TP Adjustment - ALP determination qua domestic transactions ...

No Transfer Pricing Adjustment for 2014-15: Section 92BA(i) Omission Means ALP Not Applicable to Domestic Transactions.

July 19, 2022

Case Laws     Income Tax     AT

TP Adjustment - ALP determination qua domestic transactions entered into by the assessee with its partner u/s 92BA(i) of the Act - no addition on account of TP Adjustment is sustainable because it has been categorically held that omission of a provision would mean that it was never on the statue book - It has to be deemed that it was not in existence in A.Y. 2014-15 and if there was no such provision for recommending the transactions u/s 40A(2)(b) for determination of ALP, there cannot be any adjustment in the income of the assessee on the ground of TP adjustment. Accordingly these grounds of the assessee are allowed. - AT

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