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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 ..... ahul Singh, Jr. SCs with Mr. Anirudh, Advocate For the Respondent: Mr. Ved Jain, Mr. Nischay Kantoor and Ms. Soniya Dodeja Advs. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee from its Associated Enterprise. 4. The Transfer Pricing Officer ["TPO"] had while computing the ALP, taken into consideration the Written 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld as follows:- "9. Basing on these facts DRP observed that the written down value of cranes in the books of the AE cannot be considered as ALP as it 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest amount also. Hence, the revenue is in this appeal before us challenging such deletions. At the same time, assessee also preferred a Cross Objections 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 I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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