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The assessee is not entitled to adjustment of 5 per cent as stipulated u/s 92C(2), where only one of the several methods specified u/s 92C(1) is applied by the assessee to determine the ALP
Case Law Details
- Case Name
- M/s J.J.Spectrum Silk Ltd. Vs Dy Commissioner of IT, Cir.11 (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005- 06
- Courts
- All ITAT, ITAT Kolkata
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The assessee is not entitled to adjustment of 5 per cent as stipulated u/s 92C(2), where only one of the several methods specified u/s 92C(1) is applied by the assessee to determine the ALP
Executive Summary :- The Kolkata Bench ‘B’ of the Income Tax Appellate Tribunal (the “Tribunal”), on 19 November 2010, pronounced its ruling in the case of M/s J J Spectrum Silk Ltd Vs DCIT, Kolkata, ITA No. 625/Kol/2009 , on whether the Taxpayer is entitled to the adjustment of 5 per cent as stipulated u/s 92C(2) of the Income Tax Act, 1961 (the “Act”), where a single arm’s length price has b...
