Transfer Pricing Adjustments Under US-India MAP Cannot Be Extended to Non-US Transactions Under Section 92C

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....HC ruled that Transfer Pricing adjustments framework agreed under Mutual Agreement Procedure (MAP) between US and India cannot be applied to non-US transactions. The court emphasized that MAP resolutions are based on consensus between competent authorities of contracting states and cannot be extrapolated to transactions outside its scope. Arm's Length Price for non-US transactions must be determined under Section 92C and Rule 10B. The ITAT's direction to apply US MAP framework to non-US transactions was overturned as it effectively imposed a negotiated settlement where no consensus existed with other countries' tax authorities. The framework's application would improperly foreclose an assessee's right to dispute TP adjustments in materially different situations.....