2011 (12) TMI 284 - ITAT MUMBAI

Transfer Pricing -Arm length price - Transaction Net Margin Method(TNMM) - Profit Level Indicator(PLI) greater than arithmetic mean of 10 comparable - Assessee argued comparable selected by the TPO are functionally not comparable with the assessee's line of transaction. With regard to the rejection of the 2 loss making comparables by the TPO, it was pointed out cannot be considered as loss maker and further - Held That:- As the difference between the Transfer price and the value determine doesnot exceed 5% of Transfer price thus no need to dispute the price.

Mural Painting - Capital OR Revenue - Held That:- Purpose for which the hand painted Mural art work was done and fixed to the wall it cannot be said that an advantage of an enduring nature accrued to the assessee. The expenditure was only to preserve and maintain an existing asset. Consequently the addition made by the AO is directed to be deleted.

Sisco Catalyst Switch - Capitalized in books - DRP treated as towards purchase of hardware - Held That:- AO should be directed to consider the claim of the assessee as above afresh.

Capital Gain - Sale of Car - closing block under Income Tax was having WDV balance - AO: claim by letter not admissible - Held That:- Appellate Tribunal has however the power to entertain any claim. We are of the view that the claim of the assessee deserves examination by the AO