« ITAT-Constitution of Benches » Open DEMAT Account in 24 hrs  Mere Securing a House on Rent in USA is not conclusive fact that Assessee is US Resident to Allow DTAA Benefit: ITAT  20 LPA Opening Hiring Qualified CA For Assurance Manager Profile  Non-Filing of Income Tax Return amounts to Escapement of Income: ITAT upholds Reassessment u/s 147  Non Appreciation of facts in true perspective: ITAT sets aside Revision Order  No Evidence of Tax Evasion by showing Fictitious or False Transactions: ITAT deletes Addition of Expenditure u/s 40A(3)  Earning Interest Income from Inter-Corporate Deposit is Business Income: ITAT  Income Tax Penalty u/s 271E cannot be levied in the absence of Regular Assessment: ITAT  ITAT deletes Addition u/s 68 of Income Tax Act Firm not Taxable for Capital introduced by Partner  Payment for Facebook Ads and Other Digital Advertising Companies not subject to TDS as per DTAA: ITAT  No Service Tax Leviable on Goods component of Composite Works Contract as VAT has been paid: CESTAT  ITAT deletes Addition on Account of Investment made from Undisclosed Sources as all Transactions were made through Banking Channels «  INCOMETAX APPELLATE TRIBUNAL,BANGALORE BENCHES:BANGALOR... Section 40(a)(ia) of the Income-tax Act, 1961 - Business... » Kodiak Networks (India) Pvt Ltd vs. ACIT (ITAT Bangalore) February, 02nd 2012 TPO can rely on contemporaneous data even if not available at specified date   In a transfer pricing appeal, the Tribunal had to consider two issues: (a) what is the data to be considered by the TPO at the time of determining ALP? & (b) whether the assessee should be given an opportunity to refute the material sought to be utilized by the TPO? HELD by the Tribunal: (i) Under Rule 10D (4) the information and documents should as far as possible be contemporaneous and should exists latest by the specified date specified in s. 92F (4) i.e. the due date for filing the ROI. There is no cut-off date upto which only the information available in public domain can be taken into consideration by the TPO while making the transfer pricing adjustments and arriving at the ALP. The assessees argument that s.92D and Rule 10D is defeated if the TPO takes the data which is available in the public domain after the specified date is not acceptable.   (ii) While the TPO is empowered by s. 131(1) & 133(6) to call for information without informing the assessee about the process, he cannot use such information against the assessee without giving the assessee a reasonable opportunity of hearing. If the assessee seeks an opportunity to cross-examine third parties, it has to be given the opportunity (Genisys Integrating Systems followed)