CHINA FIRST METALLURGICAL P. LTD,NAVI MUMBAI vs. ITO 15(1)(3), MUMBAI

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ITA 1226/MUM/2017Status: DisposedITAT Mumbai22 May 2020AY 2012-135 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal decided to remit the matter back to the TPO/AO to consider the assessee's plea for working capital adjustment. The assessee was directed to provide and substantiate its workings for this adjustment.

What were the facts?

The assessee, M/s. China First Metallurgical Construction India Pvt. Ltd., appealed against the final assessment order for AY 2012-13, which included a Transfer Pricing (TP) adjustment of Rs. 349.05 Lacs. The primary issue raised by the assessee was the failure to grant a working capital adjustment.

What were the issues?

The key legal issue was whether the assessee was entitled to a working capital adjustment in the Transfer Pricing assessment. The Tribunal also considered a prior decision for AY 2011-12 on a similar issue.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(13),Section 92CA(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “K” BENCH, MUMBAI

Before: HON’BLE SHRI MAHAVIR SINGH, VP & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Ms. Ritika Agarwal/Mr. Salman
For Respondent: Shri Anand Mohan-Ld. CIT DR

आदेशानुसार/ BY ORDER,

उप/सहायकपंजीकार(Dy./Asstt.Registrar) आयकरअपीलीयअ�धकरण, मुंबई/ ITAT, Mumbai.

Assessment Year :2012-13 M/s. China First Metallurgical Construction India Pvt.Ltd.

Sr. No. Details Date Initials Designation 1 Draft dictation sheets are attached Directly Typed Sr.PS/PS on Computer / Laptop 2 Draft dictated on Not Applicable/ Sr.PS/PS 3 Draft Placed before author Not Applicable Sr.PS/PS 4 Draft proposed & placed before the Second Member JM/AM 5 Draft discussed/approved by Second Member JM/AM 6 Approved Draft comes to the Sr.PS/PS Sr.PS/PS 7 Order pronouncement on Sr.PS/PS 8 File sent to the Bench Clerk Sr.PS/PS 9 Date on which the file goes to the Head clerk 10 Date on which file goes to the AR 11 Date of Dispatch of order

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