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2019 (12) TMI 1154 - AT - Income TaxTP Adjustment - 6% markup on cost / expenditure - Mutual agreement between the assessee and associated enterprises - assessee not in possession of any formal agreement - HELD THAT:- In the earlier years, the 6% markup on cost was the proposition considered by learned CIT(A) which was accepted by the ITAT. In the present assessment year there is no mention whatsoever about this claim of the assessee in the order of learned CIT(A). All the assessee’s arguments before learned CIT(A) were confined to selection of comparables and certain other adjustments. We agree that this contention of the assessee deserves consideration provided the facts for the present assessment year are in conformity with the earlier assessment years. Furthermore as noted above this aspect has not at all been considered at the level of learned CIT(A). In the interest of justice, we deem it appropriate to remit this aspect of assessee’s contention to the file of learned CIT(A) to consider the same and give a finding thereupon. Needless to add the assessee should be granted opportunity of being heard. - Matter remanded back to CIT(A).
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