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2023 (3) TMI 1020 - AT - Income TaxTP Adjustment - MAM selection - rate of gross margin on cost of sales made by the Appellant to Non-AEs in Europe as the basis for determining ALP of the sales made to AEs in USA by using cost plus method as the most appropriate method - HELD THAT:- For Assessment Year 2005-06, the TPO has adopted same approach as adopted in the AY 2004-05 with stands rejected by the above order of the Tribunal. The Tribunal had, for the immediately preceding Assessment Year 2004-05, accepted the contentions raised on behalf of the Appellant and remanded the issue back for fresh de-novo adjudication. Therefore, we find merit in the contentions of the Ld. Authorised Representative for the Appellant that for the Assessment Year 2005-06 the issue relating to transfer pricing adjustment can also be remanded back. Treatment of unsecured loans as unexplained cash credit in terms of Section 68 - HELD THAT:- Appellant had discharged the onus cast upon the Appellant in terms of Section 68 of the Act to prove genuineness of the aforesaid loan transactions and therefore, in absence of any material/information the CIT(A) was not justified in confirming the additions under Section 68 of the Act in respect of unsecured loan. Accordingly, we delete the addition. Assessee appeal is partly allowed.
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