2024 (2) TMI 1492

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....t appears to have approached it by way of a miscellaneous application seeking to invoke its powers conferred by Section 254(2) of the Income Tax Act, 1961 ['Act']. That miscellaneous application came to be rejected by the ITAT by its order of 10 August 2022. It is that order which stands impugned in writ petition - W.P.(C) 261/2023. 2. In the appeal, the following questions of law as proposed by the assessee had been admitted by us in terms of the order dated January 10, 2023: "(i) Whether in the facts and in the circumstances of the case, the impugned order dated 21.09.2020 passed by the Tribunal is perverse / self-contradictory inasmuch as, on the one hand, the Tribunal following the decision of this Hon'ble Court in appellant....

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....3,634,123,511 Cost of Goods sold B 1,702,366,577 3,177,456,936 Gross Profit („GP‟) C=A-B 574,130,846 456,666,575 GP/Sales   25.22% 12.57%   AMP Expenses D 273,602,101 161,113,130 Less selling and Distribution Expenses   101,850,415 24,150,350 Less: Grant received from AE E 151,210,838   Net AMP Expense F=D-E 20,540,848 136,962,780 Adjusted Gross profit G=C-F 553,589,998 319,703,795 Adjusted GP/Sales G/A 24.32% 8.80% 4. However, in the very next paragraph, it has proceeded to undertake the quantification of arm's length price in relation to AMP expenditure and held as under:- "8. .... This....