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2024 (1) TMI 1274 - HC - Income TaxTP Adjustment - MAM - selection of comparables - HELD THAT - We find that the appeal raises the following substantial questions of law - a) Whether the Income Tax Appellate Tribunal ITAT has erred in holding that the CIT(A) erred in making 5% adjustment? b) Whether the ITAT has erred in holding that the CIT(A) was precluded from applying internal CUP as the most appropriate method applicable to 8K Cards and could have only applied the Re-Sale Price Method? c) Whether the ITAT has erred in upholding the method of benchmarking of each product segment of the Appellant against the comparable companies at entity level? d) Whether the ITAT has erred in entirely ignoring the alternative submissions made vide letter dt. 18.9.2021 under Rule 27 of the ITAT Rules, 1962 regarding the incorrect selection of comparables? The respondents are accorded liberty to file their Written Submissions on the record within a period of three weeks from today. Those submissions shall refer to the pdf page numbers of the digital record of the Court wherever so required. Let the appeal be called again on 01.05.2024.
Issues involved:
The judgment addresses the following substantial questions of law: a) Whether the Income Tax Appellate Tribunal has erred in making a 5% adjustment as held by the CIT(A)? b) Whether the ITAT was correct in ruling that the CIT(A) should have applied the Re-Sale Price Method instead of the internal CUP method for 8K Cards? c) Whether the ITAT was right in approving the method of benchmarking each product segment against comparable companies at the entity level? d) Whether the ITAT erred in disregarding the alternative submissions made under Rule 27 of the ITAT Rules regarding the selection of comparables? Details of the Judgment: 1. The court, after hearing the counsels for both parties, identified the substantial questions of law related to the appeal. 2. The respondents were given three weeks to file their Written Submissions on the record, specifying the pdf page numbers of the digital court record. 3. The appeal was scheduled to be heard again on 01.05.2024 for further proceedings.
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