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2015 (4) TMI 911 - AT - Income TaxInternational transaction with Associated Enterprises - Adjustment in Arm length Price - Comparables rejected - Software Technology Parks of India Scheme - Short credit of TDS - Interest u/s 234B and 234C - Held that:- Eclerx Services Ltd. - The Bangalore Bench of the Tribunal in the case of Symphony Marketing Solutions Pvt Ltd. [2014 (2) TMI 83 - ITAT BANGALORE] has followed the decision of Hyderabad Bench in the case of Capital IQ Information Systems (India) Pvt Ltd. [2014 (9) TMI 125 - ITAT HYDERABAD], wherein the Tribunal has held that extraordinary event occurred during the previous year makes the company incomparable. As mentioned here in above, the extraordinary even has taken place in the case of Eclerx Services Ltd which excludes this company as a comparable. We, therefore, hold that this company cannot be considered as comparable. Mold-Tek Technologies Ltd - The appointed date for amalgamation and the demerger were 1.10.2006, and 1.4.2007 respectively. The business and the assets and liabilities of Tech-men Tools Private Limited stand transferred to and vested in Mold Tek Technologies Limited w.e.f.1.10.2006. In our considered opinion, this is definitely an extraordinary event which make this company excluded from final list of comparables on similar lines as discussed by us in the case of Eclerx Services Ltd and the same judicial decision as considered in the case of Eclerx Services Ltd. - The appeal filed by assessee is allowed. Short credit of TDS - In our considered opinion, this issue needs to be verified at the assessment level. We, therefore, restore this issue to the file of AO. The AO is directed to grant credit for the TDS as per TDS certificate furnished by the assessee in the light of the provisions of law. This ground is treated as allowed for statistical purposes. Interest u/s 234B and 234C of the Income Tax Act - In our humble opinion charging of interest is mandatory though consequential in this case. The AO is directed to levy interest as per the provisions of law. - Decided partly in favour of assessee.
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