This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
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S. 92C : Transfer pricing-Arm’s length price-Restricted only to the international transactions-VRS expenses-Similar cost incurred by the comparables if any also be given. [S.37(1), 92CA]

Rieter India (P) Ltd. v. Dy. CIT (2022) 215 TTJ 13 (UO) (Pune) Trib)

S. 92C : Transfer pricing-Arm’s length price-Providing Crew for Employment on Principal’s Vessels-Agency fee-Expenses incurred reimbursed by associated enterprise-Adjustment was made based on incorrect appreciation of facts-Adjustment was deleted.[S. 144C]

Zodiac Maritime Agencies India Pvt. Ltd. v. NEACE (2022) 98 ITR 48 (SN) (Mum)(Trib)

S. 92C : Transfer pricing-Arm’s length price-Most appropriate method-Resale of online advertisement space-Resale Price Method most appropriate method.

Dy. CIT v. Komli Wedia India P. Ltd. (2022) 98 ITR 5(SN)(Mum) (Trib)

S. 92C : Transfer pricing-Arm’s length price-Most Appropriate Method-Net Margin Method-Comparable Uncontrolled Price Method-Processing fees-Local guarantees issued based on counter guarantee received from overseas branches-Adjustment was deleted.

Australia and New Zealand Banking Group Ltd. v. DY. CIT (IT) (2022) 98 ITR 61 (SN) (Mum.)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Most Appropriate Method-Net Margin Method-Comparable Uncontrolled Price Method-Processing fees-Local guarantees issued based on counter guarantee received from overseas branches-Adjustment was deleted.

Australia and New Zealand Banking Group Ltd. v. Dy. CIT (IT) (2022) 98 ITR 61 (SN)(Mum) (Trib)

S. 92C : Transfer pricing-Arm’s length price-Net Margin Method-Comparable Uncontrolled Price Methods-Bad debts-Written off-Write off does not affect the Arm’s length price. [S. 36(1)(vii)]

Aurobindo Pharma Ltd. v. Dy. CIT (2022) 98 ITR 54 (SN)(Hyd) (Trib)

S. 92C : Transfer pricing-Arm’s length price-Profit split method inappropriate-Assessee made no unique intangible contribution-Transactional net margin method appropriate-TPO to recompute arm’s length price. [S.92CA, 144C]

Toyota Boshoku Automotive India Pvt. Ltd. v. ACIT (2022)98 ITR 363 (Bang.)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Working capital adjustment-Information regarding comparable companies not available in public domain-Matter remanded to Assessing Officer/Transfer Pricing Officer to decide issue afresh after affording opportunity of being heard. [S. 92CA]

Aurigo Software Technologies P. Ltd. v. ITO (2022) 98 ITR 294 (Bang.)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Capital Utilization-Functioning at lower capacity than average-Adjustment for underutilization required-Import of raw material-Loss due to foreign exchange rates fluctuation-Foreign exchange rates fluctuation adjustment to be considered-Matter remanded to TPO. [S.92CA]

Denso Kirloskar Industries Pvt. Ltd. v. Dy. CIT (2022) 98 ITR 399 (Bang) (Trib)

S. 92C : Transfer pricing-Arm’s length price-Reconciliation of revenue-Matter remanded.

Vmware Software India P. Ltd. v. Dy. CIT (2022)98 ITR 219 (Bang) (Trib)