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TMI Blog2024 (9) TMI 525X X X X Extracts X X X X X X X X Extracts X X X X ..... in holding that the Written Down Value in the books of the associated enterprise of the assessee cannot be considered as ALP applying internal CUP and upholding the findings of the DRP that assessee justified the price paid by the valuation of an independent chartered engineer, or customs authorities or determined under DCF Method ? HELD THAT:- Although, it was vehemently argued before us that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER 1. The Principal Commissioner has instituted the present appeal impugning the order of the Income Tax Appellate Tribunal [ ITAT ] dated 02 April 2018. 2. The appeal posits the following questions for our consideration:- A. Whether in law and in facts of the case Learned ITAT was justified in deleting the Written Down Value of Cranes in the books of the Associated Enterprise of the Assessee a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Down Value [ WDV ] of the assets as reflected in the books. This was a decision which was neither accepted by the Dispute Resolution Panel [ DRP ] nor has it been confirmed by the ITAT. The WDV methodology appears to have been rejected bearing in mind the undisputed mandate of Rule 10B of the Income Tax Rules, 1962 [ Rules ] and which requires the identification of ALP from the point of view of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not derived from the transactions between enterprises other than associated enterprises. They have also considered the submission of the assessee that ALP will be based on valuation done by chartered engineer or accepted by custom authorities or done by DCF method, some of the recognized methods which are accepted by various benches of the tribunal and more particularly in Tecumseh Products In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions in support of the DRP's directions. 8. Although, it was vehemently argued before us that the three methodologies which were taken into consideration were wholly alien to the scheme of Rule 10B of the Rules, we find that ultimately the ITAT has on an overall consideration taken into account the transaction value as identified. 9. Viewed in light of the above and an apparent failure of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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