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Commissioner of Income-Tax Versus Firestone International P. Ltd.

2015 (6) TMI 1123 - BOMBAY HIGH COURT

Adjustment restricted only on international transactions where the assessee has selected TNMM and applied the same on entity level by ITAT - Held that:- Revenue is unable to show how it arises from the impugned order of the Tribunal. It appears that the question itself is academic. In the above view, there is no occasion to entertain question (a) as substantial question of law. - Addition as the adjustment is with 5 per cent - Tribunal deleting the addition as the adjustment is with 5 per .....

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on of law. - Disallowance under section 14A - Tribunal restoring the issue back to the file of the Assessing Officer for fresh consideration in view of the decision of Godrej and Boyce Manufacturing Co. Ltd. [2010 (8) TMI 77 - BOMBAY HIGH COURT] - Held that:- No fault can be found with the impugned order of the Tribunal inasmuch as it follows the decision of this court in Godrej and Boyce Mfg. Co. Ltd. v. Deputy CIT [supra]. Accordingly, there is no occasion to entertain question (c) as it d .....

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rged the following questions of law for our consideration : "(a) Whether, on the facts and in the circumstances of the case and in law, the Tribunal is justified in restricting the adjustment only on international transactions where the assessee has selected TNMM and applied the same on entity level because the presumption under lying the arm's length principle is that uncontrolled transactions are at arm's length, and, therefore, if the overall margins are less than the arm's l .....

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the facts and in the circumstances of the case and in law, the Tribunal is justified in restoring the issue of disallowance under section 14A back to the file of the Assessing Officer for fresh consideration in view of the decision of this court in the case of Godrej and Boyce Manufacturing Co. Ltd. [2010] 328 ITR 81 (Bom) against which an special leave petition has been filed in the apex court ?" 3. As far as question (a) is concerned, the learned counsel for the Revenue is unable to show .....

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1.20 crores in respect of the appellant's transaction with its associated enterprises while arriving at the arm's length price (ALP). This on the basis of the entire turnover of the assessee and not only on the basis of the transaction with its associated enterprise. (ii) On appeal, the Commissioner of Income-tax (Appeals) (CIT(A)) held that the addition cannot be on the entire turnover of the assessee but has to be restricted only to the transactions with the associated enterprises. Co .....

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