Determination of ALP without applying methods prescribed u/s 92C is untenable

Mondelez India Foods Private Ltd. Vs ACIT (ITAT Mumbai) ITAT Mumbai held that the determination of Arm’s Length Price (ALP) without applying any methods as prescribed under section 92C(1) of the Income Tax Act by the TPO is not tenable in law. Facts- The assessee Mondelez India Foods Private Ltd (formerly known as Cadbury India Limited) is a subsidiary of Cadbury Overseas Ltd UK which holds 58.63% and Cadbury Mauritius Ltd which holds 38.97% of the equity shareholding while the balance 2.41% equity shareholding is held by Indian public company comprising of various shareholders. The case was...