2014 (1) TMI 1841 - SCH - Income Tax

Determination of the arms length price - benefit of adjustment of 5% denied - ITAT confirming CIT A order in denying adjustment - Held that - SLP dismissed. HC Order confimed 2013 (3) TMI 489 - DELHI HIGH COURT HC fairly concluded tribunal confirmed the findings of the lower appellate authority denying benefit of adjustment it does not mean that the Tribunal has acted illegally or irregularly. In the present case, the Tribunal had examined the findings of the Commissioner of Income Tax (Appeals) in detail and had given an opportunity to the departmental representative to controvert or rebut the findings and conclusions arrived at by the CIT (Appeals). However, despite that opportunity, it is recorded in the order, that the departmental representative had not been able to controvert those findings and point to any material to enable the Tribunal to take a view other than the view taken by the CIT (Appeals).Assessee made a specific submission about the benefit of adjustment of 5% to be given while determining the arms Length Price, the ld. Counsel for the Assessee has not been pointed out as to who and in what manner, the order of the CIT (A) in rejecting this claim of the Assessee is improper and unjustified. - Decided against assessee.

Summary

The Supreme Court dismissed the case after condoning the delay. The citation is 2014 (1) TMI 1841 - SC Order. The judges were HON'BLE MR. JUSTICE H.L. DATTU and HON'BLE MR. JUSTICE C. NAGAPPAN. The legal representatives included Mr. Mohan Parasaran, Sol.Genl.of India, Mr. Rahul Kaushik, Adv., Ms. Gargi Khanna, Adv., and Mrs. Anil Katiyar, Adv.