TMI Blog2019 (8) TMI 469X X X X Extracts X X X X X X X X Extracts X X X X ..... ting to the financial year occurring in Rule 10 B (4) of the Rules , there is an insertion made in the Rules with effect from 19th October 2015, which reads hereafter in this Rule and in Rule 10 (C) (a) referred to as the current year . While it could be argued that this was a clarificatory amendment, the fact remains that the legislature thought it necessary to clarify that the data that wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellant Through: Mr. Zoheb Hossain, Senior Standing Counsel for Revenue. Respondent Through: Mr. Deepak Chopra, Mr. Harpreet Singh Ajmani and Mr. Rohan Khare, Advocates. O R D E R CM 15154/2019 (delay) 1. For the reasons explained in the application, the delay in re-filing the appeal is condoned and the application is allowed. ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT (A) in the order dated 20th January, 2017 to the effect that the Appellant has tried to wriggle out of the penal provision by arguing that in its opinion it followed all due care and diligence while computing the arms length price ( ALP ). The mere fact that there was an adjustment to the very substantial amount negates the due diligence theory of the Appellant. The same is, therefore, rejecte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rule 10-B (4) of the Income Tax Rules, 1962 ( Rules ), it was made abundantly clear even from the beginning that the data to be used in analyzing the comparability of an uncontrolled transaction with an international transaction or a specified domestic transaction shall be the data related to the financial year in which the international transaction has been entered into. Therefore, he submits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w taken by the ITAT that during the AY in question, the issue was debatable cannot, in the circumstances, said to be an implausible view. 10. The second ground on which penalty was levied related to the claim of standard deduction by the Assessee at 5%. The ITAT noted that even this was a debatable issue and a clarification was finally issued in Finance Bill, 2012, which clarification has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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