2015 (11) TMI 1524

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..... i/b Economics law practice P.C. 1. In this appeal under Section 260A of the Income Tax Act, 1961 (for short 'the Act') the challenge is to the order dated 7th November, 2012 passed by the Income Tax Tribunal (for short 'the Tribunal'). The impugned order dated 7th November, 2012 is in respect of the Assessment Year 200708. 2. The Revenue urges the following questions of law fo .....

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..... re is thus disparity in the figures arrived at though the PIL value of 5.34% for both the TPO and Tribunal remain the same and that there is no basis for its conclusions based on the computation figures so derived?" 3. Re. :Question No.(i) (a) During the subject assessment year, the Respondent Assessee had both domestic and international transactions including transactions with Associated Ent .....

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..... t Assessee and not restricted only to its International Transactions with Associated Enterprise. In support, reliance was placed upon the fact that two appeals filed by the Revenue being Income Tax Appeal No.298 of 2013 (The Commissioner of Income Tax Vs. M/s. Super Diamonds) and Income Tax Appeal No.2068 of 2011 (The Commissioner of Income Tax Vs. Ankit Diamonds) raising a similar issue have been .....

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..... of the transactions entered into between the Associated Enterprises, as the heading of Chapter X itself indicates that these are special provisions relating to avoidance of tax and the mandate is to ensure adjustment in respect of the International Transactions with Associated Enterprise or specified domestic transaction on the determination of ALP. It does not allow adjustment of the income on t .....

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..... hin Panalfa Ltd (Supra) has negatived a similar contention. (e) In the facts and circumstances of the present case, the question as proposed would be contrary to the plain meaning and interpretation of Chapter X of the Act. Therefore, question of law as proposed, does not give rise to any substantial question of law. Thus, not entertained. 4. The appeal is admitted on question no. (ii). 5. The .....

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