TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
Use comma for multiple locations.
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
Issues: (i) Whether the transfer pricing adjustments relating to the investment banking division and securities broking transactions were required to be sustained or restored for fresh determination; (ii) Whether the claim for depreciation on goodwill and the additional ground regarding attribution of the shortfall required consideration in the remand proceedings.
Issue (i): Whether the transfer pricing adjustments relating to the investment banking division and securities broking transactions were required to be sustained or restored for fresh determination.
Analysis: The assessment involved transfer pricing adjustments under Chapter X of the Income-tax Act, 1961 for the assessee's investment banking and broking transactions. The Tribunal noted that an earlier year involving identical facts had already been restored to the Assessing Officer and Transfer Pricing Officer for de novo adjudication. In view of the same factual matrix and the exceptional circumstances affecting the assessee's ability to place material before the authorities, the Tribunal found it to follow the same course and direct fresh determination after granting proper opportunity of hearing.
Conclusion: The transfer pricing adjustments were set aside and restored to the Assessing Officer and Transfer Pricing Officer for fresh consideration in accordance with law.
Issue (ii): Whether the claim for depreciation on goodwill and the additional ground regarding attribution of the shortfall required consideration in the remand proceedings.
Analysis: The claim for depreciation on goodwill had not been substantively examined by the lower authorities. Since the main transfer pricing issues were being remanded, the Tribunal considered it appropriate that this claim and the related additional ground could also be examined by the Assessing Officer in the same proceedings.
Conclusion: The claim for depreciation on goodwill and the additional ground were left open for consideration by the Assessing Officer in the remand proceedings.
Final Conclusion: The appeal was restored for fresh adjudication by the tax authorities, with all material issues kept open for decision after giving the assessee an opportunity of hearing.
TaxTMI 
