ITAT Deletes TP Addition as Nokia Shutdown Led to Distress Sale of Finished Goods

DCIT Vs BYD India Pvt. Ltd. (ITAT Chennai) ITAT upholds deletion of transfer pricing adjustment relating to ‘distress sale’, holding that the TPO failed to account for the shutdown of Nokia India Summary: Income Tax Appellate Tribunal, Chennai Bench, upheld the relief granted by the Commissioner (Appeals) on transfer pricing adjustment, disallowance of expenses, and taxability of sale of fixed assets. On transfer pricing, the Tribunal accepted that the assessee’s sale of finished goods to its associated enterprise was a distress sale arising from the shutdown of its predominant customer...