{"id":18677,"date":"2021-05-26T12:05:53","date_gmt":"2021-05-26T06:35:53","guid":{"rendered":"https:\/\/itatonline.org\/digest\/delval-flow-controls-p-ltd-v-dy-cit-2021-85-itr-65-snpune-trib\/"},"modified":"2021-05-26T12:05:53","modified_gmt":"2021-05-26T06:35:53","slug":"delval-flow-controls-p-ltd-v-dy-cit-2021-85-itr-65-snpune-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/delval-flow-controls-p-ltd-v-dy-cit-2021-85-itr-65-snpune-trib\/","title":{"rendered":"Delval Flow Controls P. Ltd. v. Dy. CIT (2021) 85 ITR 65 (SN)(Pune) (Trib)"},"content":{"rendered":"<p>Tribunal held that\u00a0 only the international transactions which call for transfer pricing adjustment and not the entity level transactions of the assessee. Tribunal also held that\u00a0 the foreign exchange gain or loss earned or incurred by the assessee and the other comparables had to be considered as a part of operating revenue or cost not only for the reason that the assessment year under consideration was prior to the applicability of the safe harbour rules but also that there could be no question of applying rule\u00a010TA(k)\u00a0in the absence of the assessee having or exercising option to be subjected to the safe harbour rules. Once it was proved that the foreign exchange gain emanated from the regular business transactions of the assessee with its associated enterprises, it had to be taken as an item of operating revenue.( AY.2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 92C : Transfer pricing \u2013 Arm\u2019s length price \u2013 Adjustment not entry level transactions &#8211;  Net margin method \u2013 Not opted for foreign exchange gain or  loss is part of  operating revenue or  loss . <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-18677","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4Rf","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=18677"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18677\/revisions"}],"predecessor-version":[{"id":18678,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18677\/revisions\/18678"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=18677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=18677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=18677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}