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2020 (4) TMI 714 - AT - Income TaxTP Adjustment - method of benchmarking international transactions entered into by the assessee with it Associated Enterprise (AE) - assessee selected AE as tested party and selected 16 companies as comparable to benchmark the transaction - HELD THAT:- Transfer pricing adjustment at nil fails on both counts. Firstly on the account of benefit test which is not to be applied by the TPO and secondly none of the method of benchmarking the international transaction as specified in section 92C has been applied. Disallowance of TDS credit - assessee pointed that TDS reflected in Form 26AS in respect of certain payments has been offered to tax by the assessee in subsequent assessment years as the payment was actually received by the assessee during the later assessment year - HELD THAT:- After considering the submissions of ld.Authorized Representative of the assessee we deem it appropriate to restore this issue back to the file of Assessing Officer. The Assessing Officer is directed to grant TDS credit to the assessee in the year in which the assessee has received the income and has offered the same to tax. Grant of TDS credit and grant of interest u/s 244A - assessee pointed that rectification petition has already been filed before the Assessing Officer and the same is still pending for the disposal - HELD THAT:- AO is directed to dispose of the rectification petition filed by the assessee expeditiously, preferably within a period of three months from the date of receipt of this order.
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