No Penalty If determination of ALP not leads to any TP Adjustment, with no effect on income of assessee

M/s Good Year India Limited Vs. DCIT (ITAT Delhi) In this case the TPO has passed an order u/s 92CA(3) on 26.10.2009 wherein he has determined that an adjustment of Rs. 1,13,13,182/- should be made to the value of international transactions entered into by the assessee company. AO further initiated penalty proceeding under Section 271(1)(c). Before the Tribunal in merits proceedings, assessee took ground that AO/TPO erred on facts in law in making adjustment of Rs. 1,13,13,182 on account of the alleged differences in the arm’s length price of international transaction entered into by the...