Case Law Details
Brief of the Case
Bombay High Court held In the case of CIT vs. M/s. Pentair Water India Pvt. Ltd. that we find no infirmity in the findings of the Tribunal. In fact, the Tribunal has endorsed the views of the CIT Appeals whilst coming to such conclusions. The concurrent findings of facts arrived at by the Authorities below, cannot be re-appreciated by this Court in the present Appeal. In the present Appeal, the Revenue has not been able to controvert or deny the data relied upon by the Authorities below to come to such conclusion. The said Companies are no doubt large and distinct companies having large turnovers where the area of development of subject services are different and as such the profit earned there from cannot be a bench-marked or equated with the assessee.
Facts of the Case
The Assessee is engaged in the business of manufacture of fibre glass pressure vessel used for water treatment, swimming pool equipments and and set up an in-house facility for catering to its needs on the area of engineering, designing & product development. The Company has rendered such services in the relevant assessment year 2007-2008 to some of its group companies abroad and that the Respondent is the subsidiary to Pentair INC, USA and is involved in the same business.
The Assess has filed returns of Income on 30.10.2007 disclosing total income of Rs.5,28,09,795/- on which total tax was Rs.1 ,81 ,1 3,280/-. An Order under Section 92CA was passed on 27.10.2010 by the TPO and the AO on 21.12.2010 added an amount of Rs.1,68,60,877/- in the Order passed under Section 143 (3).
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