« ITAT-Constitution of Benches » Open DEMAT Account in 24 hrs  Faulty Income Tax Assessment: ITAT Quashes Addition and Penalty against 82 Years Old Senior Citizen  Amrit Bottlers Pvt. Ltd. Kolkata vs Department Of Income Tax  ITAT ruling: Cryptocurrencies now recognized as capital assets for taxation  ITAT upholds Possession Date for Capital Gains Tax Exemption  ITAT deletes addition of Cash Deposit against Opening Balance during demonetization  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 «  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)