Order
1. Leave granted. We have heard the learned counsel for the parties and perused the record. In the judgment of this Court dated 24-10-2017 in CIT v. E-Funds IT Solution Inc. (2018) 13 SCC 294, it has been held that once arm's length principle has been satisfied, there can be no further profit attributable to a person even if it has a permanent establishment in India.
2. Since the impugned notice for the reassessment is based only on the allegation that the appellant(s) has permanent establishment in India, the notice cannot be sustained once arm's length price procedure has been followed. Accordingly, the impugned order(s) 2014 SCC OnLine All 12718, (2014) 368 ITR 401 is set aside and the appeals are allowed.
3. The learned counsel for the Revenue states that he does not have complete instructions. If the Revenue disputes the above factual position, it will be at liberty to move this Court.
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