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TMI Blog2024 (1) TMI 1400X X X X Extracts X X X X X X X X Extracts X X X X ..... the appellant Mr. J.P. Khaitan, Sr. Adv. Ms. Nilanjana Banerjee Pal, Adv. .for the respondent ORDER The Court:- This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated 18th October, 2022 passed by the Income Tax Appellate Tribunal, "C" Bench, Kolkata (the Tribunal) in ITA No.1816/Kol/2019 for the assessment year 2015-16. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d accounts and acceptability thereof? C. Whether the Learned Tribunal was justified in law in not considering that the accounts prepared by the assessee without any basis and breakup of expenses allocated to its segments is not justified and not acceptable as per law? We have heard Ms. Smita Das De, learned standing counsel along with Mr. Soumen Bhattacharjee, learned standing counsel for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the operative portion of the judgment reads as follows:- "6. In the above decision several other decisions have been referred to and legal principle that can be culled out is that the tested party normally should be the least complex party to the controlled transaction and there is no bar for selection of tested party either local or foreign party and neither the Act nor the guidelines on tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. and the decision was distinguished by taking note of the issue which was involved in the said case and the discussion is in paragraph 26 of the judgment quoted above. After noting several decisions, it was held that the Indian Transfer Pricing guidelines issued by the Institute of Chartered Accountants of India vide guidance note on report under Section 92E by Institute of Chartered Accounta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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