2023 (6) TMI 1478 - HC - Income Tax

TP adjustment - comparable selection - HELD THAT - As Counsel states post the order pronounced by ITAT TPO and AO have passed fresh orders accepting comparable given by respondent and therefore nothing remains in these Appeals and therefore Appeals would be infructuous. Hence Appeals dismissed. A copy of the assessment order for completion of record is taken on record and marked X for identification. All rights and contentions of the parties are kept open to be taken by Revenue in any other matter.

Summary

The Bombay High Court, presided over by Justices K.R. Shriram and Firdosh P. Pooniwalla, addressed the appeals in question. The counsel for the appellant, Mr. Suresh Kumar, and the counsel for the respondent, Mr. Nishant Thakkar, along with Ms. Jasmin Amalsadvala from Lumiere Law Partners, were present.The court noted that subsequent to the ITAT's order dated January 16, 2017, the Transfer Pricing Officer (TPO) and the Assessing Officer (AO) issued fresh orders accepting the comparables proposed by the respondent. Consequently, the court found that the appeals had become "infructuous" and proceeded to dismiss them.For the purpose of record-keeping, the assessment order dated December 13, 2019, was admitted into the record and marked as 'X' for identification. The court clarified that all rights and contentions of the parties remain open for the Revenue to pursue in any other matter.