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2019 (7) TMI 296 - AT - Income TaxTP Adjustment - comparable selection - HELD THAT:- Assessee being resident corporate assessee is stated to be engaged in the business of providing IT enabled services (ITeS) to Griffin Group entities in finance/accounts related services such as invoicing, refunds processing and other services such as ticketing, reservations etc. - Thus companies thus companies functionally dissimilar with that of assessee need to be deselected from final list. Working capital adjustment from PLI of comparable entity in terms of Rule 10B(3) - HELD THAT:- The Ld. DRP has denied the same by observing that no working capital adjustment was made by the assessee in its TP study report and secondly, it was observed that fees for services is not impacted in the same manner by credit period offered or received as is the case with sale of goods. Although Ld. AR has pleaded for this adjustment on the strength of certain judicial pronouncements, however, no convincing case has been made out before us so as to justify the grant of aforesaid adjustment. This ground stands dismissed. Transfer pricing adjustment of the book profits u/s 115JB - HELD THAT:- We direct lower authorities to exclude Transfer Pricing adjustment, if any, while computing Book Profits u/s 115JB. Accordingly, this ground stands allowed. SEE OWENS CORNING (INDIA) P. LTD. VERSUS DCIT CIR 7 (1) , MUMBAI [2016 (5) TMI 1098 - ITAT MUMBAI] and M/S. CASH EDGE INDIA (PVT.) LTD. VERSUS W ITO, WARD 5 (3) , NEW DELHI [2016 (1) TMI 598 - ITAT DELHI]
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