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TMI Blog2018 (7) TMI 485X X X X Extracts X X X X X X X X Extracts X X X X ..... ata Krishna, ADV.- For the Respondent JUDGMENT This Appeal is filed by the Revenue purportedly raising substantial questions of law arising from the Order of the Income Tax Appellate Tribunal, Bangalore Bench C , Bangalore, in IT[TP]A No.213/Bang/2015 dated 29.06.2015, relating to the Assessment Year 2010-11. 2. The proposed substantial question of law framed by the Revenue in the Memorandum of Appeal is as under: Whether on the facts and in the circumstances of the case, the Tribunal is right in applying first and second proviso of Section 92C of the Act and allowing +/- 5% range in the case where there is only one reference rate of RBI as a benchmarking rate for determining Arms Length Price and Tribunal cannot go into is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s are arrived at by averaging the mean of the bid/offer rates polled from a few select banks among 12 noon every week day (excluding Saturdays). The contributing banks are selected on the basis of their standing, market share in the domestic foreign exchange market and representative character. The Reserve Bank periodically reviews the procedure for selecting the banks and the methodology of polling so as to ensure that the reference rate is a true reflection of the market activity. G.Raghuraj Deputy General Manger Press Release : 2008-2009/163 It is clear from the above that the RBI rates of foreign exchange were also based on averaging. Therefore in our opinion, the principle evolving out of the decision of coordinate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f framing and answering such substantial question of law. On the other hand, the appeals of the present tenor as to whether the comparables have been rightly picked up or not, Filters for arriving at the correct list of comparables have been rightly applied or not, do not in our considered opinion, give rise to any substantial question of law. 56. We are therefore of the considered opinion that the present appeals filed by the Revenue do not give rise to any substantial question of law and the suggested substantial questions of law do not meet the requirements of Section 260-A of the Act and thus the appeals filed by the Revenue are found to be devoid of merit and the same are liable to be dismissed. 57. We make it clear that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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