper Networks India Private Limited
Income tax Appellate Tribunal

ITAT: Observes 0.5% cannot be standard rate for charging corporate guarantee commission

Dec 14, 2023
  • In Favour of Assessee
  • Citation Number : TS-701-ITAT-2023(Mum)-TP
  • Tax Payer : ACG Associated Capsules Pvt Ltd
High Court

HC: Dismisses Revenue’s appeal against ITAT-order on AMP adjustment in Timex Group's case

Dec 14, 2023
  • In Favour of Assessee
  • Citation Number : TS-699-HC-2023(DEL)-TP
  • Tax Payer : Timex Group India Limited
Income tax Appellate Tribunal

ITAT: Includes comparables accepted for preceding & succeeding AYs absent change in facts

Dec 13, 2023
  • In Favour of Assessee
  • Citation Number : TS-696-ITAT-2023(Mum)-TP
  • Tax Payer : Syngenta Services Private Limited
Income tax Appellate Tribunal

ITAT: Remits benchmarking of fixed assets transactions wrt customs duty; Rules on comparables

Dec 13, 2023
  • In Favour of Both, Partially
  • Citation Number : TS-697-ITAT-2023(Kol)-TP
  • Tax Payer : Linde India Ltd (formerly BOC India Ltd.)
Income tax Appellate Tribunal

ITAT: Directs AO to follow earlier order w.r.t adopting RPM for import transaction

Dec 13, 2023
  • In Favour of Assessee
  • Citation Number : TS-698-ITAT-2023(DEL)-TP
  • Tax Payer : Luxottica India Eyewear Pvt Ltd
Income tax Appellate Tribunal

ITAT: Deletes TP-adjustment qua AE advance, performance guarantee; Follows earlier order

Dec 12, 2023
  • In Favour of Assessee
  • Citation Number : TS-695-ITAT-2023(Mum)-TP
  • Tax Payer : KEC International Ltd
Income tax Appellate Tribunal

ITAT: Quashes assessment order without DIN as invalid; Follows precedents

Dec 12, 2023
  • In Favour of Assessee
  • Citation Number : TS-693-ITAT-2023(Ind)-TP
  • Tax Payer : Commins Technologies India Private Limited
Income tax Appellate Tribunal

ITAT: Confirms CIT(A)’s guarantee commission ALP @ 0.35%; Follows earlier order

Dec 12, 2023
  • In Favour of Assessee
  • Citation Number : TS-694-ITAT-2023(Mum)-TP
  • Tax Payer : Macrotech Developers Limited
Income tax Appellate Tribunal

ITAT: Quashes TPO’s order as time-barred, follows Johnson & Johnson ruling

Dec 11, 2023
  • In Favour of Assessee
  • Citation Number : TS-690-ITAT-2023(Mum)-TP
  • Tax Payer : Diageo India Pvt Ltd