ITAT fixes ALP of oil considering Malaysian Oil Board’s rate on date of contract instead of date of

IT/ILT : Where in transfer pricing proceedings, TPO made addition to assessee's ALP in respect of import of crude palm oil by adopting Malaysian Palm Oil Board (MPOB) rate prevailing on invoice date, in view of fact that for all purposes of execution and cancellation, MPOB rates specified on date of contract were applied, which was in accordance with prevalent practice of trade impugned addition deserved to be set aside