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2018 (8) TMI 1708 - AT - Income TaxAddition on account of transfer pricing adjustment made on the basis of Share Purchase Agreement ('SPA'/'Agreement') - Held that:- We have already rebutted the Ld. DR's reliance on Instrumentarium's case above in detail, therefore the same are not applicable to the facts of the present case and we are of the view that since chapter 10 pre-supposes the existence of "income" and lays down machinery provison to compute ALP of such income, if it arises from an "International transaction". Section 92 is not an independent charging section to bring in a new head of income or to charge tax on income which is otherwise not chargeable under the Act. Accordingly, since no income had accrued to or received by the assessee u/s 5, no notional income can be brought to tax u/s 92 of the Act. We direct the AO to deleted the additions.
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