https://www.taxtmi.com/caselaws?id=331171 The Tribunal allowed the appeals, remanding the case to the AO/TPO for redetermination of the Arm's Length Price (ALP) using prescribed methods. The Tribunal found that the AO exceeded his jurisdiction in questioning the genuineness of the transaction and emphasized the limited role of the TPO in determining the ALP. The penalty under section 271(1)(c) was set aside due to the primary issue being remanded for reconsideration, granting the AO the option to re-initiate penalty proceedings post reassessment. en-us Wed, 20 Jul 2016 00:00:00 +0530 Tue, 16 Aug 2016 11:18:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331171 The Tribunal allowed the appeals, remanding the case to the AO/TPO for redetermination of the Arm's Length Price (ALP) using prescribed methods. The Tribunal found that the AO exceeded his jurisdiction in questioning the genuineness of the transaction and emphasized the limited role of the TPO in determining the ALP. The penalty under section 271(1)(c) was set aside due to the primary issue being remanded for reconsideration, granting the AO the option to re-initiate penalty proceedings post reassessment. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331171