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2016 (8) TMI 1396 - HC - Income TaxTPA - Comparable selection criteria - exclusion of ICRA Online Limited as a comparable having significant Income on account of sale of products which was not available at the time when the transfer pricing study was first carried out by the respondent-assessee - Held that:- We find that Rule 10 D (4) of the Rules provides us a cut off date, the date specified in Section 92 (f)(iv) of the Act. The date specified in Section 92 (f) (iv) of the Act is the due date specified in Explanation 2 to Section 139 of the Act i.e. 30th November of the Assessment year. In this case the Director's report of ICRA Online Ltd. is dated 12th May, 2007. In view of the fact that the information on the basis of which the respondent assessee seeks to exclude ICRA Online Ltd. from the transfer pricing study is based on document / information available before 30th November, 2007. Therefore reliance upon it is perfectly valid. Thus the direction in the impugned order to the Assessing Officer to exclude ICRA Online Ltd. from the study of comparison, cannot be faulted with in the present facts. Depreciation on UPS @ 60% to be allowed as relying on THE COMMISSIONER OF INCOME TAX-10 VERSUS M/S. SARASWAT INFOTECH LTD. [2013 (1) TMI 861 - BOMBAY HIGH COURT]
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