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2011 (12) TMI 157 - ITAT DELHIValidity of computation of Arm Length Price(ALP) by TPO of transcation not referred to him by A.O. - Determination of ALP of advertising expenses – Interest leviable u/s 234B, 234D – A.Y. 2002-03 – Held that:- TPO could not take cognizance suo moto of any international transaction for computation in arms length price u/s 92-C. The provisions of section 92-CA(2A) effective from 01.06.11 are prospective in nature and will not apply for the A.Y. under consideration i.e. 2002-03. Therefore, assessing officer is directed to delete the addition made on the basis of the report of the TPO - Decided in favor of assessee. Charging of interest u/s 234-B and 234-D are mandatory. However, provisions of section 234-D have been inserted in the statute with effect from 1/06/2003. Therefore, 234-B interest will be chargeable on tax payable by the assessee after giving effect to this order and interest u/s 234-D will not be leviable in A.Y. 2002-03 under consideration.- Decided partly in favor of assessee.
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