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2011 (1) TMI 42 - ITAT MUMBAIReference to TPO u/s 92CA - Computation u/s 80HHC - direction of CIT to AO to exclude the amount of sales-tax and excise duty from the total turnover for the purpose of computation of deduction u/s.80HHC of the Act relying upon the decision of the Bombay High Court in the case of Sudarshan Chemicals Industries Ltd. (2000 -TMI - 15014 - BOMBAY High Court) - Held that: - Issue on direction of CIT decided against revenue in view of decision of the Hon'ble Apex Court in the case of Laxmi Machine Works (2007 -TMI - 6557 - SUPREME Court) - issue pertained to exclusion of 90% of the receipts in terms of clause (baa) of Sec.80HHC (4C) - matter remitted back to ascertain the nature of expenses Associated Enterprises (AE) - Transfer Pricing Officer (TPO) - clearly the price paid by the assessee in respect of these items is on higher side and TPO has correctly determined the arms length price and accordingly we confirm the addition in respect of this item. Decisions of Apex court in Ipca Laboratories Ltd. vs. Dy. CIT (2004 - TMI - 6141 - SUPREME Court266 ITR 521) and CIT vs. Shirke Construction Equipment Ltd. (2007 -TMI - 6560 - SUPREME Court) followed
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