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2015 (10) TMI 1379 - AT - Income TaxTransfer pricing adjustment - upward adjustment made u/s.92CA(3) - TPO re-calculated the arithmetic mean of comparables to 16.70% - non provide the list of comparables considered for final determination of the ALP to assessee - Held that:- We find that the objections raised by the assessee are valid. The assessee has not been provided with the list of comparables considered for final determination of the ALP. Even the objections of the assessee with respect to the business activities of the comparables have not been addressed. Thus, the principles of natural justice and fair play have been violated. The impugned order is set aside, the file is remitted back to the Assessing Officer with a direction to re-determine ALP after adopting external comparables and suitable method to determine ALP of the transactions with the AE. Needless to say that, while determining ALP, the Assessing Officer shall only take into consideration the international transactions with AE and not the transactions with un-related parties. The Assessing Officer shall grant reasonable opportunity of hearing to the assessee and thereafter, pass denovo assessment order in accordance with law. - Decided in favour of assessee for statistical purposes.
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