Income Tax Dept cannot Rely on Press Notes to Determine Arm’s Length Price of Sales for Payment of Royalty: ITAT [Read Order]

By Namaskar Acharya - On August 11, 2023 11:30 am - 2 mins read

Income Tax Dept - Income Tax - Income - Income Tax Dept cannot Rely on Press Notes - Press Notes - Arm's Length Price of Sales for Payment of Royalty - ITAT - Taxscan

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that the lower authorities i.e., income tax authorities was not correct in referring press notes to determine arm’s length price either 8% or 7.5% of the sales of the sales for payment of royalty. The assessee, Menzis Bobba Ground, is in the business of…

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