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2014 (1) TMI 1545 - AT - Income TaxInterpretation of section 92C(2) of the Act – Held that:- The CIT(A) has granted relief to the assessee for a sum of Rs.1,21,74,468/- being 5% of the margin of international transactions and such deduction is allowed as standard deduction - The assessee has not been able to explain the delay in filing cross objections - the delay in filing the cross objections cannot be condoned - even while deciding departmental appeal on the basis of retrospective amendment which was not there when first appellate authority has decided the issue – matter remitted back to the CIT(A) for fresh adjudication to deletion of TP adjustment, which the revenue is contesting only on the basis of retrospective amendment. We consider it appropriate to restore the entire issue regarding TP adjustment to the CIT(A) with a direction to re-adjudicate the same by taking into account the aforementioned amendment as well as the other grievances of the assessee on T.P adjustment by giving the assessee a reasonable opportunity of hearing – Decided partly in favour of Revenue.
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