IT/ILT : Where TPO made addition to assessee's ALP in respect of export made to AE by applying internal CUP method, in view of fact that Tribunal in earlier year had made certain adjustment to price charged to third parties so as to make it comparable with price charged from AE, following said order of Tribunal, matter was to be remanded back for disposal afresh
IT/ILT : Where assessee can demonstrate that a particular concern is not includible on account of differences having regard to FAR analysis, assessee's claim to exclude said comparable from list of comparables cannot be shutout merely because at a certain point of time assessee itself has included it in list of comparables
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[2014] 51 taxmann.com 117 (Pune - Trib.)
IN THE ITAT PUNE BENCH 'B'
Akzo Nobel Chemicals (India) Ltd.
v.
Assistant Commissioner of Income-tax, Circle-1 (1), Pune*
G.S. PANNU, ACCOUNTANT MEMBER
AND R.S. PADVEKAR, JUDICIAL MEMBER
IT APPEAL NOS. 1169 (PN) OF 2011, 668 &
2181 OF 2012 AND 83 (PN.) OF 2014
[ASSESSMENT YEARS 2001-02, 2002-03, 2008-09 & 2009-10]
JULY 25, 2014
I. Section 92C of the Income-tax Act, 1961 - Transfer pricing - Computation of arm's length price (Comparables and adjustments/CUP Method) - Assessment year 2001-02 - Whether where TPO made addition to assessee's ALP in respect of export made to AE by applying internal CUP method, in view of fact that Tribunal in earlier year had made certain adjustment to price charged to third parties so as to make it comparable with price charged from AE, following said order of Tribunal, matter was to be remanded back for disposal afresh - Held, yes [Para 25][Matter remanded]
II. Section 92C of the Income-tax Act, 1961 - Transfer pricing - Computation of arm's length price (Comparables and adjustments) - Assessment year 2001-02 - Whether assessee's claim to exclude a particular comparable from list of comparables cannot be shutout merely because at a certain point of time assessee had included it in list of comparables - Held, yes - Whether, therefore, so long as assessee can demonstrate that said concern is not includible on account of its differences having regard to FAR analysis, same would be liable to be excluded - Held, yes [Para 29][Matter remanded]
IT/ILT : Where assessee can demonstrate that a particular concern is not includible on account of differences having regard to FAR analysis, assessee's claim to exclude said comparable from list of comparables cannot be shutout merely because at a certain point of time assessee itself has included it in list of comparables
■■■
[2014] 51 taxmann.com 117 (Pune - Trib.)
IN THE ITAT PUNE BENCH 'B'
Akzo Nobel Chemicals (India) Ltd.
v.
Assistant Commissioner of Income-tax, Circle-1 (1), Pune*
G.S. PANNU, ACCOUNTANT MEMBER
AND R.S. PADVEKAR, JUDICIAL MEMBER
IT APPEAL NOS. 1169 (PN) OF 2011, 668 &
2181 OF 2012 AND 83 (PN.) OF 2014
[ASSESSMENT YEARS 2001-02, 2002-03, 2008-09 & 2009-10]
JULY 25, 2014
I. Section 92C of the Income-tax Act, 1961 - Transfer pricing - Computation of arm's length price (Comparables and adjustments/CUP Method) - Assessment year 2001-02 - Whether where TPO made addition to assessee's ALP in respect of export made to AE by applying internal CUP method, in view of fact that Tribunal in earlier year had made certain adjustment to price charged to third parties so as to make it comparable with price charged from AE, following said order of Tribunal, matter was to be remanded back for disposal afresh - Held, yes [Para 25][Matter remanded]
II. Section 92C of the Income-tax Act, 1961 - Transfer pricing - Computation of arm's length price (Comparables and adjustments) - Assessment year 2001-02 - Whether assessee's claim to exclude a particular comparable from list of comparables cannot be shutout merely because at a certain point of time assessee had included it in list of comparables - Held, yes - Whether, therefore, so long as assessee can demonstrate that said concern is not includible on account of its differences having regard to FAR analysis, same would be liable to be excluded - Held, yes [Para 29][Matter remanded]
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