https://www.taxtmi.com/caselaws?id=253831 The Tribunal upheld the CIT(A)'s decisions in two appeals by the Revenue. Firstly, the deletion of an upward adjustment to the purchase price of imported goods for computing the arm's length price was upheld, based on updated data of comparable companies. Secondly, the deletion of a penalty imposed under Section 271(1)(c) of the Income Tax Act was affirmed, as the explanation provided by the assessee for the expenses was deemed bona fide. The Tribunal dismissed both appeals by the Revenue, with the order pronounced on 28th November 2014. en-us Fri, 28 Nov 2014 00:00:00 +0530 Fri, 05 Dec 2014 12:48:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253831 The Tribunal upheld the CIT(A)'s decisions in two appeals by the Revenue. Firstly, the deletion of an upward adjustment to the purchase price of imported goods for computing the arm's length price was upheld, based on updated data of comparable companies. Secondly, the deletion of a penalty imposed under Section 271(1)(c) of the Income Tax Act was affirmed, as the explanation provided by the assessee for the expenses was deemed bona fide. The Tribunal dismissed both appeals by the Revenue, with the order pronounced on 28th November 2014. Case-Laws Income Tax Fri, 28 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253831