CIT Vs. CUSHMAN AND WAKEFIELD INDIA PVT. LTD.

JUDGEMENT

(1.) The present appeal, directed against the order of the Income Tax Appellate Tribunal ("ITAT") in respect of an international transaction in favour of Arm's Length Price (ALP) determination, led to this Court framing two questions of law on 24.02.2014 in the following terms: -

(2.) By judgment and order dated 23.05.2014, both the questions of law were answered against the assessee. Subsequently, the assessee filed R.P. No.321/2014; notice was issued in it. The Review Petition was heard stating that on the second question the Revenue had given up the challenge and consequently, the Court had no occasion to hear the assessee. The same was allowed after hearing on 17.11.2014 in the following terms: -

(3.) On behalf of the Revenue it was submitted that whilst no doubt the concession was made, there was no authority in support of such a position. As a result, the Court after considering the submissions of the parties, allowed the Review Petition - so far as it concerned itself with question no.2, in the following terms: -