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2021 (4) TMI 255 - AT - Income TaxTP Adjustment - short-fall of adjustment under Section 92CA - rectification application moved by the assessee - HELD THAT:- As TPO has passed an order under Section 154 of the Act on 29.08.2019 wherein it is held that now short-fall of adjustment under Section 92CA is only ₹ 38,74,748/-, which is less than 5% of the international transaction i.e. ₹ 88,36,598/- and, therefore, no adjustment is warranted. As the ld. TPO himself based on the order of the ld. CIT (Appeals) has rectified an error and has stated that no adjustment is proposed, appeal of the assessee becomes infructuous and hence dismissed. Selection of comparable TSR Darashaw Ltd. - The difference of adjustment on account of the same results into the total tax effect of ₹ 34,36,924/- which is less than the minimum tax sum for which the Revenue should prefer an appeal before the ITAT, hence the appeal of the Revenue, being low tax appeal, is dismissed.
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