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1 - 10 of 16 (0.23 seconds)Seshasayee Paper & Board Ltd vs The Deputy Commissioner Of Income Tax on 15 May, 2015
Ltd. Vs. Dy. CIT [2011] 12
taxmann.com 84/46 SOT 294 (URO) (Mum.-Trib),
held to the same effect. We find from the record
that the TPO/AO had not undertaken the exercise
of going into the reasons for abnormal losses.
Therefore we remit back to the file of TPO/AO to
undertake this exercise, and if it is found that the
losses are incurred not on account of any special
reasons and is a normal business loss to include it
in the list of comparables otherwise to exclude the
same from list of the comparables.
Section 10A in The Income Tax Act, 1961 [Entire Act]
M/S.Sundaram Fin.Ltd vs Asst.Commissioner Of Income ... on 11 September, 2012
i) Technimount ICB (P.) Ltd. V. Asstt. CIT
[2011] 11 taxmann.com 49 (mum.)
Finance Act, 2012
Section 10A in The Companies Act, 1956 [Entire Act]
Aztec Software And Technology Service ... vs Acit on 12 July, 2007
Ltd. v ACIT [2013] 33 taxmann.com 4 (Mum-
Trib.) and ACIT v M/s. Hapag Lloyd Global Services Pvt Ltd
TS-47-ITAT-2013 (Mum)-TP and respectively following the
decisions, we direct that this company cannot be included in
the list of comparables with that of the assessee company
IT(TP)A No.442/Bang/2011&
IT(TP)A No.444&445/Bang/2011
Page 38 of 39
and accordingly, we uphold the decision of the CIT(A) to
delete this company from the list of comparables, though on
a different reasoning.
Section 143 in The Companies Act, 1956 [Entire Act]
Gvk Inds. Ltd & Anr vs The Income Tax Officer & Anr on 1 March, 2011
24. Even the special bench in the case of IHG IT Services
(India) (P.) Ltd. V. ITO [2013] 33 taxmann.com 1 (Delhi -
Trib.) (SB) held that after the amendment by the Finance
(No.2) Act, 2009 with effect from 1.10.2009, such benefit of
5% tolerance margin was restricted to the cases where
variation between the arm's length price and the price at
IT(TP)A No.442/Bang/2011&
IT(TP)A No.444&445/Bang/2011
Page 25 of 39
which the international transaction has actually taken place
does not exceed 5%. In other words the benefit under the
proviso cannot be given as a standard deduction. In the
results, the grounds of appeal raised by the revenue on this
issue are allowed.
Gwalior Rayon Silk Mfg. (Wvg.) Co. Ltd vs The Asstt. Commissioner Of Sales Tax & ... on 21 December, 1973
CIT [2012] 22 taxmann.com 96/137 ITD 1
(Mum.-Trib.)
We do not find any reason to differ with the ratio laid
down in the above cases. Therefore, we direct the TPO/AO
to exclude this company from the list of the comparables.