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2017 (7) TMI 1213 - HC - Income TaxTPA - functional comparable of M/s. Cosmic Global Ltd. with the assessee, so as to include or exclude from the list of comparables for determining the ALP in respect of the International Transaction - Held that:- So far as M/s. Cosmic Global Ltd. is concerned, the Tribunal has come to the conclusion that the nature of business of said M/s. Cosmic Global Ltd. was distinct from the one carried out by the assessee as such, was not functionally comparable. The said finding appears to be a finding of fact. Moreover, the Assessing Officer had the opportunity to consider the functional comparability of M/s. Cosmic Global Ltd. with the assessee and it appears that the Assessing Officer subsequently has held that the nature of business of M/s. Cosmic Global Ltd. is different than that of the assessee. As such, question nos. 2 and 3 raised herein would not survive. So far as question raised with regard to LIBOR plus 2% as directed by the Tribunal, the same appears to be in tune with the judgment of this Court in COMMISSIONER OF INCOME-TAX-2 VERSUS TATA AUTOCOMP SYSTEMS LTD. [2015 (4) TMI 681 - BOMBAY HIGH COURT]
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