Related party transaction and export under LUT

This discussion explores the complexities of related party transactions for a private limited company selling exclusively to an LLP where the owners' sons are partners. The core issue is the lack of independent price discovery for exports under LUT. Participants are seeking guidance on which Accounting Standards (AS) apply and how tax laws, case laws, and practical considerations can help resolve this, particularly concerning the Rs. 20 crore annual threshold for domestic transfer pricing.