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2015 (11) TMI 1524 - BOMBAY HIGH COURT

2015 (11) TMI 1524 - BOMBAY HIGH COURT - TMI - Transfer pricing adjustment - computation of income from international transactions having regard to the ALP - Held that:- Appeal is admitted on question no. (ii).

Whether on the facts and in the circumstances of the case and in law, the order of the Tribunal is not perverse in view of the fact that considering the mean margin figure of 5.34% as adopted by the Tribunal, the ALP determined by the TPO is ₹ 53,68,52,698/whereas in para .....

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NI, J.J. For The Appellant : Mr. A.R. Malhotra a/w. Mr. N.A. Kazi For The Respondent : Mr. Naresh Thacker a/w Nanda Gopal 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 qu .....

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ean margin figure of 5.34% as adopted by the Tribunal, the ALP determined by the TPO is ₹ 53,68,52,698/whereas in para 12 of its order, the Tribunal states that the ALP of AE sales as computed by the TPO after applying 5.34% comes to ₹ 50,20,74,010/and assessee's sales to AE is ₹ 49,81,00,499/and there 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 o .....

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restricting the same only to the International Transactions entered into by the Respondent Assessee with its Associated Enterprises. The Tribunal by the impugned order negatived the contention as the same is contrary to the clear mandate for Section 92 of the Act, which permits taxation only of income arising from International Transactions having regard to its ALP. (c) The Revenue being aggrieved submits that the adjustment has to be made on the entire universe of transactions entered into by .....

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Respondent Assessee invites our attention to the decision of this Court in Commissioner of Income Tax8 Vs. M/s. Tara Jewels Exports Pvt. Ltd. being Income Tax Appeal No. 1814 of 2013, decided on 5th October, 2013 and Commissioner of Income Tax Vs. Keihin Panalfa Ltd. in ITA No.11 of 2015 decided on 9th September, 2015, wherein the view taken by the Tribunal in the impugned order has been approved. (d) Chapter X of the Act inter alia deals with computation of income from international transactio .....

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