Case Law Details
UOP India Private Limited Vs PCIT 9 (Delhi High Court)
Introduction: The case of UOP India Private Limited Vs. PCIT (Delhi High Court) revolves around the exclusion of Onward Technologies Limited (OTL) as a comparable in a transfer pricing study. The Income Tax Appellate Tribunal (ITAT) was directed by the Delhi High Court to reconsider this exclusion under Section 254 of the Income Tax Act, 1961.
Detailed Analysis
1. Background of the Case The case involves the transfer pricing study of UOP India Private Limited. The Transfer Pricing Officer (TPO) initially accepted OTL as a comparable in the study, as embedded in the appellant’s transfer pricing report.
2. Exclusion of Comparables The Commissioner of Income Tax (Appeals) excluded two other comparables, L&T Ramboll Consulting Engineers Ltd and Mitcon Consultancy Services, through an order dated 18.05.2017. Both the appellant and the revenue filed appeals with the ITAT, leading to the impugned order dated 03.03.2023.
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