2026 (4) TMI 735

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....for the Assessment Year 2013-2014 to the order of the Income Tax Appellate Tribunal dated 04.11.2022. 2. The petitioner is aggrieved by a part of the impugned giving-effect order, which reads as under:- "8.2 ---------------------------We direct the TPO to reconsider the issue of working capital adjustment in light of various averments made by the assessee and also evidences placed on record." Respectfully following the order of the Hon'ble ITAT, the adjustment proposed in the order u/s 92CA(3) dt:28.10.2016 is re-worked as under: Final list of comparables: Name of the Company OP/OC(%) Everest Infra Energy Ltd. 19.01 Petron Engineering Construction Ltd. 3.97 Rishi Laser Ltd. 1.80 U B E....

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....is position is supported by the decision of ITAT Chennai Benches in the case of M/s. Doosan Power Systems India Pvt. Ltd., v. ACIT (OSD) in IT (TP) A No.83/Chny/2018 dated 31.03.2021, where similar decision has been reiterated by the Tribunal. Therefore, by following the decision of ITAT, we direct the TPO to reconsider the issue of working capital adjustment in light of various averments made by the assessee and also evidences placed on record." 4. The impugned communication is defended by the respondents. It is submitted that after the Tribunal passed the Order dated 04.11.2022, a Communication dated 04.05.2023 was issued to the petitioner, in which the petitioner was specifically asked to furnish the following details:- "In t....

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.... 04.05.2023 issued by the respondent, which preceded the impugned giving-effect order dated 19.05.2023. 9. The petitioner merely provided an excel sheet calculation of the profit level indicator - adjusted margin without furnishing the working capital details for the Assessment Year 2013-2014 and its impact on profit and thus, the impugned giving-effect order has been issued by the respondent. 10. It is evident that the petitioner was stingy in providing the details called for by the respondent vide Communication dated 04.05.2023, which preceded the impugned giving-effect order dated 19.05.2023. The petitioner ought to have co-operated with the department by furnishing the details called for and providing a proper explanation as to ho....