The ACIT, Circle-1(2), Baroda V. M/s. Fag Bearings India Ltd., Vadodara

ITA 108/AHD/2016

• Counselvise Citation: [2017] 130 COUNSELVISE.COM (IT) 9379 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-01-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: I
• Next Hearing Date: 24-01-2017
• Assessment Year: 2002-2003
• Appeal Filed On: 15-01-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: O P SHARMA
• Assessee Lawyers: BHAVIN J MARFATIA HEARING CON
• Keywords: Transfer pricing; International transaction

Judgement Text

ITA NO.108 / AHD/201 6 ASSESSMENT Y EAR: 2002 - 03 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD I BENCH, AHMEDABAD [CORAM: PRAMOD KUMAR AM AND S S GODARA JM] ITA NO. 108 /AHD/201 6 ASSESSMENT Y EAR : 2002 - 03 ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1(1 ) (2), VADODARA . ....... ........ ... APPELLANT FAG BEARING INDIA LIMITED , .... ............ RESPONDENT P.O. MANEJA, VADODARA 390 013. [PAN: AA A C F 3357 Q ] APPEARANCES BY O.P. SHARMA FOR THE APPELLANT BHAVIN J. MARFATIA FOR THE RESPONDENT HEARING CONCLUDED ON: 24 / 0 1 / 20 17 ORDER PRONOUNCED ON : 24 / 0 1 / 20 1 7 O R D E R PER PRAMOD KUMAR , AM: 1. BY WAY OF THIS APPEAL, THE ASSESSING O FFICER HAS CHALLENGED CORRECTNESS OF THE CIT(A) S ORDER DATED 26 TH OCTOBER, 2015, IN THE MATTER OF APPEAL EFFECT PROCEEDINGS AS A RESULT OF TRIBUNAL S ORDER DATED 14.11.2014, ON THE FOLLOWING GROUND :: - ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD . CIT ( A ) ERRED IN BY DELETING THE ENTIRE ADDITION ON ACCOUNT OF TRANSFER PRICING BY WITHOUT GOING TO MERITS OF CASE AND FACTS AND IGNORED THE TPO S CONTENTION SUBMITTED THROUGH REMAND REPORT AND THE DIRECTION S OF HON BLE ITAT THAT THE ARMS LENGTH PRICE OF INTERNATIONAL TRANSACTIONS OF THE APPELLANT SHOULD BE DETERMINED AT ENTITY LEVEL BY FOLLOWING TNM METHOD. 2. WHEN THIS APPEAL CAME UP FOR HEARING, LEARNED REPRESENTATIVES FAIRLY AGREED THAT THIS APPEAL IS ILL - CONCEIVED INASMUCH AS THE IMPUGNED ORDER ONLY GIVES EFFECT TO THE ITA NO.108 / AHD/201 6 ASSESSMENT Y EAR: 2002 - 03 PAGE 2 OF 2 TRIBUNAL S ORDER WHICH IS ALREADY IN APPEAL BEFORE THE HON BLE HIGH COURT. THE GRIEVANCE BEFORE US IS THUS CLEARLY MISPLACED. 3. IN THE RESULT, THE APPEAL IS DISMISSED. PRONOUNCED IN THE OPEN COURT ON THIS 24 TH DAY OF JANUARY, 2017 . SD/ - SD/ - S S GODARA PRAMOD KUMAR (JUDICIAL MEMBER) (ACCOUNTANT MEMBER) DATED: 24 TH DAY OF JANUARY, 201 7 . COPIES TO : (1) THE APPELLANT (2) THE RESPONDENT (3) CIT (4) CIT(A) (5) DR (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL AHMED ABAD BENCHES, AHMEDABAD