TP Adjustments to be restricted to international transactions and cannot form the basis for rejecting books of accounts

Phoenix Mecano (India) Ltd Vs. DCIT (ITAT Mumbai)

ITA No. 7646/Mum/2011, Date- 23.12.2011

Issues- 1. Whether adjustment should be restricted only to the international transactions or can be extended to the entire turnover of the taxpayer? 2. Are the books of accounts liable to be rejected if there is a transfer pricing adjustment? 3. Prior to 1.10.2009, is the benefit of standard deduction of-+5% under the proviso

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