https://www.taxtmi.com/caselaws?id=393188 The ITAT dismissed all three appeals filed by the Revenue, upholding the CIT(A)'s orders. The rejection of books of account and the estimation of income on a presumptive basis by the AO were deemed unjustified. The ITAT concurred with the CIT(A) that the CUP method was more suitable for benchmarking transactions, and the comparables chosen by the TPO were functionally incomparable. The decisions were supported by consistent judicial precedents, including those of the Hon'ble Gujarat High Court and the ITAT in the assessee's case. en-us Wed, 04 Mar 2020 00:00:00 +0530 Sat, 07 Mar 2020 10:28:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393188 The ITAT dismissed all three appeals filed by the Revenue, upholding the CIT(A)'s orders. The rejection of books of account and the estimation of income on a presumptive basis by the AO were deemed unjustified. The ITAT concurred with the CIT(A) that the CUP method was more suitable for benchmarking transactions, and the comparables chosen by the TPO were functionally incomparable. The decisions were supported by consistent judicial precedents, including those of the Hon'ble Gujarat High Court and the ITAT in the assessee's case. Case-Laws Income Tax Wed, 04 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393188