2021 (3) TMI 1037

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....a, Sr. Adv. with Mr. Neeraj Jain and Mr. Aditya Vohra, Advs. Respondents Through: Mr. Puneet Rai, Advocate. O R D E R CM No.10903/2021 1. Allowed, subject to just exceptions. W.P.(C) 3592/2021 & CM No.10902/2021 2. This is a writ petition whereby a challenge is laid to the order dated 27.01.2021 passed by Transfer Pricing Officer (TPO) under Section 92CA (3) read with Section 254....

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....rder, which, for the sake of convenience is extracted hereafter: "16. After considering the legal position as discussed in the preceding paragraphs, we are of the considered opinion that the ALP of an international transaction involving AMP expenses, the adjustment made by the TPO/DRP/ AO is not sustainable in the eyes of law. At the same time, we cannot ignore the submission of the learn....

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....so allow opportunity of being heard to the assessee." 6. It is also pertinent to note that the judgments referred to by the tribunal in paragraph 16 have been assailed by the respondent/revenue herein by taking recourse to the special leave petition route. 7. We are informed by counsel for the parties that the special leave petitions preferred by the revenue have been admitted and are pendin....

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....ored in. 11. Having regard to the aforesaid facts and contentions of the learned counsel for the parties, in our view, the best way forward would be to stay the operation of the impugned order and give liberty to TPO to take next steps in the matter, albeit, in accordance with the law once a decision is rendered by the Supreme Court in the pending civil appeals. 12. It is ordered accordingly....