Section 92C of the Income-tax Act, 1961 - Transfer pricing - Computation of arm's length price

IT/ILT : Where Commissioner (Appeals) in TP adjustment had calculated 6 per cent mark up after excluding value of raw material supplied to assessee free of cost by AE, in accordance with course of action adopted by department in immediate preceding year, same was to be upheld
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[2014] 52 taxmann.com 476 (Mumbai - Trib.)
IN THE ITAT MUMBAI BENCH 'K'
Assistant Commissioner of Income-tax, 8 (1), Mumbai
v.
Cherokee India (P.) Ltd.*
I.P. BANSAL, JUDICIAL MEMBER
AND RAJENDRA, ACCOUNTANT MEMBER
IT APPEAL NO. 7737 (MUM.) OF 2012
[ASSESSMENT YEAR 2008-08]
NOVEMBER  20, 2014
Section 92C of the Income-tax Act, 1961 - Transfer pricing - Computation of arm's length price (Comparables and adjustments) - Assessment year 2008-09 - Commissioner (Appeals) while calculating TP adjustment for purpose of calculating 6 per cent mark up excluded value of raw material supplied to assessee free of cost by AE - Whether since Commissioner (Appeals) had calculated TP adjustment in accordance with course of action adopted by Department in respect of immediate preceding year i.e. for assessment year 2007-08, same was to be upheld - Held, yes[Para 5][In favour of assessee]