TMI Blog2017 (7) TMI 1005X X X X Extracts X X X X X X X X Extracts X X X X ..... ny articles. It merely purchases rough diamonds from the international markets and supplies to the assessee. Clause (j) would apply when an enterprise is controlled by an individual. In the present case, both the enterprises are partnership firms. There is nothing to suggest that they are controlled by any individuals. Clause (l) would of course apply in a case where the enterprise is a partnershi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions for our consideration: ( A) Whether the Appellate Tribunal has erred in holding that the assessee and M/s Blue Gems BVBA are not Associated Enterprise within the meaning of section 92A of the Income Tax Act, 1961? ( B) Whether the Appellate Tribunal has substantially erred in deleting the Arm s Length Price Adjustment made of ₹ 5,22,64,779/- under section 92CA(3)? ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lding the entire partnership stake. The fourth brother Nareshkumar Shah, along with his wife Surekhaben Shah and his son Mitesh Shah control the entire share holding of M/s Blue Gems BVBA, the fourth brother and his son being directors of the firm. It is clear that both the entitites are being controlled by the same family of four brothers and their close relatives. It is also clear that M/s. Blue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee. Clause (j) would apply when an enterprise is controlled by an individual. In the present case, both the enterprises are partnership firms. There is nothing to suggest that they are controlled by any individuals. Clause (l) would of course apply in a case where the enterprise is a partnership firm. However, for applicability of the said clause, there has to be an enterprise in the nature of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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