2013 (10) TMI 522

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..... ature has made it clear that the benefit of ±5% is only a tolerance range and therefore it is available only when the prices of international transaction is within the range of 5% of the arithmetic mean of more than one comparable prices - Decided against assessee. - IT Appeal Nos. 8030 & 8514 (Mum.) of 2011 - - - Dated:- 10-7-2013 - RAMAKOTAIAH AND VIJAY PAL RAO , JJ. For the Appellant : A .....

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..... d for hearing despite notice of hearing was duly served upon the assessee through RPAD, proof of which is placed on record. This type of conduct on the part of the assessee shows that the assessee is not interested in prosecuting the appeal filed by it. Accordingly, we dismiss the appeal as not admitted by following the decisions of the Hon'ble Madhya Pradesh High Court in the case of Estate of La .....

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..... out appreciating the fact that the benefit of -5% is not available under the Income Tax Act, 1961." 6. We have heard the Ld. DR and carefully perusal the relevant record. The benefit under the proviso to Section 92C(2) is only in the nature of tolerance range of 5% and not standard deduction. By virtue of retrospective amendment in the proviso to Section 92C(2) of the Income Tax Act, the legisla .....

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