TMI Blog2014 (12) TMI 212X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of margin in the transfer pricing study - The assessee itself has used it as a comparable in its transfer pricing study/comparables - Since functionally it is comparable with that of assessee, therefore, assessee’s contention for exclusion of ICRA Online Limited has no merit. In House Productions Limited – Benefit of economic data adjustment and +5% variation - Held that:- Keeping in view the computation of margin and also the activities in which In House Productions Limited is engaged which is stated to be basically healthcare services, not comparable to the assessee, the matter is remitted back to the AO/TPO/DRP for fresh consideration - also, after re-computation, assessee should be considered for benefit of 5% range from the tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 253(1) of the Income Tax Act, 1961 ( Act ) against the order dated December 20,2013 (received on December 24, 2013) passed under section 143(3) read with Section 144C (13) of the Act, passed by the Learned Deputy Commissioner of Income Tax-3(1). 1. That the Assessing Officer ( AO ) erred on facts and circumstances of the case and in law in making an addition to the total income of the assessee amounting to ₹ 88,01,327/- in pursuance to the directions of Hon ble Dispute Resolution Panel ( DRP ) upholding the adjustment to the transfer price proposed by the learned Transfer Pricing Officer ( TPO ) and on account of disallowance of foreign travel expenses. 2. That the AO/DRP/TPO erred on facts and circumstances of the case and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cumstances of the case and in law by not providing the Appellant the benefit of 5 percent range as provided by the proviso of section 92C(2) of the Act. 9. That on facts and circumstances of the case and in law, the AO has erred in charging interest under sections 234B, 234C and 234D of the Act. 2. Rival contentions have been heard and record perused. Facts in brief are that the assessee is an Indian company engaged in providing marketing support services to its associate enterprises and provision of research and development support services in the business of rendering investment advisory services. As per the transfer pricing documentation submitted before learned TPO vide submission dated September 27,2012, following are the intern ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. Access India Advisors Limited 7.53 2. Choski Laboratories Limited 23.24 3. CRISIL Limited (Segmental) 51.01 4. Cyber Media Events Limited 24.97 5. Dolphin Medical Services Limited 9.08 6. ICRA Online Limited(Segmental) 47.62 7. In House Productions Limited (Segmental) 31.16 8. Research Support International Limited 17.71 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ICRA Online Limited(Segmental) 47.62 5 In House Productions Limited (Segmental) 31.16 6 Research Support International Limited 17.71 7 Vimta Labs Limited 11.47 8 TCG Life Science Limited 26.61 9 GVK Bio Science Limited 16.96 Arithmetic Mean 25.92 4. It was the contention of learned AR that as per the balance sheet of CRISIL Limited placed on record, the company follows 31-12-2008 year end ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estore for reconsideration of CRISIL Limited as comparable after considering assessee s contention regarding different year ending being followed by the assessee vis- -vis CRISIL Limited. We direct accordingly. 6. In respect of ICRA Online Limited, we found that the information services segment was used for computation of margin in the transfer pricing study. The assessee itself has used it as a comparable in its transfer pricing study/comparables. Since functionally it is comparable with that of assessee, therefore, assessee s contention for exclusion of ICRA Online Limited has no merit. 7. With regard to In House Productions Limited, it was contended by the learned AR that In House Productions Limited is engaged in healthcare servic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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