ALP

The assessee is not entitled to adjustment of 5 per cent as stipulated u/s 92C(2), where only one of the several methods specified u/s 92C(1) is applied by the assessee to determine the arm’s length price Full Article

During the year, the assessee has shown export sale of polished diamonds and claimed deduction u/s. 80HHC. The assessee also filed an Audit Report in the Form No. 3CEB. The Assessing Officer referred the case to the Transfer Pricing Officer (TPO) for determination of Arms Length Price (ALP) u/s. 92CA(3). The assessee contended before the TPO that, for the purpose of benchmarking the assesse's international transactions, none of the methods prescribed under the income .. Full Article

The Delhi Bench of Income Tax Appellate Tribunal ("the Tribunal") in its recent ruling in the case of ACIT v. Vedaris Technologies (Pvt.) Ltd [2010-TII-10-ITAT-DEL-TP] has held that selection of comparable uncontrolled transactions ("comparables") for determining arm's length price ("ALP") should be done with reference to Rule 10C(2) of the Income-tax Rules, 1962 ("the Rules"). Full Article

The Mumbai Bench of Income-tax Appellate Tribunal ("the Tribunal"), in its recent ruling in the case of M/s Hinduja TMT Ltd. [2010-T11-18-ITAT-MUM-TP] , has held that the onus is on the assessee to prove the arm's length nature of its international transactions with associated enterprises. In this regard, the uncontrolled comparable data as well as other relevant details submitted by the assessee must be examined by the Revenue. Arm's length price ("ALP") must eventuall.. Full Article

The assessee has filed these appeals challenging the respective orders of Learned CIT (A)-VI Mumbai for the assessment years 2002-03 and 2003-04. As the issue as well as facts are identical hence both these appeals are disposed off by this common order. Full Article