2016 (1) TMI 1408 - SCH - Income Tax

Adjustment restricted only on international transactions where the assessee has selected TNMM and applied the same on entity level by ITAT - Addition as the adjustment is with 5 per cent - Tribunal deleting the addition as the adjustment is with 5 per cent. as the Income-tax Appellate Tribunal has restricted the adjustment only on associated enterprise transactions which has resulted the adjustment within 5 per cent. - Disallowance under section 14A - HELD THAT - Delay condoned. Issue notice on Question No. (c) in the Special Leave Petitions.

Summary

The Supreme Court of India in 2016 (1) TMI 1408 - SC Order, with MR. JUSTICE KURIAN JOSEPH AND MR. JUSTICE ROHINTON FALI NARIMAN presiding, condoned the delay and issued notice on Question No. (c) in the Special Leave Petitions. The Respondent did not appear. The Petitioner was represented by Mr. P. S. Narasimha, ASG, Mr. S. A. Haseeb, Adv., Mr. S. U. K. S