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2021 (1) TMI 921 - HC - Income TaxTP Adjustment - Comparable selection - Tribunal excluding M/s Vishal Information Technologies Ltd as comparable company of ITES segment in holding that M/s VITL outsources majority of its work ignoring the fact that outsourcing entails higher cost resulting in lower operating profit - Whether on the facts and in the circumstances of the case, the Tribunal is right in law in excluding M/s Nucleus Netsoft & GIS (India) ltd., is not a comparable brushing aside the fact that it was taken as a comparable by the assessee on its own TP study and the fact that ITES is the primary business of the company? - HELD THAT:- From perusal of the relevant extract of the order passed by the tribunal, it is evident that the tribunal has neither considered evidence brought on record by the Transfer Pricing Officer and has neither considered the findings of the Transfer Pricing Officer as well as the dispute resolution panel and in a cryptic and cavalier manner has recorded a finding in favour of the assessee. No cogent reasons worth the name have been assigned by the tribunal for recording the findings. Therefore the order passed by the tribunal dated 23.06.2015 is hereby quashed. The substantial questions of law are answered accordingly. The matter is remitted to the tribunal for decision afresh in accordance with law by a speaking order.
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