https://www.taxtmi.com/caselaws?id=762902 ITAT Chennai ruled on transfer pricing adjustment following MAP resolution for international transactions. Assessee company invoked MAP under India-Korea DTAA for transactions with Korean associated enterprises. After MAP resolution covered 89.78% of total TPO adjustment, assessee sought similar treatment for remaining transactions with non-Korean AEs (10.22% of adjustment). ITAT set aside TPO's adjustment on non-Korean AE transactions, directing TPO to reconsider whether these transactions are similar in nature to Korean transactions and, if so, apply same methodology as MAP resolution. Appeal allowed for statistical purposes. en-us Wed, 10 Jul 2024 00:00:00 +0530 Tue, 10 Dec 2024 08:58:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762902 ITAT Chennai ruled on transfer pricing adjustment following MAP resolution for international transactions. Assessee company invoked MAP under India-Korea DTAA for transactions with Korean associated enterprises. After MAP resolution covered 89.78% of total TPO adjustment, assessee sought similar treatment for remaining transactions with non-Korean AEs (10.22% of adjustment). ITAT set aside TPO's adjustment on non-Korean AE transactions, directing TPO to reconsider whether these transactions are similar in nature to Korean transactions and, if so, apply same methodology as MAP resolution. Appeal allowed for statistical purposes. Case-Laws Income Tax Wed, 10 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762902