TaxTMI 
TaxTMI 
2018 (10) TMI 1835
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.... on the facts and in the circumstances of the case, the Tribunal is right in law in allowing the claim of write off of rental deposits of Rs. 20 lakhs by holding that the loss of money is in the course of business even when the ingredients of section 37(1) of the Act are not satisfied as the nature of expenditure is capital in nature?" 3. "Whether on the facts and in the circumstances of the case, the Tribunal is right in law in holding that certain comparables are functionally different and liable to be excluded from the list of comparables by following its earlier orders which has not reached finality and even when the Transfer Pricing Officer has chosen the comparables as qualitative and quantitative filters are fully satisfied in the case of each comparables?" 4. "Whether on the facts and in the circumstances of the case, the Tribunal is right in law in directing the Transfer Pricing Officer to grant Market Risk Adjustment without appreciating that risk adjustment involves two vital pre-conditions i.e., with regard to difference in risk level exist between tested party and the uncontrolled comparables which is possible to calculate in terms of numbers and the adjustment can....
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....0-2011, should be set-off against the taxable income, as per law. The Assessing Officer accordingly passed the assessment order dated 24.12.2014. Aggrieved by the order of the Assessing Officer dated 24.12.2014, the Revenue filed appeal before the Income-Tax Appellate Tribunal, Bengaluru Bench, Bengaluru in IT(TP) A No.154/Bang/2015. The assessee filed cross-objection in C.O.No.107/B/15. The Tribunal by its order dated 28.11.2016 partly allowed the Revenue's appeal directing the TPO to rework the PLI after taking into consideration finding of the Tribunal with respect to the comparable companies and affirmed the order of the Assessing Officer in all other respects. The Cross-appeal of the assessee was dismissed as infructuous. The Revenue, aggrieved by the order of the Tribunal is before this Court in this appeal suggesting the above substantial questions of law. Having heard the learned counsel for the appellants and having perused the material placed on record, we are clearly of the view that the questions of law, as proposed, do not arise in this matter and this appeal does not merit admission. So far question No.1 is concerned, it remains indisputable that the Hon'ble Suprem....
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....tside India in foreign currency. 15. A Statute is the intention of the legislature who enacts it after having regard to various facts and circumstances. It is a cardinal principle of law that the interpretation by the Court shall be done in such a way that the intention of the legislature shall prevail and no injustice occurred with parties. The rule of harmonious construction is the thumb rule to interpretation of any statue. An interpretation which makes the enactment a consistent whole, should be the aim of the Courts and a construction which avoids inconsistency or repugnancy between the various sections or parts of the statute should be adopted. 17. The similar nature of controversy, akin this case, arose before the Karnataka High Court in CIT v. Tata Elxsi Ltd. [2012]204 Taxman 321/17/taxman.com100/349 ITR 98. The issue before the Karnataka High Court was whether the Tribunal was correct in holding that while computing relief under Section 10A of the IT Act, the amount of communication expenses should be excluded form the total turnover if the same are reduced from the export turnover? While giving the answer to the issue, the High Court, inter-alia, held that when a part....
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....e exercise of comparison of the comparables itself which is essentially a fact-finding exercise. Neither the sufficient Data nor factual information's nor any technical expertise is available with this Court to undertake any such fact-finding exercise in the said appeals under Section 260-A of the Act. This Courtis only concerned with the question of law and that too a substantial one, which has a well-defined connotations as explained above and findings of facts arrived at by the Tribunal in these type of assessments like any other type of assessments in other regular assessment provisions of the Act, viz. Sections 143, 147 etc. are final and are binding on this Court. While dealing with these appeals undersection 260-A of the Act, we cannot disturb those findings of fact under Section 260-A of the Act, we cannot disturb those findings of the fact under Section 260-A of the Act, unless such findings are ex-facie perverse and unsustainable and exhibit a total non-application of mind by the Tribunal to the relevant facts of the case and evidence before the Tribunal. 45. Otherwise if the High Court takes the path of making such a comparative analysis and pronounces upon the questio....