Allowing the SLP of the Revenue the Court held that the High Court can examine in each case whether while determining arm’s length price, guidelines laid down under Act and Rules are followed or not and whether determination of arm’s length price and findings recorded by Tribunal while determining arm’s length price are perverse or not. Matter remanded to the High Court. Followed SAP Labs India (P.) Ltd. v. CIT (2023) 149 taxmann.com 327/ 454 ITR 121 (SC)
PCIT v.Warburg Pincus India (P.) Ltd. (2023) 295 Taxman 417 (SC) Editorial: PCIT v.Warburg Pincus India (P.) Ltd (2023) 153 taxmann.com 574 (Bom)(HC)
S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Determination of ALP by Tribunal can be subjected to scrutiny by High Court in an appeal-Matter remanded to High Court. [Art. 136]