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2013 (1) TMI 795 - ITAT MUMBAIDetermination of Arms length price of transaction - Held that:- TPO rejected twelve out of 16 comparables submitted by the assessee and injected its own eleven comparables - also TPO removed bank interest, discounting and finance charges to arrive at the operating margin - also he included domestic transactions in turnover for calculation of ALP - Hence the case is referred back to AO as only the export transaction, i.e. the international transaction is considered for the purposes of determining the ALP - Also foreign exchange fluctuation gain is nothing but an integral part of the sale proceeds of an assessee carrying on export business thus the same shall be included in revenues - On the issue of exclusion of discount chargesit is held that they cannot form part of the operating cost, as they shall fall under the ambit of non operating expenses - Thus TPO shall determine the ALP afresh as per the proviso to section 92C(2) - Remanded back for statistical purposes
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