2024 (9) TMI 525

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....g with Mr. Sanjeev Menon and Mr. Rahul Singh, Jr. SCs with Mr. Anirudh, Advocate For the Respondent: Mr. Ved Jain, Mr. Nischay Kantoor and Ms. Soniya Dodeja Advs. ORDER 1. The Principal Commissioner has instituted the present appeal impugning the order of the Income Tax Appellate Tribunal ["ITAT"] dated 02 April 2018. 2. The appeal posits the following questions for our consideration:-....

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....stion which had undisputedly been procured by the respondent-assessee from its Associated Enterprise. 4. The Transfer Pricing Officer ["TPO"] had while computing the ALP, taken into consideration the Written Down Value ["WDV"] of the assets as reflected in the books. This was a decision which was neither accepted by the Dispute Resolution Panel ["DRP"] nor has it been confirmed by the ITAT. The....

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.... 7. The ITAT has while dealing with the aforesaid aspect ultimately held as follows:- "9. Basing on these facts DRP observed that the written down value of cranes in the books of the AE cannot be considered as ALP as it is not derived from the transactions between enterprises other than associated enterprises. They have also considered the submission of the assessee that ALP will be based on....

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....ly DRP also directed the deletion of the adjustment on account of payment of interest amount also. Hence, the revenue is in this appeal before us challenging such deletions. At the same time, assessee also preferred a Cross Objections in support of the DRP's directions." 8. Although, it was vehemently argued before us that the three methodologies which were taken into consideration were who....