https://www.taxtmi.com/caselaws?id=404984 The Tribunal upheld the CIT's jurisdiction under Section 263 to revise the Transfer Pricing Officer's (TPO) order, citing the case of Philips Ltd. vs. Pr.CIT, Kolkata. It directed a re-examination of the inclusion of Tasty Bites Eatables Ltd. as a comparable due to high Related Party Transactions. Additionally, discrepancies in operating cost allocation and treatment of miscellaneous income and foreign exchange gains were noted, leading to a directive for the re-computation of the Arm's Length Price. The appeal in ITA No.775/Hyd/2016 was partly allowed, while the appeal in ITA No.1116/Hyd/2018 was dismissed as infructuous. en-us Thu, 17 Dec 2020 00:00:00 +0530 Tue, 09 Mar 2021 08:48:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404984 The Tribunal upheld the CIT's jurisdiction under Section 263 to revise the Transfer Pricing Officer's (TPO) order, citing the case of Philips Ltd. vs. Pr.CIT, Kolkata. It directed a re-examination of the inclusion of Tasty Bites Eatables Ltd. as a comparable due to high Related Party Transactions. Additionally, discrepancies in operating cost allocation and treatment of miscellaneous income and foreign exchange gains were noted, leading to a directive for the re-computation of the Arm's Length Price. The appeal in ITA No.775/Hyd/2016 was partly allowed, while the appeal in ITA No.1116/Hyd/2018 was dismissed as infructuous. Case-Laws Income Tax Thu, 17 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404984