2014 (12) TMI 1414 - HC - Income Tax

TP Adjustment - comparable selection - whether ITAT is correct in law in rejecting the comparable companies adopted by the TPO which was selected by the Tax Payer itself and remitting the case to the Assessing Officer for fresh consideration in terms of its directions to determine the subject issue? - HELD THAT - Tribunal, in relation to the aforesaid question, has rendered a fact finding which instances are acceptable or non-acceptable. We do not think that we should substitute our appreciation of fact in the absence of any allegation of perversity. We have seen the judgment and order and the findings of the learned Tribunal and it does not appear to us that the same are not based upon without any material. We do not find any element law to decide in this appeal.

Summary

The High Court of Telangana dismissed the appeal against the Tribunal's judgment related to assessment year 2005-2006. The court found no reason to interfere with the Tribunal's findings and dismissed the appeal with no costs.