On appeal by the Revenue the High Court held that the Tribunal was not wrong in holding that the Transfer Pricing Officer was not empowered to hold the transaction a sham one. SLP of Revenue is dismissed, question of law is kept open.
CIT v. LGE and C-NCC (Joint Venture) (2024)461 ITR 266/ 297 Taxman 293 (SC) Editorial : Refer, CIT v. LGE and C-NCC (Joint Venture) (2024)461 ITR 265 (T& AP)(HC), also refer, LG Polymers India P.Ltd (2012) 16 ITR 240 (Visakhapatnam ) (Trib)
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-Special Leave Petition Dismissed- Question of law kept open. [S. 37(1), 92C, Art.236]