T.K.Elevators India Private Limited (Formerly ThyssenKrupp Elevator (India) Pvt. Ltd.) vs. DCIT

Parties Involved

Facts Summary

The appellant/assessee company filed a return of income for A.Y. 2010-11 declaring income of Rs.14,77,79,575/-. The case was taken up for scrutiny, and various notices were issued. The company had entered into international transactions with associated enterprises. A reference was made to the Transfer Pricing Officer (TPO) to determine the Arm’s Length Price (ALP) of the international transactions. The TPO made an addition of Rs.83,69,069/- on account of transfer pricing. The assessing officer made further additions on account of advance from customers, advance written off, transfer pricing, and depreciation. The assessee appealed against the assessment order, which was partly allowed by the learned Commissioner of Income Tax (Appeals). The assessee then filed the present appeal with various grounds challenging the observations and additions made by the learned CIT(A).…

Legal Issues

• 1. Whether the order of the learned Commissioner of Income-tax (Appeals) is bad both in law and on facts.
• 2. Whether the learned CIT(A) erred in making erroneous observations, assumptions, interpretations, and conclusions.
• 3. Whether the learned CIT(A) erred in upholding the additions of Rs. 20,00,04,372/- made by the assessing officer in respect of 'Advance received from Customers'.
• 4. Whether the learned CIT(A) erred in disallowing Security Deposit written off amounting to Rs. 4,82,597.
• 5. Whether the learned CIT(A) erred in upholding the addition of Rs 83,69,069 to the total income on account of Transfer Pricing adjustments.
• 6. Whether the learned CIT(A) erred in confirming the levy of interest u/s 234B, 234C & 234D.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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