Commissioner Of Income Tax v. M/S. India Trimmings Private Limited
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 15.10.2024 CORAM :
THE HONOURABLE MR.JUSTICE R. SURESH KUMAR AND THE HONOURABLE MR.JUSTICE C. SARAVANAN The Commissioner of Income Tax Corporate Circle 1, Coimbatore.
..
Appellant Vs.
M/s.India Trimmings Pvt. Ltd.
6/636, Pillaiappan Palayam Telugupalayam Post, Annur Coimbatore 641 653 PAN: AAACI 639N ..
Respondent Prayer: Appeal filed under Section 260-A of the Income Tax Act, 1961, against the order of Income Tax Appellate Tribunal, Madras "D"
Bench, Chennai dated 22.03.2022 passed in I.T.A.No.476/Chny/2016.
For the Appellant :
Mr.Karthik Ranganathan Senior Standing Counsel For the Respondent :
Mr.A.S.Sriraman
JUDGMENT
(Order of the Court was made by R.SURESH KUMAR, J.) The present tax case appeal was admitted on 10.08.2022 by this Court on the following substantial questions of law:-
"1. Whether under the facts and circumstances of the case and in law, the ITAT was correct in not considering the facts about the Profit Level Indicator (LI) of the company M/s.Ashnoor Textile Mill Ltd. Brought on record by the Transfer Pricing Officer and concluding that there is no infirmity in the proceedings of the Dispute Resolution Panel directing that TPO to include the said entity as a comparable?
2. Whether under the facts and circumstances of the case and in the law, the ITAT was correct in not considering the facts brought on record by the TPO in rejection of Risk adjustment on account of personnel cost and holding that there is no infirmity in the order passed by the DRP directing the TPO to decide the percentage of risk adjustment?"
2. It is submitted by the learned Senior Standing Counsel appearing for the appellant Revenue that this matter is covered under the Low Tax Effect as per the recent Circular dated 17.09.2024, in Circular No.9/2024.
3. Hence, this appeal stands dismissed, as covered under the low tax effect and the substantial questions of law arising in this appeal are kept open to be decided at the later point of time. There shall be no order as to costs.
(R.S.K., J.) (C.S.N, J) 15.10.2024 drm
R. SURESH KUMAR, J.
AND C. SARAVANAN , J.
(drm) 15.10.2024