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<h1>Tribunal orders fresh evaluation in ship management appeal under Income Tax Act Section 260A</h1> The Tribunal justified setting aside the CIT (A)'s order and remanding the matter to the AO for fresh adjudication in an appeal under section 260A of the ... Reduction of Arm's Length Price by TPO - CIT(A) allowed the appeal of assessee - ITAT set aside the order of the CIT (A) and remanded the matter to the AO for fresh adjudication - Held that:- The Tribunal does not state that the material, including the comparables, furnished by the appellant was inadequate & the department/respondent also do not contend that the comparables were inadequate. They have analyzed the same in a particular manner whereas the CIT(A) has analyzed the same in a different manner. Although the order very fairly permits the appellant an opportunity of filing fresh comparables the appellant is willing to proceed before the Tribunal on the basis of the existing material including the comparables already furnished no purpose would be served by remanding the matter to the AO or for that matter, even before the CIT(A) for a fresh decision on the existing material - as the Tribunal has not held that it is not possible to arrive at the ALP on the basis of the existing material it must therefore now decide the matter - in favour of assessee. Issues:1. Justification of the Tribunal in setting aside the order of the CIT (A) and remanding the matter to the AO for fresh adjudication.Analysis:1. The case involved an appeal under section 260A of the Income Tax Act, 1961 against the ITAT's decision to remand the matter to the AO for fresh adjudication.2. The appellant, engaged in ship management, provided services to foreign principals. The TPO reduced the Arm's Length Price (ALP) by approximately Rs. 1.41 crores.3. The TPO's adjustment was based on comparables provided by the appellant, which the AO accepted despite the appellant's contentions.4. The CIT (A) ruled in favor of the appellant, directing the AO to delete the additions made on account of ALP adjustment.5. The Tribunal, considering the Special Bench decision, remanded the matter to the AO for fresh adjudication, allowing the appellant to submit fresh comparables for the financial year 2002-2003.6. The Tribunal did not find the comparables inadequate, and the appellant was willing to proceed without submitting further material, leading to the decision in favor of the appellant.7. The Tribunal's order set aside the previous decision and directed a fresh adjudication, emphasizing the importance of allowing the appellant to present relevant facts for proper determination of the ALP.This detailed analysis covers the issues involved in the judgment, highlighting the key legal aspects and decisions made by the authorities involved in the case.
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