Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (5) TMI 1321 - AT - Income TaxTPA - ALP determination - Held that:- TPO is empowered to substitute the arm's length price on the basis of material or information furnished by the assessee or collected by him. In case, such an authority has been delegated to the TPO and in exercise of such authority, certain information is collected by the TPO, which in turn, is confronted to the assessee and thereon applied to determine the arm's length price of international transaction, the said exercise of the jurisdiction by the TPO cannot possibly be questioned.Accordingly, we find no merit in the claim of assessee in this regard and upholding the action of TPO, the grounds of appeal raised by the assessee are dismissed. Disallowance of stock written off in Domestic Tariff Area unit - Held that:- The assessee has furnished additional evidence along with letter dated 29.12.2012, wherein the assessee has submitted the evidence in relation to stock written off in the case of materials with Excise Registers and in the case of finished goods trading with quarterly excise returns. The assessee claimed that it had written off its stock, however, evidence in this regard has been filed by way of additional evidence before us. We are of the view that the said evidence going to the root of the issue, needs to be admitted and after admitting the same, we deem it fit to restore this issue back to the file of Assessing Officer, who shall verify the claim of assessee in this regard and decide the issue in accordance with law. Computation of deduction under section 10B - Held that:- Applying the ratio laid down by the Hon’ble Bombay High Court in CIT Vs. Black & Veatch Consulting Pvt. Ltd. (2012 (4) TMI 450 - BOMBAY HIGH COURT) we hold that the deduction under section 10B of the Act is to be computed before adjusting brought forward unabsorbed losses/depreciation. The learned Authorized Representative for the assessee had not raised any other issue except pointing out that the issues stands covered by the order of Tribunal. In view thereof, we direct the Assessing Officer to recompute the deduction under section 10B of the Act without setting of brought forward and unabsorbed depreciation of earlier years.
|