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2023 (12) TMI 499 - AT - Income TaxTP Adjustment - valuation of Arms Length Price (ALP) of the various Specified Domestic Transactions (SDTs) between the assessee and its Associated Enterprises (AEs) - AO had made a reference to Transfer Pricing Officer u/s. 92CA of the Act to determine ALP with respect to SDT u/s. 92BA(1) - HELD THAT:- We are of the view that Coordinate Benches have taken a view that since clause (i) of section 92BA stands omitted from the provision and omission of such is to be construed as if it never existed in the Statute Book and if it never existed in the Statute Book, then, no Arm's Length Price is required to be determined for a transaction with specified persons in section 40A(2)(b) of a domestic transaction. If no Arm's Length Price is required to be determined, then, no reference was required to be made. As relying on Texport Overseas Pvt. Ltd [2019 (12) TMI 1312 - KARNATAKA HIGH COURT] we allow the Cross Objection of the assessee resulting into deletion of the adjustments made in respect of the SDTs by the Ld. AO.
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