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2018 (10) TMI 1793 - AT - Income TaxTP Adjustment - international transaction for vessel freight - HELD THAT:- Evidences produced before the Transfer Pricing Officer and the Assessing Officer rightly come to the conclusion that the transaction in two vessels, namely “THEOSKEPASTI” and “GOA ” are within deviation of (+/-) 5%, and therefore, the transaction is within ALP. Accordingly, the upward adjustment is rightly deleted by the CIT(A). The case of the assessee is also supported by another reason that prices quoted by Steel Index are available in public domain and assessee filed price data of relevant dates during proceedings before TPO. TPO has accepted the TSI prices in TP Study for determining ALP. Therefore, the comment of the TPO in his report that Trade Steel Index is arithmetical which was not explained by the assessee was rightly rejected by the CIT(A) and held that the assessee has sufficiently demonstrated the same. Therefore, there is no need to interfere with the order of the CIT(A). Ground No. 1 of the Revenue’s appeal is dismissed Disallowance of travelling expenses - HELD THAT:- As considered the details filed for the sum of ₹ 71 lakhs & odd and find that they contain details with regard to person who incurred the expenses, place, details of ticket, details of hotel etc. The A.O has not pointed out any specific instance of unsubstantiated claim of expenditure. The disallowance is, therefore, uncalled for and is correctly deleted - CIT-A correctly deleted the addition Disallowance of Legal and Professional Charges - allowable business expenses - HELD THAT:- A.O has not brought on record any evidence to prove that the expenses were not incurred in relation to business nor any specific instance of unsubstantiated claim has been pointed out by the A.O. No reason to sustain the disallowance made by the AO on adhoc basis - CIT-A correctly deleted the addition - Decided in favour of assessee.
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