Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
The ITAT held that the TPO's benchmarking exercise was procedurally flawed because, having applied a lower turnover threshold of Rs. 1.00 crore in comparable selection, the TPO ought also to have applied an appropriate upper turnover limit; consequently the Tribunal remanded the matter to the AO/TPO for a fresh transfer-pricing comparability analysis incorporating an upper turnover filter. All other substantive and procedural contentions raised by the appellant are left open for reconsideration by the AO/TPO. The appeal by the appellant is accordingly partly allowed for statistical purposes and the final transfer-pricing determination is to be reworked consistent with this direction.
The ITAT held that the TPO's benchmarking exercise was procedurally flawed because, having applied a lower turnover threshold of Rs. 1.00 crore in comparable selection, the TPO ought also to have applied an appropriate upper turnover limit; consequently the Tribunal remanded the matter to the AO/TPO for a fresh transfer-pricing comparability analysis incorporating an upper turnover filter. All other substantive and procedural contentions raised by the appellant are left open for reconsideration by the AO/TPO. The appeal by the appellant is accordingly partly allowed for statistical purposes and the final transfer-pricing determination is to be reworked consistent with this direction.
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