M/S. HYUNDAI CONSTRUCTION EQUIPMENT INDIA P. LTD.,PUNE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, PUNE

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ITA 584/PUN/2016Status: DisposedITAT Pune11 August 2021AY 2011-1226 pages
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What did the Tribunal hold?

The Tribunal directed the TPO to re-compute the transfer pricing adjustment considering the assessee's voluntary adjustment and to re-evaluate the capacity utilization adjustment. The Tribunal also ruled that transfer pricing adjustments should be restricted to international transactions.

What were the facts?

The assessee offered a voluntary transfer pricing adjustment. The TPO proposed a higher adjustment, which was partially upheld by the DRP. The assessee appealed against the transfer pricing adjustment and the methodology for capacity utilization adjustment.

What were the issues?

The key issues were the quantum of transfer pricing adjustment, the methodology for capacity utilization adjustment, and whether adjustments should be at the entity level or restricted to international transactions.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(13)

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Income Tax Appellate Tribunal, PUNE BENCH ―C‖, PUNE – VIRTUAL COURT

Before: SHRI R.S. SYAL & SHRI S.S. VISWANETHRA RAVI

For Appellant: Shri M.P. Lohia
For Respondent: Shri Avadesh Kumar

आदेश की प्रतिलिपि अग्रेपिि/Copy of the Order is forwarded to: अपीऱधर्थी / The Appellant; 1. प्रत्यर्थी / The Respondent; 2. 3. The DRP-3, Mumbai 4. The CIT (IT/TP), Pune 5. विभागीय प्रविविवि, आयकर अपीलीय अविकरण, पुणे ―सी‖ / DR ‗C‘, ITAT, Pune 6. गार्ड फाईल / Guard file आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अविकरण ,पुणे / ITAT, Pune 26 Corrigendum in & 584/PUN/2016 Hyundai Construction Equipment India Pvt. Ltd.

Date 1. Draft dictated on 03-06-2021 Sr.PS 2. Draft placed before author 03-06-2021 Sr.PS 3. Draft proposed & placed JM before the second member 4. Draft discussed/approved JM by Second Member. 5. Approved Draft comes to Sr.PS the Sr.PS/PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order. *

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