Bullion Purchases: LBMA Rates vs. KITCO and Reuters for ALP

Bank of Nova Scotia Vs DCIT (IT) (ITAT Mumbai)

In the case of Bank of Nova Scotia vs. DCIT (IT), the Mumbai Income Tax Appellate Tribunal (ITAT) addressed transfer pricing adjustments concerning various services provided by the company, including administrative support services, IT-enabled services, and the purchase of precious metals like gold and silver imported from the London branch.

Regarding the purchase of precious metals, the ITAT considered the justification provided by the assessee, which referenced KITCO and Reuters databases for determining transaction prices. Ho

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