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2016 (2) TMI 1100 - HC - Income TaxTPA - addition to the arm’s length price of its international transaction pertaining to the import of edible oil from the Assessee’s associated enterprise by using the Comparable Uncontrolled Price (‘CUP’) method - Held that:- As noticed by the ITAT in the impugned order, the ground on which the AO rejected the CUP method adopted by the Assessee was that “the price charged or paid” was on the basis of a broker quote, though based on the prices prevailing in the market, and was not a price charged or paid because it did not reflect the price of an actual transaction. As noted by the ITAT, Rule 10 D (3) (c) of the Income Tax Rules, 1962 envisages that the TPO should take into consideration price publications including stock exchange and commodity market quotations. Therefore, such published data available from stock or commodity exchanges could form the basis of the prices in both uncontrolled and controlled transactions. Nothing to hold that the above reasoning by the ITAT is perverse and suffers from any legal infirmity
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