2017 (6) TMI 1084

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....or Counsel with Mr.Sashank Dunche, for the Respondent ORDER PER COURT 1. The appellant assails the concurrent findings of the Commissioner of Income Tax (Appeals) and the Tribunal in the present appeal. 2. The appellant has framed the following substantial question of law: "1. Whether on the facts and circumstances of the case and in law, the ITAT is correct in holding that th....

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....Explanation (2A) to Section 92C(2) inserted by Finance Act 2012 w.e.f. 1.4.2002, whereby deduction of 5% earlier being allowed by appellate authorities has been explicitly prohibited w.e.f. 1.4.2002 and therefore, the ITAT ought not to have issued such directions to the A.O. as are in contravention of the provisions of the statute ? 3. Without prejudice to the above, whether on the facts ....

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....scard the comparison of two companies made by the TPO, no reasons were put forth while discarding the said two comparable instances to be considered as Benchmark. According to the learned Counsel, the Tribunal also persisted with the same error. The transaction is beyond the arm's length. As such the order deserves to be set aside. 4. Learned Counsel for the respondent supports the order an....

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....rprises for purchase of goods, import of finished goods and other services. The assessee had selected one company namely Avery India Ltd. as a comparable company to benchmark its international transaction by applying TNMM as most appropriate method. Respondent has computed the profit margin of the comparable by using profit level index at 5.45%. The Assessing officer had considered the operating m....