2019 (12) TMI 42 - SCH - Income Tax

TP Adjustment - exclusion made by assessing authority in respect of forex gain/loss while arriving at the profit level indicator (PLI) of the assessee and directing the TPO/AO to include the same for determining the PLI - exclusion made by assessing authority in respect of forex gain/loss while arriving at the profit level indicator (PLI) of the assessee and directing the TPO/AO to include the same for determining the PLI - HELD THAT - In view of the circular dated 8.8.2019 issued by the CBDT the tax effect being less than two crores we see no reason to interfere. The special leave petitions are dismissed. Pending applications if any shall also stand disposed of.

Summary

The Supreme Court dismissed special leave petitions due to tax effect being less than two crores as per circular dated 8.8.2019 issued by the CBDT. Delay was condoned.