2015 (12) TMI 1076

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....llant : Mr. Ashok Kotangale with Mr. Arun Nagarjun and Mr. Sunil Sonawane i/b.Padma Divakar For The Respondent : Mr. Madhur Agarwal with Mr. Atul Jasani P.C: This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 27th November, 2011 passed by the Income Tax Appellate Tribunal (the Tribunal) for the Assessment Year 200708. 2 Mr. Kotangale, learne....

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....stion (a) (a) The Respondent is in the business of execution of turnkey contracts involving design, manufacture, supply, erection and commissioning of sugar plants, cement plants, etc. During the subject Assessment Year, the RespondentAssessee had International Transaction with its Associated Enterprises (AE) in respect of import of spares and equipments, royalty and project engineering, ....

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....ons entered into by an assessee with its AE are subject to transfer pricing adjustment and not otherwise. Thus, allowing the Assessee's appeal before it. (d) The grievance of the Revenue before us is that the adjustment is not to be restricted only in respect of transactions entered into with the AE. All the transactions of the RespondentAssessee would have necessarily be varied/ adju....

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....f Chapter X of the Act. 4 A similar view has been taken by this Court in Income Tax Appeal No. 1814 of 2013 (CIT v/s. M/s. Tara Jewels Exports Pvt.Ltd.) decided on 5th October, 2015 as well as by the Delhi High Court in CIT v/s. Keilin Panalfa Ltd. (ITA No.11/2015) decided on 9th September, 2015. 5 In the above view, as the provisions of the Act in respect of transfer pricing are self eviden....