| COURT: | Bombay High Court |
| CORAM: | G. S. Kulkarni J, S. V. Gangapurwala J |
| SECTION(S): | 92C |
| GENRE: | Transfer Pricing |
| CATCH WORDS: | +/- 5% adjustment, ALP, Transfer Pricing |
| COUNSEL: | Dr. K. Shivram, Sashank Dandu |
| DATE: | June 7, 2017 (Date of pronouncement) |
| DATE: | June 21, 2017 (Date of publication) |
| AY: | - |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 92C +/- 5%: The contention that there is an error because mere mathematical calculation shows that the arm's length purchase price as worked out by the TPO falls beyond (+)/(-) 5% range and consequently falls outside the scope of the second proviso to s. 92C(2) cannot be considered if it was not raised before the CIT(A) & ITAT | |
Whether on the facts and circumstances of the case and in law, the ITAT is correct in directing the Assessing Officer to allow benefit of +/5% to the assessee without considering Explanation (2A) to Section 92C(2) inserted by Finance Act 2012 w.e.f. 1.4.2002, whereby deduction of 5% earlier being allowed by appellate authorities has been explicitly prohibited w.e.f. 1.4.2002 and therefore, the ITAT ought not to have issued such directions to the A.O. as are in contravention of the provisions of the statute
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