Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
Open DEMAT Account with in 24 Hrs and start investing now!
From the Courts »
Open DEMAT Account in 24 hrs
 Inordinate delay in income tax appeal hearings
 Income Tax leviable on Tuition Fee in the Year of Rendering of Services: ITAT
 Supreme Court invoked its power under Article 142 of Constitution to validate notices issued under section 148 as notices issued under section 148A. However the same shall be subject to amended provisions of section 149.
 ITAT refuses to stay tax demand on former owner of Raw Pressery brand
 Bombay HC sets aside rejection of refund claims by GST authorities
 [Income Tax Act] Faceless Assessment Scheme does not take away right to personal hearing: Delhi High Court
 Rajasthan High Court directs GST Authority to Unblock Input Tax Credit availed in Electronic Credit Ledger
 Sebi-taxman fight over service tax dues reaches Supreme Court
 Delhi High Court Seeks Status Report from Centre for Appointments of Chairperson & Members in Adjudicating Authority Under PMLA
 Delhi High Court allows Income Tax Exemption to Charitable Society running Printing Press and uses Profit so generated for Charitable Purposes
 ITAT accepts Lease Income as Business Income as Business Investments were mostly in nature of Properties

Eli Lilly & Co. (India) Pvt. Ltd. Plot No.92, Sector-32, Institutional Area, I.P. Estate, New Delhi 122 001 Vs. A.C.I.T., Circle-1, Gurgaon.
September, 03rd 2014
                    DELHI BENCH : `I' N EW DELHI
                              ITA No. 86/Del/ 2013
                           Assessment Year 2008-2009

Eli Lilly & Co. (India) Pvt. Ltd.       Vs.   A.C.I.T., Circle-1,
Plot No.92, Sector-32,                        Gurgaon.
Institutional Area, I.P. Estate,
New Delhi ­ 122 001

(Appellant)                                   (Respondent)
     Appellant by                       :     Shri Neeraj K. Jain And
                                              Shri Abhishek Agarwal, Advocates
     Respondent by                      :     Shri Yogesh Kumar Verma, CIT. D.R.


1.    This appeal at the instance of the assessee is directed against the assessment

order dated 29.10.2012 passed u/s 143(3) r.w.s. 144C of the Income Tax Act,

1961. The relevant Assessment Year is 2008-09.

2.    The assessee has raised several grounds with regard to transfer pricing


3.    When appeal was taken up for hearing, the learned A.R. submitted that this

appeal has become infructuous, since T.P. adjustment has been revised to `NIL' in

place of Rs.1,43,96,719/- vide TPO order dated 12.06.2014 passed u/s 154 read

with Section 92CA(5) of the I.T. Act.
                                          2                  ITA No. 86/Del/ 2013

4.     Ld. D.R. present was duly heard.

5.     We have heard rival submissions and perused the material on record. TPO

in his original order dated 30.10.2011 had proposed an adjustment of

Rs.2,17,23,718/-. Later, while giving effect to directions of the Hon'ble DRP, the

adjustment was reduced to Rs.1,43,96,719/-. The assessee had filed rectification

application before the TPO (rectification application dated 07.02.2014). The TPO

disposed off the rectification application vide his order dated 12.06.2014, wherein

the adjustment was revised to `NIL'. Therefore, this appeal challenging the transfer

pricing adjustment amounting to Rs.1,43,96,719 has become infructuous, in view

of the TPO order dated 12.06.2014 passed u/s 154 of the I.T. Act r.w.s. 92CA(5) of

the Act.

6.     Hence, this appeal is dismissed as infructuous. It is order accordingly.

       The order is pronounced in the open Court on 28.08.2014

       Sd/-                                                      Sd/-
  (R.S. SYAL)                                            (GEORGE GEORGE K.)
 Accountant Member                                           Judicial Member
Dated 28.08.2014
Copy of the order forwarded to:-
1.     Appellant
2.     Respondent
3.     CIT (Appeals) concerned
4.     CIT concerned
5.     D.R., ITAT,

                                                            ASSISTANT REGISTRAR
Home | About Us | Terms and Conditions | Contact Us
Copyright 2023 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting