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2015 (7) TMI 74 - AT - Income TaxDisallowance of deduction u/s. 10B - misinterpreting transfer pricing provisions for making addition - Held that:- It is an undisputed fact that on reference made to TPO, the TPO has not made any adjustment in the international transaction with regard to ALP with it’s AE. The sum and substance of the submissions made by ld. Counsel for the assessee is that once the TPO had accepted the international transaction at ALP, the Assessing Officer cannot step into the shoes of the TPO to make disallowance/addition with regard to international transaction by invoking the provisions of section 10B(7) r.w.s. 80IA(10) of the Act. In all the three assessment years the TPO found that no adjustment is required to be made in ALP of international transaction. The Assessing Officer in assessment proceedings u/s. 143(3) in the preceding and succeeding assessment years did not make any disallowance of deduction u/s. 10B. No cogent reason has been deduced by the Assessing Officer in the impugned assessment year to make disallowance. - Decided in favour of assessee.
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