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2023 (8) TMI 449 - AT - Income TaxTP Adjustment - comparable selection - TPO justification taking export filter of > 50% and thereby including only one comparable i.e. GTN India to determine the Arm’s Length Price of the assessee and holding that in the instant facts, only the GTN represents the industry standards - HELD THAT:- As we observe that proper comparability analysis has not been done by the Ld. TPO taking into consideration the directions of ITAT in the aforesaid order. We observe that the ITAT has specifically observed that the TPO has sought to compare the valves which is a consumer product with the industrial product of the tested party, which would not give a true picture of the profit. Despite the aforesaid directions of ITAT in [2015 (7) TMI 448 - ITAT AHMEDABAD] the directions of ITAT ostensibly have not been followed and the same comparable was again used for conducting the comparability analysis, which was directed to be excluded. Matter is being again restored to the file of the Ld. TPO for carrying out a fresh benchmarking analysis in light of the observations made by Hon’ble ITAT [supra]. In the result, the matter is being restored to the file of Ld. TPO with the above directions.
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