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2014 (1) TMI 1700 - AT - Income TaxTransfer pricing adjustment - Held that:- In view of the evidence submitted by the assessee in the shape of letters, invoices and submissions, we are of the opinion that TPO was wrong in taking the ALP of this transaction at nil. The assessee had added appropriate mark up of 14.5% which is in line with the over all margin of the assessee. Proper replies were given to Ld. TPO, which have not been properly appreciated by the TPO. Therefore, we see no justification in the TP adjustment. The same is deleted - Decided in favour of assessee TDS on payment of professional fees to a non resident - professional fees has been suo-moto disallowed by the appellant under section 40(a)(ia)- Held that:- In view of addition of ₹ 1,96,050/- to the income of the assessee the separate addition made by AO of a sum of ₹ 33,319/- is required to be deleted. Therefore, we delete this addition and this ground of the assessee is allowed. Not granting credit of Minimum Alternate Tax - Held that:- There is no discussion in the assessment order regarding this adjustment. However, the contention of the Ld. AR has force. In the facts and circumstances of the case we restore this issue to the file of AO with a direction to verify the claim of the assessee after giving the assessee a reasonable opportunity of hearing, the appropriate relief should be granted to the assessee as per provisions of law. We direct accordingly. This ground is considered as allowed for statistical purposes in the manner aforesaid.
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