https://www.taxtmi.com/caselaws?id=325032 The Tribunal condoned the delay in filing the appeal and proceeded to decide on the merits. Regarding the arm's length price (ALP) adjustment issue, the Tribunal found that the Assessing Officer's method was not legally sustainable and emphasized the need for a recognized method in determining ALP. The Tribunal allowed the use of bonafide quotations for benchmarking ALP under certain circumstances and directed the deletion of the ALP adjustment of Rs. 12,71,378. The decision was specific to the case and not a general precedent for accepting quotations without further verification. en-us Mon, 29 Feb 2016 00:00:00 +0530 Tue, 08 Mar 2016 11:03:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325032 The Tribunal condoned the delay in filing the appeal and proceeded to decide on the merits. Regarding the arm's length price (ALP) adjustment issue, the Tribunal found that the Assessing Officer's method was not legally sustainable and emphasized the need for a recognized method in determining ALP. The Tribunal allowed the use of bonafide quotations for benchmarking ALP under certain circumstances and directed the deletion of the ALP adjustment of Rs. 12,71,378. The decision was specific to the case and not a general precedent for accepting quotations without further verification. Case-Laws Income Tax Mon, 29 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325032