Court grants exemption for delayed appeal, sets aside ITAT order on transfer pricing adjustment for fresh adjudication.

The Court condoned the delay in filing the appeal and granted exemption subject to exceptions. The appeals by both Revenue and Assessee were against the ITAT order on transfer pricing adjustment. The Court set aside the ITAT order, remanding the case for fresh adjudication on merits without reference to the previous order. Both parties were given the opportunity to present their contentions before the ITAT afresh, with the Assessee agreeing to withdraw a miscellaneous application. The appeals were disposed of with further directions scheduled.

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Issues:
1. Condoning delay in filing the appeal.
2. Granting exemption subject to exceptions.
3. Appeal by Revenue and Assessee against ITAT order on transfer pricing adjustment.

Analysis:
1. The Court condoned the delay in filing the appeal, as per the application submitted, and disposed of the matter accordingly.

2. Exemption was granted subject to all just exceptions in the appeal, ensuring fairness in the proceedings.

3. The appeals by both the Revenue and the Assessee were directed against the same order passed by the Income Tax Appellate Tribunal (ITAT) regarding the addition of transfer pricing adjustment on Advertisement, Marketing, and Promotion (AMP) Expenditure. The ITAT had referred to previous judgments highlighting the importance of determining the existence of an international transaction before assessing the arm's length price. Both parties confirmed the availability of necessary documents for this determination. Consequently, the Court set aside the ITAT order and remanded the case for a fresh adjudication on merits without reference to the previous order. Both sides were given the opportunity to present their contentions before the ITAT afresh. The Assessee agreed to withdraw a miscellaneous application filed earlier. The appeal was scheduled for further directions, and the appeals were disposed of accordingly.

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