TaxTMI 
TaxTMI 
2018 (7) TMI 2076
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....f the ITAT, Bangalore Bench 'A', Bangalore, dated 05.08.2011 passed in ITA No.1231/Bang/2010 (M/s.Genisys Integrating Systems (India) Pvt. Ltd., vs. The Deputy Commissioner of Income Tax) for A.Y.2006-07. 2. The proposed substantial questions of law framed in the Memorandum of appeal by the Appellants-Revenue are quoted below for ready reference:- "1. Whether the Tribunal was correct in holding that transfer pricing adjustments should be restricted to transactions of Associate Enterprises only by adopting operating revenue and operating cost of these transactions when there is no segmental analysis in the audited annual report submitted by the assessee by rejecting the profit margin at enterprise level adopted by Transfer Pricin....
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...., we find that Sec.92B of the IT Act gives the meaning of 'international transactions' to mean "a transaction between two or more associated enterprises either or both of whom are nonresident..........................". Chapter-X of IT Act relates to special provisions relating to avoidance of tax and sec.92 therein relates to computation of income from international transactions having regard to ALP. Thus, it can be seen that only international transactions between the associated enterprises either or both of whom are non-resident are to be computed having regard to ALP. This issue is also covered by the decisions relied upon by the learned counsel for the assessee. Accordingly, the AO is directed to make the transfer pricin....
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....tion made by Dun & Bradstreet is more suitable and reasonable. In view of the same, we hold that the turnover filter is very important and the companies having a turnover of Rs. 1.00 core to 200 crores have to be taken as a particular range and the assessee being in that range having turnover of 8.15 crores, the companies which also have turnover of 1.00 to 200.00 crores only should be taken into consideration for the purpose of making TP study. 13. We have already held that if any information is sought to be used against the assessee, the same has to be furnished to the assessee and thereafter, taking into consideration the assessee's objections, if any, only then can the TPO proceed to take a decision. If the assessee seeks an op....
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....7 9. TNT India Pvt.Ltd., Vs ACIT 10 Taxman.com 161 10. Abhishek Auto Industries Ltd Vs DCIT 2010-TII- 54-ITAT-DEL-TP 13.1 The learned DR however, relied on the orders of the authorities and submitted that 5% is not the standard deduction, but it is the range within which if the ALP falls then the ALP of the assessee has to be accepted. 13.2 Having heard both the parties and having considered their rival contention, we find that this issue is already covered by the decision relied upon by the assessee". 4. However, this Court in a recent judgment in I.T.A.No.536/2015 c/w. I.T.A.No.537/2015 (Pr. Commissioner of Income Tax, Bangalore and Another Vs. M/s. Softbrands India P.Ltd.,) rendered on 25-06-2018, h....
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....e present appeals filed by the Revenue do not give rise to any substantial question of law and the suggested substantial questions of law do not meet the requirements of Section 260-A of the Act and thus the appeals filed by the Revenue are found to be devoid of merit and the same are liable to be dismissed. 57. We make it clear that the same yardsticks and parameters will have to be applied, even if such appeals are filed by the Assessees, because, there may be cases where the Tribunal giving its own reasons and findings has found certain comparables to be good comparables to arrive at an 'Arm's Length Price' in the case of the assessees with which the assessees may not be satisfied and have filed such appeals before this Court. T....