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2014 (8) TMI 242 - ITAT HYDERABADTransfer pricing adjustment – Selection of comparables – Functionally different company - Held that:- Assessee is involved in manufacturing and marketing of food items, the four companies also should be included in comparability analysis - TPO was selective in selecting some and rejecting some which are in similar line of business - operating income should be excluded and manufacturing of snacks and operation of cold storage cannot be even considered to be closely related so as to aggregate it - the TPO is directed to re-examine this computation of mark-up by giving due opportunity to assessee and re-workout the adjustment and also by including the above four comparables which are also on the same line of business – Decided in favour of Assessee. Non-grant of TDS – MAT credit – Held that:- AO granted TDS credit only to the extent of ₹ 52,59,916 and denied TDS credit to an extent of ₹ 59,73,427 - even though the application u/s 154 was passed, it seems the same was rejected - Form 26A also reflects, TDS credit of more than what assessee claimed, there is no reason to deny the amount of credit which was already granted in an order u/s 143(1) – Decided in favour of Assessee.
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