TMI Blog2015 (11) TMI 1524X X X X Extracts X X X X X X X X Extracts X X X X ..... ,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 on the computation figures so derived? - INCOME TAX APPEAL NO. 1906 OF 2013 - - - Dated:- 24-11-2015 - M.S. SANKLECHA AND G.S. KULKARNI, 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 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... adjustment arising out of the Arms Length Price (ALP) has to be made to the entire turnover of the Respondent Assessee instead of 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 the Respondent Assessee and not restricted only to its International Transactions with Associated Enterprise. In suppo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asis of determining of ALP in respect of all the Assessee's transactions. If the contention of the Revenue is to be accepted, it would result in taxing nonexisting income / profits of transactions entered into between the Respondent Assessee and independent third parties. This in the present fact, even in the absence of an allegation that the transactions with parties other than Associated Enterprise is not at ALP. The transactions with parties other than the International Transactions with Associated Enterprise or in respect of specified domestic transactions are not within the ambit of Chapter X of the Act. In fact, a similar question arose for our consideration in Tara Jewels Exports Pvt. Ltd. (Supra) and an identical contention was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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