Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (11) TMI 769 - AT - Income TaxDisallowance of deduction under section 80HHC in respect of sale of profit on DEPB licence - Held that:- Merit in the plea of the parties that the matter requires to be restored to the file of the AO in view of Kalpataru Colours & Chemicals case (2010 (6) TMI 63 - BOMBAY HIGH COURT). Arm length price - CIT(A) deleted the addition - Held that:- The aggregate difference of Rs. 6,94,310 between sale of L&T LLC (Rs. 2,13,64,571) Arm's Length Price (Rs. 2,06,70,261) is only 3.35% and is well within the 5% of the tolerance limit permitted by the law - In the absence of any contrary material placed on record by the revenue against the finding of the CIT(A) and keeping in view that the difference between the sale of L&T LLC and Arm's Length Price is only 3.35% which is well within the limit of 5% uphold the finding of the ld. CIT(A) in deleting the addition made by the Assessing Officer - The ground taken by the revenue is, therefore, rejected.
|