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M/S. L.G. Electronics India Private Limited Vs. the Asstt. Commissione ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... it can be adjusted to bring it at arm's length, with reference to and under the chapter x of the income tax act, 1961, and not otherwise. 25. the finance act, 2001, has substituted the existing section 92 by new section 92 and 92a to 92f. according ..... the tax payer. in view of the above discussion it is amply clear that sec. 92 of chapter x as brought out on the statute by the finance act, 2001, has shifted the burden of proof on the assessee to establish that the international transaction has ..... enterprises." 14.12. after sub-section (1), there is sub-section (2) followed by the explanation with two clauses, inserted by the finance act, 2012 w.r.e.f. 1.4.2002 starting with the expression: `for the removal of doubts'. clause (i) of the explanation ..... the above maxim of `generalia specialibus non derogant' with approval in the case of forbes forbes campbell and co. ltd. vs. cit [(1994) 206 itr 495 (bom.)]. the same has also been applied by the hon'ble madras high court in the case of cit vs. .....