Saraswati Agro Chemicals (India) Pvt. Ltd. vs. The DCIT

Parties Involved

Facts Summary

The assessee filed its return of income declaring total income of Rs. 12,18,99,100/-. The matter was selected for scrutiny and notice under section 143(2) and 142(1) were issued. The Assessing Officer referred the matter to the Transfer Pricing Officer (TPO) to determine the Arms Length Price in respect of certain specified domestic transactions. The TPO proceeded exparte and held that the AO shall enhance the income of the taxpayer by Rs. 89,22,420/- being 10% of the aggregate value of the specified domestic transactions amounting to Rs. 8,92,24,206/-. The assessee appealed against the order of the Commissioner of Income Tax (Appeals) confirming the addition.…

Legal Issues

• 1. Whether the order passed by the Commissioner of Income Tax (Appeals) confirming the addition of Rs. 89,22,420/- is erroneous in law.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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