2016 (11) TMI 1647

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....t. Mr.Percy Pardiwala, Senior Advocate a/w. Mr.Atul Jasani for the Respondent. P.C. : 1. This appeal under Section 260A of the Income Tax Act, 1961 (for short 'the Act') challenges the order dated 23rd October, 2013 passed by the Income Tax Appellate Tribunal (for short 'the Tribunal'). The impugned order relates to Assessment Year 2007­08. 2. Mr.Kotangle, learned C....

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.... needs to be added to the declared consideration to arrive at an arms length price. 4. The Tribunal by the impugned order rendered a finding of fact that the respondent­assessee has not charged any interest from third parties i.e. Non Associated Enterprises on delayed payments exceeding more than 300 to 400 days from the sale of goods. Consequently, it holds that once such delayed payment i....