Dismissing the appeal of the Revenue, High Court affirmed the order of the Tribunal, wherein the Tribunal held that Transfer Pricing Officer not empowered to hold transaction sham.
CIT v. LGE and C-NCC (Joint Venture) (2024)461 ITR 265 (T& P) (HC) Editorial : Refer LG Polymers India P.Ltd (2012) 16 ITR 240 (Visakhapatnam ) (Trib), CIT v. LGE and C-NCC (Joint Venture) (2024)461 ITR 266/ 297 Taxman 293 (SC),SLP of Revenue dismissed. Question of law kept open.
S. 92CA : Transfer pricing-Reference to Transfer Pricing Officer-Arm’s Length price-Avoidance of tax-Tribunal holding Transfer Pricing Officer not empowered to hold transaction sham- High Court affirmed. [S. 37(1), 92C, 260A]