ORDER

Per Pramod Kumar, Vice President:

1. By way of this appeal, the Assessing Officer has challenged correctness of the order dated 18^th March 2016 passed by the CIT(A) in the matter of assessment under section 143(3) of the Income-tax Act, 1961, for the assessment year 2011-12 on the following ground:-

“The ld. CIT(A) has erred in law and on facts in deleting the Upward Adjustment u/s 92CA amounting to Rs.3,72,62,891/- ”

2. Briefly stated, relevant material facts are like this. The assessee before us, i.e. Hazira LNG Pvt Ltd, is a joint venture between Shell Gas BV (74%) and Total Gaz Electricite Holdings (26%). The assessee, with the approval of Foreign Investment Promotion Board (Government of India) owns, operates and maintains terminal facilities for Liquified Natural Gas (LNG) at Hazira terminal. The assessee purchases LNG from its foreign associated enterprises and sells the re-gasified LNG (R-LNG) to its customers in India. During the relevant previous year, the assessee purchased 14 such cargo from its AEs abroad. These imports were on CIF basis, and as is the convention in this line of business, the price for such imports was decided on the basis of per million British Ther