Dismissing the appeal of the revenue the Court held that the Revenue has failed to show as to how the finding arrived by the ITAT is perverse in any manner, The Revenue has also not been able to demonstrate that the analysis done by the ITAT while excluding the companies suggested by the revenue from the list of companies was in any manner contrary to the settled position in law. Order of Tribunal is affirmed. Court also suggested that the Commissioner of Income-tax and CIT (Judicial) would well to review all appeals filed and with draw the same if it is on facts and settled law. Court also directed the Counsel of Revenue to serve a copy of this order on the law Secretary (Government of India), Central Board of Direct Taxes, Principal Chief Commissioner of Income tax (Maharashtra)) and CIT (Judicial) for necessary action. (AY. 2010 -11)
PCIT v. 3I India Ltd. (2022) 445 ITR 504284 Taxman 487 (Bom.)(HC).Editorial : SLP of Revenue dismissed , PCIT v. 3I India Ltd(2022) 289 Taxman 295 ( SC)
S. 92C : Transfer pricing-Arm’s length price-Adjustments-Comparable-Tribunal correctly applied the principle and decided on facts-No question of law Stricture-Court directed that the Commissioner of Income-tax and CIT (Judicial) would well to review all appeals filed and with draw the same if it is on facts and settled law. The Court also directed the Counsel of Revenue to serve a copy of this order on the law Secretary (Government of India), Central Board of Direct Taxes, Principal Chief Commissioner of Income tax (Maharashtra) and CIT (Judicial) for necessary action. [S.92CA, 260A]