Assessee-firm was engaged in the business of builders and property developers. One of its partners transferred land to assessee as her capital contribution. Assessing Officer held that per sq. mt. cost of acquisition of land purchased by partner was Rs. 9,659\/-; however land was transferred to assessee at a rate of Rs. 11,499\/-per sq. meter. Since the assessee had not given any comparable price and benchmarking analysis for establishing transaction had taken place at arm\u2019s length, the Assessing Officer held that the cost of acquisition of land by the partner at the rate of Rs. 9,659\/-per sq. meter was ALP of land transferred to assessee. CIT(A) up held the order of the Assessing Officer. On appeal the Tribunal held that, TPO\/Assessing Officer noted that comparable transaction furnished by assessee pertained to assessment year 2016-17, since date of transaction was 15-10-2015 and impugned year being assessment year 2015-16, he accordingly held that transaction was not comparable for purpose of CUP method prescribed in Rule 10B(1)(a) and made an upward adjustment to specified domestic transaction. Tribunal affirmed the order of the Assessing Officer (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.92BA: Transfer pricing-Specified domestic transaction-Arm\u2019s length price-Avoidance of tax-Firm-Partner-Capital contribution from partner-Failure to give comparable-Assessing Officer valued at a lower rate based on cost of construction-Addition was affirmed. <\/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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-61205","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fVb","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61205","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=61205"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61205\/revisions"}],"predecessor-version":[{"id":61206,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61205\/revisions\/61206"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=61205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=61205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=61205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}