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TMI Blog2023 (7) TMI 139X X X X Extracts X X X X X X X X Extracts X X X X ..... ? - HELD THAT:- As decided in ALSTOM PROJECTS INDIA LIMITED [ 2016 (12) TMI 1408 - BOMBAY HIGH COURT] , M/S TARA JEWELS EXPORTS PVT. LTD. [ 2015 (12) TMI 1130 - BOMBAY HIGH COURT] , M/S. THYSSEN KRUPP INDUSTRIES INDIA PVT. LTD. [ 2015 (12) TMI 1076 - BOMBAY HIGH COURT] , M/S. HINDUSTAN UNILEVER LTD [ 2016 (7) TMI 1245 - BOMBAY HIGH COURT] Courts have held that the benchmarking should be done onl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d not regarding TP adjustment.2nd issue also cannot be considered as a substantial question of law. - K.R. SHRIRAM, AND FIRDOSH P. POONIWALLA, JJ. For the Appellant : Mr. Suresh Kumar,. For the Respondent : Mr. Sanjiv M. Shah. P.C. 1. The following two questions of law have been proposed: (a) Whether the ITAT was correct in holding that the TP adjustment should be p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... International Pvt. Ltd. Vide its order dated 16/08/2016? 2. The actual question, however, is whether benchmarking should be done only on the associated enterprises transactions or for the entire turnover ? 3. Mr. Shah has placed on record 7 judgments of this Court and 1 judgment of the Supreme Court which are as under : i) Commissioner of Income Tax Vs. Alstom Projects India Ltd. (20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Courts have held that the benchmarking should be done only on the associated enterprises transactions and not for the entire turnover. 5. Therefore, the ITAT was correct in holding that the TP adjustment should be proportionate to the value of international transaction. 6. As regards the proposed question of law no. 2, appeal in case of Firestone International P. Ltd (supra) was part ..... X X X X Extracts X X X X X X X X Extracts X X X X
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