Neutral Citation No: 2022/Dhc/004055 v. Marubeni Itochu Steel India Pvt.ltd

$~27 *IN THE HIGH COURT OF DELHI AT NEW DELHI+ITA 374/2022 versus MARUBENI ITOCHU STEEL INDIA PVT.LTD. ..... Respondent CORAM: HON'BLE MR. JUSTICE MANMOHANHON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA J U D G M E N T MANMOHAN, J (Oral): 1.Present income tax appeal has been filed challenging the impugnedorder dated 30[th]October, 2019, passed by the Income Tax AppellateTribunal (‘ITAT’) in ITA No. 6655/Del./2015 for Assessment Year 2011-12. 2.Learned counsel for the Appellant states that the ITAT has erred innot considering the description of the activities carried out by the assessee asbeing akin to that of a trader. He states that the ITAT has erred in rejectingthe use of Free on Board (FOB) value in the cost base without appreciatingthat the same is relevant cost base for determining the ALP of theinternational transaction of the assessee with its AEs given the functionperformed, assets utilized, and risk undertaken by the assessee. ITA 374/2022 3.Admittedly, the questions of law urged in the present appeal arecovered by the decisions of this Court in assessee’s own case in ITA94/2015 dated 23[rd]April, 2015 and ITA 376/2018 dated 4[th]April, 2018. 4.Learned Counsel for the Appellant states that the Revenue has notacceptedtheaforesaiddecisionsandhaspreferredCivilAppealNo.11882/2018 against the same. 5.Though the judgments of this Court have been challenged and arepending adjudication before the Supreme Court, yet there is no stay of thesaid judgments till date. 6.Consequently, in view of the judgments passed by the Supreme Courtin Kunhayammed and Others vs. State of Kerala and Another, (2000) 6SCC 359 and Shree Chamundi Mopeds Ltd. Vs. Church of South IndiaTrust Association CSI Cinod Secretariat, Madras (1992) 3 SCC 1, thepresent appeal is covered by the judgments passed by the learnedpredecessor Division Bench. 7.Accordingly, no substantial question of law arises for consideration inthe present appeal and the same is dismissed. 8.However, it is clarified that the order passed in the present appealshall abide by the final decision of the Supreme Court in the aforesaid CivilAppeal. MANMOHAN, J SEPTEMBER 28, 2022/msh MANMEET PRITAM SINGH ARORA, J ITA 374/2022