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2013 (5) TMI 638 - ITAT MUMBAIArm's length price computation - transaction in relation to call money lending based on the average yield for related and unrelated lending transactions after including transactions which were abnormal in nature - Held that:- Examining the contents of the additional evidence the evidence produced in the TP report was the data compiled by an independent auditing company but the data as produced as additional evidence is complied by a statutory and accredited body. Since even the earlier data was not used by the revenue authorities, in the interest of justice, it would be fair to both the parties if the case is restored to the AO to do de novo assessment, including assessing the HO expenses for the purposes of section 9(i)(vii). In favour of assessee for statistical purposes. Penalty u/s 271(1)(c) - CIT(A) deleted the additions - Held that:- Since the basis of levy of penalty was directly related to the addition made, which have restored to the file of the AO, consequently, the penalty proceedings also be restored to the file of the AO, who shall re determine the basis and reasons for the levy of penalty, if at all. In favour of assessee for statistical purposes.
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