2018 (5) TMI 1835

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....NT The instant Income Tax Appeal has been filed by the appellant- Revenue under Section 260A of the Income Tax Act, 1961 (Act of 1961) challenging the validity of the judgment dated 22nd of May 2017 passed by learned Income Tax Appellate Tribunal, Jodhpur Bench, Jodhpur (ITAT) (received by the Commissioner on 27.06.2017) in ITA No.155/Jodh/2016 for the Assessment Year 2009-10. As per facts o....

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....impugned order dated 22.05.2017 on various grounds. Learned counsel for the appellant submits that substantial question of law arises in this appeal, as to whether the Tribunal was justified in deleting the addition of Rs. 1,79,92,192/- made on account of reference under Section 92CA (1) of the Act without considering reference drawn by the TPO in accordance with the provisions of law. It is al....

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....s, i.e. (i) whether the economic substance of a transaction differs from its form and (ii) where the form and substance of the transaction are the same but arrangements made in relation to the transaction, viewed in their totality, differ from those which would have been adopted by independent enterprises behaving in a commercially rational manner. The learned ITAT categorically held that none ....

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....itutions, has rightly been accepted by the ITAT because it is admitted position of the case that no interest is charged from non AE/s, which is independent transaction as well, there cannot be any occasion to make ALP adjustment for notional interest on delay in realization of trade debts from AE/s. In our opinion, the finding given by the learned ITAT is based upon factual aspect of the matter....