Bombay HC Dismisses Revenue Appeal on Transfer Pricing

CIT­-LTU Vs Everest Kanto Cylinder Ltd. (Bombay High Court) The Bombay High Court recently dismissed an appeal filed by the Income Tax Department (Revenue) against Everest Kanto Cylinder Ltd. for the Assessment Year 2009-10. The Revenue had challenged the Income Tax Appellate Tribunal’s decision to delete transfer pricing adjustments related to guarantees provided by the assessee and loans granted to its Associated Enterprises. During the hearing, the Revenue’s counsel conceded that both questions of law raised in the appeal were already settled against the department by the High ...