ITAT Mumbai Rejects CUP Method, Deletes Transfer Pricing Adjustment on AE Exports

Advertisement Kansai Nerolac Paints Limited Vs DCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, disposed of the assessee’s appeals and the Revenue’s cross appeals for Assessment Years 2012-13 and 2013-14 through a consolidated order. Since common issues arose in all appeals, the Tribunal treated AY 2012-13 as the lead case and applied its findings to the connected appeals. The assessee is engaged in the business of manufacturing paints and varnishes. For AY 2012-13, the Tribunal considered the transfer pricing adjustment relating to exports of water-based paints to a...