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2015 (12) TMI 101 - AT - Income TaxTransfer pricing adjustment - assessee challenged Transfer Pricing Officer (TPO) not allowing the adjustment of +/- 5% while computing the addition in the hands of assessee on account of arm's length price of the international transactions entered into by the assessee - Held that:- In view of proviso to section 92C(2) of the Act, no adjustment is to be made since the variation between the price paid in respect of the international transaction and the arm's length price determined by the TPO did not exceed 5%. We find merit in the plea of the assessee and benefit of proviso to section 92C(2) of the Act, can be allowed only if variation between price charged/paid in respect of international transaction and arm's length price determined by taking results of comparables cases does not exceed 5% and, in case such variation is more than 5%, then no such benefit can be allowed on standard basis. We find support from the ratio laid down by Mumbai Bench of Tribunal in Thyssenkrupp Industries India (P.) Ltd. Vs. Addl.CIT (2013 (11) TMI 930 - ITAT MUMBAI -). In view thereof, the ground of appeal raised by the assessee is allowed - Decided in favour of assessee. Excise duty paid / payable - whether was not part of the total turnover within the meaning of section 10B? - Held that:- The issue raised before us is identical to the issue before the Tribunal in assessee's own case relating to assessment year 2007-08 and following the same parity of reasoning, we uphold the order of CIT(A) in directing the Assessing Officer to exclude the Excise duty paid / payable being not part of the total turnover while computing deduction under section 10B of the Act. The grounds of appeal raised by the Revenue are thus, dismissed.
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