https://www.taxtmi.com/caselaws?id=752894 ITAT Mumbai held that TPO's adhoc estimation for determining ALP was unjustifiable after rejecting assessee's benchmarking analysis without proper basis. The tribunal found assessee satisfied need and benefit tests for intra-group services with no duplicative activities. TPO's rejection of foreign AE as tested party was incorrect, as transaction-by-transaction benchmarking using foreign AE was justified method. Adhoc determination violated Rule 10AB requirements as TPO must determine ALP based on prescribed parameters, not estimation. TP adjustments were deleted. MAT credit issue remanded to AO for verification. Section 14A disallowance deleted as assessee didn't claim dividend income as exempt. en-us Thu, 14 Dec 2023 00:00:00 +0530 Mon, 20 May 2024 08:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752894 ITAT Mumbai held that TPO's adhoc estimation for determining ALP was unjustifiable after rejecting assessee's benchmarking analysis without proper basis. The tribunal found assessee satisfied need and benefit tests for intra-group services with no duplicative activities. TPO's rejection of foreign AE as tested party was incorrect, as transaction-by-transaction benchmarking using foreign AE was justified method. Adhoc determination violated Rule 10AB requirements as TPO must determine ALP based on prescribed parameters, not estimation. TP adjustments were deleted. MAT credit issue remanded to AO for verification. Section 14A disallowance deleted as assessee didn't claim dividend income as exempt. Case-Laws Income Tax Thu, 14 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752894