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ITAT remanded transfer pricing adjustment matter to TPO for fresh adjudication after finding procedural irregularities should not deny substantial justice to assessee. Tribunal rejected TPO/DRP's contention regarding business restructuring disclosure, holding that mere sale of shares by director's foreign company to third party causing cessation of AE relationship does not constitute business restructuring requiring Form 3CEB reporting. Despite assessee's procedural lapses in filing addendum instead of revised Form 3CEB, ITAT directed TPO to reconsider matter with all relevant documents including TP documentation and segmented P&L account previously submitted to DRP, emphasizing need for proper adjudication with due opportunity of hearing to assessee in accordance with established legal principles.
ITAT remanded transfer pricing adjustment matter to TPO for fresh adjudication after finding procedural irregularities should not deny substantial justice to assessee. Tribunal rejected TPO/DRP's contention regarding business restructuring disclosure, holding that mere sale of shares by director's foreign company to third party causing cessation of AE relationship does not constitute business restructuring requiring Form 3CEB reporting. Despite assessee's procedural lapses in filing addendum instead of revised Form 3CEB, ITAT directed TPO to reconsider matter with all relevant documents including TP documentation and segmented P&L account previously submitted to DRP, emphasizing need for proper adjudication with due opportunity of hearing to assessee in accordance with established legal principles.
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