https://www.taxtmi.com/caselaws?id=195611 The High Court dismissed the appeal against the Income Tax Appellate Tribunal's order due to a 550-day delay in refiling by the revenue. The dispute centered around the rejection of comparables by the Transfer Pricing Officer (TPO) for the Assessment Year 2007-08, leading to adjustments in the final return. The court disagreed with the AO's interpretation of Explanation 7 to Section 271(1)(c) and emphasized the need for evidence of conscious and material suppression. Ultimately, the appeal was rejected as no substantial question of law was found, highlighting the unwarranted application of Explanation 7 in this case. en-us Mon, 22 Aug 2016 00:00:00 +0530 Sat, 04 Nov 2017 21:39:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195611 The High Court dismissed the appeal against the Income Tax Appellate Tribunal's order due to a 550-day delay in refiling by the revenue. The dispute centered around the rejection of comparables by the Transfer Pricing Officer (TPO) for the Assessment Year 2007-08, leading to adjustments in the final return. The court disagreed with the AO's interpretation of Explanation 7 to Section 271(1)(c) and emphasized the need for evidence of conscious and material suppression. Ultimately, the appeal was rejected as no substantial question of law was found, highlighting the unwarranted application of Explanation 7 in this case. Case-Laws Income Tax Mon, 22 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195611