VERIFONE INDIA TECHNOLOGY PRIVATE LIMITED,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BENGALURU

ITA 1879/BANG/2024Status: DisposedITAT Bangalore21 September 2026AY 2013-147 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal directed the Assessing Officer to pass an appeal-effect order within 15 days, considering the assessee's claim that margins fall within the permissible range after the CIT(A)'s order. The assessee is granted liberty to seek revival of the appeal if still aggrieved.

What were the facts?

The assessee filed an appeal against the CIT(A)'s order which partly allowed their appeal against the assessment order. The CIT(A) later passed an order under Section 154 deleting a negative working capital adjustment, making the assessee's margin fall within the arm's length range.

What were the issues?

Whether the transfer pricing adjustment survives after the deletion of negative working capital adjustment by the CIT(A) and the subsequent appeal-effect order.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(3),Section 92CA,Section 92C(3),Section 250,Section 154,Section 234B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BANGALORE BENCHES, BANGALORE

Before: SHRI PRASHANT MAHARISHI & SHRI SOUNDARARAJAN K.

PER SHRI PRASHANT MAHARISHI, VICE PRESIDENT

ITA 1879/BANG/2024 VERIFONE INDIA TECHNOLOGY PRIVATE LIMITED VeriFone India Technology Private Limited (the 01. assessee/appellant) has filed this appeal for assessment year 2013–14 against the appellate order dated 30 July 2024 passed by the Commissioner of I

The order continues below.

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