https://www.taxtmi.com/caselaws?id=251239 The Tribunal set aside the transfer pricing adjustment made by the AO/DRP, rejecting the audited segmental profit statement and including Bharat Power Corporation Limited as a comparable. The Tribunal found errors in the exclusion of Spectra Industries Limited as a comparable and the initiation of penalty proceedings under Sections 271AA and 271(1)(c) of the Income-tax Act. The Tribunal also disagreed with the levying of interest under Sections 234B and 234C, allowing the appeal for statistical purposes and remanding the issues back to the AO for reconsideration in line with the law and evidence on record. en-us Fri, 14 Mar 2014 00:00:00 +0530 Sat, 21 Jun 2014 14:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251239 The Tribunal set aside the transfer pricing adjustment made by the AO/DRP, rejecting the audited segmental profit statement and including Bharat Power Corporation Limited as a comparable. The Tribunal found errors in the exclusion of Spectra Industries Limited as a comparable and the initiation of penalty proceedings under Sections 271AA and 271(1)(c) of the Income-tax Act. The Tribunal also disagreed with the levying of interest under Sections 234B and 234C, allowing the appeal for statistical purposes and remanding the issues back to the AO for reconsideration in line with the law and evidence on record. Case-Laws Income Tax Fri, 14 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251239