Joint Commissioner of Income Tax (OSD),Circle 5(1), Hyderabad V. NCC Limited , Hyderabad

ITA 93/Hyd/2021

• Counselvise Citation: [2021] 104 COUNSELVISE.COM (IT) 6373 (ITAT-HYDERABAD)
• Duration Of Justice: 10 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-12-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB-A
• Assessment Year: 2016-2017
• Appeal Filed On: 01-02-2021
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: C.S. SUBRAMANYAM

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “A” : HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI A.MOHAN ALANKAMONY, ACCOUNTANT MEMBER AND SHRI S.S.GODARA, JUDICIAL MEMBER I.T.A-T.P.No.93/HYD/2021 Assessment Year: 2016-17 Joint Commissioner of Income Tax (OSD), Circle-5(1), HYDERABAD Vs M/s.NCC Limited, HYDERABAD [PAN: AAACN7335C] (Appellant) (Respondent) For Revenue : Shri Rajendra Kumar, DR For Assessee : Shri C.S.Subramanyam, AR Date of Hearing : 01-12-2021 Date of Pronouncement : 15-12-2021 O R D E R PER S.S.GODARA, J.M. : This Revenue’s appeal for AY.2016-17 arises from the CIT(A)-4, Hyderabad’s order dated 21-09-2020 passed in case No.10823 / 19-20 / DCIT, Cir-16(1) / CIT(A)-4 / Hyd / 20-21, involving proceedings u/s.143(3) r.w.s.144C(3) of the Income Tax Act, 1961 [in short, ‘the Act’]. Heard both the parties. Case file perused. 2. At the outset, we notice that this Revenue’s appeal suffers from delay of 66 days as attributable to the reasons mentioned in the petition/affidavit and on account of no ITA-TP No.93/Hyd/2021 :- 2 -: objection from assessee’s side. This delay stands condoned therefore. 3. Coming to Revenue’s sole substantive grievance that the CIT(A) has erred in law and on facts in restricting the corporate guarantee adjustment in issue @0.53% than that adopted by the Transfer Pricing Officer (TPO) @2%, we note that the CIT(A)’s detailed discussion to this effect reads as under: ITA-TP No.93/Hyd/2021 :- 3 -: ITA-TP No.93/Hyd/2021 :- 4 -: ITA-TP No.93/Hyd/2021 :- 5 -: ITA-TP No.93/Hyd/2021 :- 6 -: ITA-TP No.93/Hyd/2021 :- 7 -: 4. It has come on record that the Ld.CIT(A) has gone by his earlier orders and DRP’s directions in preceding assessment years whilst upholding the TPO’s action charging guarantee commission to the extent of 0.53% only. We next note that this tribunal’s orders dt.19-08-2021 and 27-09-2021 in AYs.2012- 13 to 2014-15; 2016-17; respectively have already upheld the same based on various judicial precedents adopting corporate guarantee commission @0.53% only. We thus find no reason to interfere with the CIT(A)’s directions under challenge forming subject matter of Revenue’s sole substantive grievance canvassed before us. Ordered accordingly. ITA-TP No.93/Hyd/2021 :- 8 -: No other ground has been pressed before us. 5. This Revenue’s appeal is dismissed in above terms. Order pronounced in the open court on 15 th December, 2021 Sd/- Sd/- ( A. MOHAN ALANKAMONY ) ( S.S. GODARA ) ACCOUNTANT MEMBER JUDICIAL MEMBER Hyderabad, Dated: 15-12-2021 TNMM ITA-TP No.93/Hyd/2021 :- 9 -: Copy to : 1.The Joint Commissioner of Income Tax (OSD), Circle-5(1), Hyderabad. 2.M/s.NCC Limited, Survey No.64, Madhapur, Shaikpet, Hyderabad. 3.CIT(Appeals)-4, Hyderabad. 4.Pr.CIT-4, Hyderabad. 5.D.R. ITAT, Hyderabad. 6.Guard File.