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2014 (10) TMI 213 - AT - Income TaxDetermination of ALP – Selection of comparables - CUP method and TNMM method – Held that:- The TPO rejected the comparables given by the assessee on the ground that the Annual Reports are not available - certain companies selected by the TPO were not considered as comparables on the ground that annual report of those companies were not available - the assessee has filed the financial summaries of those 9 companies and annual reports in case of 7 companies out of the 9 companies - Helios and Matherson Information Technology Ltd. whose turnover is ₹ 213 crores, i.e. above ₹ 200 crores is not a comparable case - KALS Information System Ltd. cannot be considered as a comparable – thus, the matter is to be remitted back to the TPO to pass appropriate order after giving due opportunity of being heard to the assessee and determine the adjustment to the Arm’s Length Price – Decided in favour of assessee.
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