RAYBAN SUN OPTICS INDIA LTD. Vs. CIT-V

JUDGEMENT

(1.) This is an appeal by the Assessee under Sec. 260A of the Income-Tax Act, 1961 ('Act') directed against an order dated 19th April, 2016 passed by the Income-Tax Appellate Tribunal, Delhi ('ITAT') in ITA No. 4203/Del./2010 for the Assessment Year ('AY') 2004-05.

(2.) Admit. The following questions of law are framed for consideration:

(3.) The facts in brief are that the Appellant, a public limited company incorporated under the provisions of Companies Act 1956, is primarily engaged in the business of manufacturing, importing and selling of sunglasses and prescription frames in India besides exporting raw and semi finished sunglass frames to Luxottica Group. 44.15% shares of the Appellant company are held by Ray Ban Indian Holdings Inc. USA, which in turn is indirectly held 100% by Luxottica Group SPA Italy. It is not in dispute that the Luxottica Group is the Associated Enterprise ('AE') of the Appellant.