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2013 (5) TMI 70 - AT - Income TaxTransfer pricing adjustment -assessee had international transactions with 10 associate enterprises (AEs) which included import of raw material – The AO therefore, following report of TPO and after giving opportunity of hearing to the assessee made adjustment on account of purchases from associate enterprises. Held that - The Tribunal also referred to the decision of the Tribunal in case of Addl. CIT v. Tej Diam [2010 (1) TMI 806 – ITAT, Mumbai] in which it has been held that TNMM method required comparison of net profit margin realized from international transactions or aggregate of international transactions and not comparison of operating margins of the enterprises. The Tribunal therefore restored the issue to the file of AO for fresh adjudication in accordance with law. The facts this year admittedly are identical. Therefore we set aside the order of CIT(A) and restore the matter back to the file of AO for passing a fresh order. Allowability of claim of bad debt - assessee had not made claim in the return of income but the claim was made during the course of assessment proceedings – Held that - Since the factual aspects regarding fulfillment of condition for allowability of bad debt claim have not been examined, we restore the issue to the file of AO for adjudicating the same after examination of records and after allowing opportunity of hearing to the assessee.
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