2024 (2) TMI 1347 - SCH - Income Tax

Supreme Court Dismisses Appeal Due to Low Tax Impact; Legal Question Unresolved, Pending Applications Closed.

The SC dismissed the SLP citing a low tax effect, in accordance with Circular No. 17 of 2019. The question of law remains unresolved, and all pending ... TP Adjustment - substantial questions of law raised before the High Court u/s 260-A or not? - substantial quantum of international trade and transactions depends upon the fair and quick judicial dispensation in such cases - Tribunal held that extra credit allowed can be considered as an independent international transaction and the same be compared with the internal CUP being average cost of the total funds available to the assessee, directed the TPO to find out the cost of the total funds available to the assessee and same should be adopted as internal CUP for benchmarking of this independent international transaction i.e. allowing extra credit in addition the agreed credit period of 30 days - As decided by HC [2018 (8) TMI 2094 - KARNATAKA HIGH COURT] that in these type of cases, unless an ex-facie perversity in the findings of the learned Income Tax Appellate Tribunal is established by the appellants, the appeal at the instance of an assessee or the Revenue u/s 260-A of the Act is not maintainable HELD THAT:- As stated by Revenue that this appeal has to be dismissed on the ground of low tax effect as being covered by the Circular No. 17 of 2019 dated 08.08.2019 issued by Department of Revenue, Ministry of Finance. This Special Leave Petition is therefore dismissed. However, question of law is kept open. Pending applications, if any, shall stand disposed of. The Supreme Court dismissed the Special Leave Petition due to low tax effect, as per Circular No. 17 of 2019. The question of law remains open, and pending applications are disposed of.