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2015 (5) TMI 953 - AT - Income TaxTransfer pricing adjustment - selection of comparable - Held that:- Job profile of MOIAPL was different as compared to the activities undertaken by the assessee.It was rendering investment advisory services, specifically related with real estate business whereas MOIPAL is a merchant banker.So,we hold that MOIAPL is liable to be excluded from the final set of comparables. It is further found that the TPO selected two more comparables, besides MOIAPL, while determining the TP adjustments. We find that the assessee had objected to the inclusion of those two comparables before the DRP. The DRP has not given any direction in that regard. The DRP had passed order about MOIAPL only and has not mentioned anything in favour or against the inclusion of the remaining two comparable. In our opinion, the DRP, being a appellate forum, is supposed to decide the issue raised before it by the assessee. Not only the DRP failed to pass a speaking order about those two comparable,but it also did not pass a rectification order with regard to the application filed by the assessee,u/s.154 0f the Act. Therefore, we are of the opinion, that in the interest of justice matter should be restored back to the file of the DRP who would give a clear direction about the remaining two comparables selected by TPO and objected by the assessee. The DRP would afford a reasonable opportunity of hearing to the assessee before deciding the appeal. Additional ground of appeal raised by the assessee,before the DRP was not adjudicated upon. We direct the DRP to decide the same.
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