account of disinvestment in Hotel Ashok Yatri Niwas by the ITDC. The
3 ITA No. 4753(Del)/2009
details of acquisition, sale, balance shares ... Rate Amount in
shares (Rs.)
08.10.2002 Shares purchased from 808342 183.63 148438576
ITDC
Shares purchased from 89819 183.63 16493711
Indian Hotels
Shares purchased from other
appellant:
(i) Educational Consultant India Limited ('ECIL')
(ii) ITDC Limited ('ITDC')
(iii) In House Production Limited ('IHPL')
(iv) Indus ... Educational Consultant India Technical assistance and
Limited human resource
development
2. ITDC Limited Event management segment
3. In House Production Limited Healthcare division
3.3 That
Palace, Udaipur under the disinvestment process of India Tourism
Development Corporation Ltd. (ITDC). Till 25th February 2002, the
business of the hotel was carried ... ITDC and, from 26th February
2002, by the assessee. The assessee filed the return disclosing the
loss of `2,86,58,220/-. The Assessing Officer
Venus Diagnostics
iv) Capital Trust Ltd.,
v) Cyber Media Ltd.,
vi) ITDC.
5. The ld. CIT(A) sent the material filed by the assessee ... three companies admitted by the TPO to be comparable, another
company, namely, ITDC, was also comparable. This position about the
inclusion of ITDC
Itdc Ltd, New Delhi vs Department Of Income Tax on 23 September, 2009
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH : C : NEW DELHI
BEFORE ... 4494/Del/2009
Assessment Year : 2002-03
ACIT, Vs. M/s ITDC Ltd.,
Cir.11 (1), Core -8, 6th Floor, Scope Complex,
New Delhi. Lodhi
building. The assessee is a company which acquired the Hotel
Kanishka from ITDC under the disinvestments policy of the Government of
India, during the period ... Hotel Kanishka. These payments
were made for regularizing procedural lapses committed by ITDC 20 years
ago and should be treated as a part of purchase
companies by the Ld. DRP/AO/TPO
India Tourism Development Corporation Limited ( ITDC)
9. During the transfer pricing assessment, this comparable was
rejected ... assessee submitted that the annual report
of ITDC is available on the public domain. Further there has
been no change in the name
appellant is a
company which came into existence after demerger of ITDC and as a part of
disinvestment of ITDC, the assessee company bought ... premises of Ranjit
Hotel, New Delhi which was being run by ITDC. It was submitted that as per
scheme of demerger policy, the appellant
order passed in ITA No. 616/2015
dated 02.08.2016 has held that ITDC is a valid comparable.
19. Learned Departmental Representative strongly relied upon ... similarity of functional profile of the assessee and ITDC Limited
is concerned. The only reason for which he has rejected the company
is, because
apart from the working capital adjustment.
6. In so far as ITDC (segment) is concerned, ld. TPO agreed that the
Ashok reservation and marketing services ... rejected the same.
4
7. According to the ld. DRP, inasmuch as ITDC is a government
owned company with 92.11% held by the President
