Comparable Need Selection As Per Correct Market Segment: Delhi ITAT Remits Matter Following Earlier Order
10 months, 2 weeks ago

Comparable Need Selection As Per Correct Market Segment: Delhi ITAT Remits Matter Following Earlier Order

Live Law  

Relying on Co-ordinate bench ruling in assessee's own case for AY 2004-05 wherein assessee's additional evidences were admitted and matter was remanded back to TPO for fresh adjudication, the Delhi ITAT admitted the assessee's additional evidence application qua comparables selection for AY 2005-06 and 2006-07. The ITAT Coram comprising Shamim Yahya and Anubhav Sharma observed that “either both TPO and the assessee or the TPO only hand failed to take comparables of correct segment. The Coram found that the assessee had pleaded for admission of additional evidence for benchmarking the transactions with reference to correct segment of market support services as accepted by TPO in all subsequent years, the issue being identical, The Coram also observed that neither assessee nor Revenue could completely justify the comparable accepted by them and that the evidence was from the contemporary data of relevant AY only. Therefore, relying on Co-ordinate bench ruling in assessee's own case for AY 2004-05 wherein assessee's additional evidences were admitted and matter was remanded back to TPO for fresh adjudication, the ITAT directed the TPO to accept fresh evidences and report of the assessee for purpose of Sec.92C read with Rule 10B.

Services Coram Itat Assessee Tpo  matter  remits  market  earlier  following  segment  assessees  engaged  services  need  assessee  ay  itat  comparables  order  selection  additional  tpo  support

History of this topic

Assessing Officer Not Required To Examine Commercial Expediency Of Transaction When Evaluating Assessee's Explanation U/S 68 Of IT Act: Delhi HC
1 month ago

Assessing Officer Not Required To Examine Commercial Expediency Of Transaction When Evaluating Assessee's Explanation U/S 68 Of IT Act: Delhi HC

Live Law  

The Delhi High Court has made it clear that once an assessee offers explanation about nature and source of a credit transaction standing in its books, the burden of proof to show that such explanation is unsatisfactory shifts on the Assessing Officer.A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma further held that in evaluating the transaction so …

Transfer Pricing-Assessee's Objections On 'Functional Dissimilarity' Not Adjudicated: Delhi HC Asks TPO To Determine Comparable Entity Afresh
1 month ago

Transfer Pricing-Assessee's Objections On 'Functional Dissimilarity' Not Adjudicated: Delhi HC Asks TPO To Determine Comparable Entity Afresh

Live Law  

The Delhi High Court recently directed a Transfer Pricing Officer to determine afresh the inclusion of a comparable entity with respect to an assessee, this time taking into consideration the latter's objections on 'functional dissimilarity' of the two. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma ruled, “Assessee's contention that E4e Healthcare is functionally dissimilar to the …

Explanation 3 To Sec 147 Can't Be Resorted To Make Addition On Any Other Issue Which Is Not Included In Reasons For Reopening: New Delhi ITAT
9 months, 1 week ago

Explanation 3 To Sec 147 Can't Be Resorted To Make Addition On Any Other Issue Which Is Not Included In Reasons For Reopening: New Delhi ITAT

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On finding that no addition is made based on the reasons to believe recorded by the AO for reopening the assessment, the New Delhi ITAT quashed the order passed by the AO u/s 147 of the Income tax Act, 1961 The Bench of the ITAT comprising of Anubhav Sharma and Shamim Yahya observed while referring to the decision of Jurisdictional …

Reassessment Proceedings Initiated On Account Of Change Of Opinion Merits To Be Quashed: Mumbai ITAT
10 months, 2 weeks ago

Reassessment Proceedings Initiated On Account Of Change Of Opinion Merits To Be Quashed: Mumbai ITAT

Live Law  

While confirming the CIT's order quashing the reassessment order, the Mumbai ITAT held that the reassessment proceedings were initiated on account of change of opinion formed on re-appraisal of the facts already on record and examined during the regular assessment proceedings. The CIT had concluded that reassessment proceedings were initiated on re-appraisal and re-examination of the assessment records without bringing …

Delhi High Court Upholds ITAT’s Decision On Selection Of Comparables For Determination Of Arm’s Length Price Of An International Transaction
1 year, 1 month ago

Delhi High Court Upholds ITAT’s Decision On Selection Of Comparables For Determination Of Arm’s Length Price Of An International Transaction

Live Law  

The Delhi High Court had upheld the decision of the Income Tax Appellate Tribunal on the selection of comparables for the determination of the arm’s length price of an international transaction.The Bench of Justice Rajiv Shakdher and Justice Girish Kathpalia observed that the Tribunal not only followed the previous orders mentioned above to maintain consistency but also examined. The Delhi …

ITAT Final Arbiter Of Facts, Its Order Can Be Interfered With Only If There Is Substantial Question Of Law, Manifest Illegality/ Perversity: Delhi HC
2 years, 7 months ago

ITAT Final Arbiter Of Facts, Its Order Can Be Interfered With Only If There Is Substantial Question Of Law, Manifest Illegality/ Perversity: Delhi HC

Live Law  

Observing that the Income Tax Appellate Tribunal is the final arbiter of the facts, the Delhi High Court has observed that the High Court can interfere with its order only if there is substantial question of law or there is manifest illegality or it suffers from perversity.Justice Manmohan and Justice Dinesh Kumar Sharma was dealing with an appeal challenging the …

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