TP Adjustment Based on DRI Allegations Cannot Survive After Exoneration: ITAT Mumbai

ACIT Vs Essar Power Gujarat Limited (ITAT Mumbai) TP Adjustment Based on DRI Allegations Cannot Survive After Exoneration: ITAT Mumbai Dismisses Revenue Appeals in Essar Power Case The Mumbai ITAT (K-Bench) dismissed the Revenue’s appeals for AYs 2009-10 and 2012-13 and upheld deletion of transfer pricing (TP) adjustments reducing CWIP by ₹73.74 crore, which were made on the basis of alleged over-invoicing of imports through Global Supplies FZE (UAE). The Tribunal held that the sole foundation of the reopening and TP adjustment was information from the Directorate of Revenue Intelligence (...