Transfer Pricing – Comparable transaction prices obtained from customs authorities can be used for Arm’s Length Pricing

Coastal Energy Pvt. Ltd. Vs. ACIT (ITAT Chennai)- Tribunal emphasised that the essence of a CUP method is a free comparison of the variables in uncontrolled conditions. However, citing practical manifestation, the Tribunal agreed that a comparison of controlled prices may be accepted. This may depend on the facts of the case. Further, the Tribunal stated that the facts in this case did not merit a special reason to rely on comparison based on controlled prices. Hence, the application of the CUP method based on comparison against uncontrolled p

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