HIGH COURT OF JUDICATURE AT HYDERABAD FOR THE STATE OF TELANGANA AND THE STATE OF ANDHRA PRADESH PRESENT THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE M.S. RAMACHANDRA RAO I.T.T.A. NO.495 OF 2014 DATED:30.7.2014 Between:
Commissioner of Income Tax-III I.T. Towers, A.C. Guards Masab Tank, Hyderabad … Appellant And LGE & C-NCC [Joint Venture] 41, Nagarjuna Hills Punjagutta Hyderabad … Respondent THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE M.S. RAMACHANDRA RAO I.T.T.A. NO.495 OF 2014 JUDGMENT: (per the Hon’ble the Chief Justice Sri Kalyan Jyoti Sengupta) By the impugned judgment and order of the learned Tribunal dt.23.8.2013, which is sought to be appealed against, the Tribunal held, following the ratio of the decision in the case of L.G. Polymers
[1]
India (P) Ltd. v. A.C.I.T.
that Transfer Pricing Officer is not empowered to hold the transaction as sham transaction. Reading the provision of law, the aforesaid conclusion in our view is not erroneous. We, therefore, dismiss the appeal. There will be no order as to costs.
K.J. SENGUPTA, CJ M.S. RAMACHANDRA RAO, J 30.7.2014 bnr
[1] (2012) 16 ITR (Trib.) 240