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TMI Blog2024 (1) TMI 1400X X X X Extracts X X X X X X X X Extracts X X X X ..... Apart from that, the law and the subject is in favour of the respondent assessee in the light of the decision of this Court in the case of Principal Commissioner of Income Tax vs. Almatis Alumina Pvt. Ltd. [ 2022 (2) TMI 1063 - CALCUTTA HIGH COURT ] held Indian Transfer Pricing guidelines issued by the Institute of Chartered Accountants of India vide guidance note on report under Section 92E by Institute of Chartered Accountants of India and transfer pricing guidelines issued by OECD does not prohibit associated enterprises to be a tested party. The Tribunal accepted the stand taken by the assessee that the associated enterprises can be selected as a tested party. In the light of the decision in the case of Virtusa Consulting Services (P) L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of arm s length price wherein necessary verification is warranted at the level of TPO regarding use of proper allocation keys/ basis while preparing segmented accounts and acceptability thereof? C. Whether the Learned Tribunal was justified in law in not considering that the accounts prepared by the assessee without any basis and breakup of expenses allocated to its segments is not justified and not acceptable as per law? We have heard Ms. Smita Das De, learned standing counsel along with Mr. Soumen Bhattacharjee, learned standing counsel for the appellant and Mr. J.P. Khaitan, learned senior standing counsel appearing for the respondent assessee. As could be seen from the impugned order passed by the learned Tribunal, the Tribunal note ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agree with the assessee for the said assessment year by referring to the decision in the case of Aurionpro Solutions Limited v. Addl. CIT [2013] 27 ITR (Trib) 276 (Mumbai); [2013] 33 taxmann.com 187 (MumTrib). The decision in Aurionpro Solutions Ltd was taken note of in Virtusa Consulting Services (P) Ltd. and the decision was distinguished by taking note of the issue which was involved in the said case and the discussion is in paragraph 26 of the judgment quoted above. After noting several decisions, it was held that the Indian Transfer Pricing guidelines issued by the Institute of Chartered Accountants of India vide guidance note on report under Section 92E by Institute of Chartered Accountants of India and transfer pricing guidelines iss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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