|CORAM:||Diva Singh (JM), R. S. Syal (AM)|
|CATCH WORDS:||Arms length price, Transfer Pricing|
|COUNSEL:||S. C. Matta|
|DATE:||November 28, 2014 (Date of pronouncement)|
|DATE:||December 1, 2014 (Date of publication)|
|FILE:||Click here to download the file in pdf format|
|Transfer Pricing: Updated information not available at the time of the TP study but available at the stage of assessment has to be considered by AO|
In the light of the facts on record, on a consideration of the same we are of the view that the reliance placed on the data available in the public domain at the time of the assessment proceedings which was not allowed by the AO and ultimately allowed at the Appellate stage cannot be faulted with. It is not the case of the Revenue that the three comparables taken by the assessee in the TP study as comparable were not comparable companies. This aspect not having been disputed, we see no reason why the Revenue should insist upon ignoring the updated relevant data for the period under consideration. Having accepted the fact that these companies taken in the TP study were comparable there can be no right vested in the Revenue to insist upon the incomplete data available at the time of TP study and refuse to look at the updated data available for the relevant period at the assessment stage. The CIT(A) in appeal has correctly taken the updated data which stand is approved by us.