Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (8) TMI 1890 - AT - Income TaxTP Adjustment - Comparable selection - HELD THAT:- 'Accentia' and 'Jindal' were selected as comparables both by the assessee in its TP study and the TPO as per his order u/s. 92CA of the Act. We find that, as contended, the DRP has suo moto rejected these two companies as comparable without the assessee having raised any objections to their inclusion in the final set of comparables. We have carefully perused of the DRP's order and find that the DRP has not adduced any proper reasoning as to why these companies should be excluded from the list of comparables, in spite of the fact that no objections to their inclusion has been raised by the assessee. We deem it appropriate to set aside the DRP's order excluding these two companies from the list of comparables and restore the issue of comparability of these two companies to the file of the TPO for fresh adjudication. Needless to add, that the assessee will be afforded adequate opportunity of being heard in the matter and to file submissions/details required, which shall be considered by the TPO before deciding the matter. MAT Credit u/s. 115JA - HELD THAT:- We have heard both parties in the matter and perused the material on record. We direct the AO to examine and verify the record in respect of the assessee's claim for MAT credit and allow the same in accordance with law. Interest u/s. 234B - HELD THAT:- The assessee denies itself liable to be charged interest u/s. 234B of the Act. The charge of interest is consequential and mandatory and the assessee has no discretion in the matter. This proposition has been upheld by the Hon'ble Apex Court in the case of CIT v. Anjum Ghaswala [2001 (10) TMI 4 - SUPREME COURT] and we, therefore uphold the AO's action in charging the assessee, the said interest. The AO is, however, directed to re-compute the interest chargeable u/s. 234B of the Act while giving effect to this order.
|