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2013 (12) TMI 4 - ITAT HYDERABADTransfer pricing adjustments - Held that:- Following Global Vantedge Pvt. Ltd. Vs. DCIT [2009 (12) TMI 668 - ITAT DELHI] - The total adjustments made together with the ALP already reported cannot exceed the total revenue earned by the appellant and its AEs from third party independent clients - The essential purpose of TP litigation is only to protect the legitimate tax base of India from being shifted out - It cannot mandate an assessee to earn more than what is has actually earned from independent third parties - Adjustments cannot exceed the global profits earned by the group from 'those transactions' that it has allowed the assessee's ground with regard to restricting TP adjustment to the global profits of the group from the international transactions - Decided in favour of assessee. Selection of comparables - Held that:- Once the assessee has accepted the aforesaid company as a comparable by not raising any objection before the DRP, the issue attained finality so far as the selection of the aforesaid comparable is concerned. The assessee cannot be permitted to raise objection - The assessee has not shown any reasonable cause as to why it did not object to the said company before the DRP - Decided against assessee. Differential ALP adjustment - Held that:- The assessee has not raised this issue before DRP, we are not inclined to entertain this issue raised for the first time before us without there being a valid reason by the assessee to show the reason for not raising this issue before DRP - Decided against assessee.
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