TMI Blog2015 (12) TMI 1076X X X X Extracts X X X X X X X X Extracts X X X X ..... only with regard to income arising from International Transactions on determination of ALP. The adjustment which is mandated is only in respect of International Transaction and not transactions entered into by assessee with independent unrelated third parties. This is particularly so as there is no issue of avoidance of tax requiring adjustment in the valuation in respect of transactions entered i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Jasani P.C: This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 27th November, 2011 passed by the Income Tax Appellate Tribunal (the Tribunal) for the Assessment Year 200708. 2 Mr. Kotangale, learned Counsel appearing for the Revenue urges the following reframed questions of law for our consideration: ( a) Whether on the facts and the cir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sugar plants, cement plants, etc. During the subject Assessment Year, the RespondentAssessee had International Transaction with its Associated Enterprises (AE) in respect of import of spares and equipments, royalty and project engineering, manufacturing drawings, settlement for liquidated damages and interest on delayed payments. (b) The TPO on selection of comparables arrived at the margin at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ievance of the Revenue before us is that the adjustment is not to be restricted only in respect of transactions entered into with the AE. All the transactions of the RespondentAssessee would have necessarily be varied/ adjusted by the margin arrived at by the TPO to arrive at the ALP. (e) We find that in terms of Chapter X of the Act, redetermination of the consideration is to be done only with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 as well as by the Delhi High Court in CIT v/s. Keilin Panalfa Ltd. (ITA No.11/2015) decided on 9th September, 2015. 5 In the above view, as the provisions of the Act in respect of transfer pricing are self evident, Question No.(a) as proposed does not give rise to any substantial question of law. Thus, not entertained. 6 Appeal admitted on Question Nos. (b) and (c). 7 Registry is direct ..... X X X X Extracts X X X X X X X X Extracts X X X X
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