TMI Blog2016 (6) TMI 1265X X X X Extracts X X X X X X X X Extracts X X X X ..... Ms. Suchitra Kamble, JJ. Appellant by : Sh.Deepak Chopra And Sh.Harpreet Singh, ORDER J.Sudhakar Reddy, This is an appeal filed by the Assessee directed against the order passed u/s 143(3) r.w.s.144C(v) of the Income Tax Act, 1961 (the Act) pertaining to the A.Y. 2011-12 on the following grounds. On the facts and circumstances of the case and in law, the learned Deputy Commissioner of Income-tax, Circle-1 (2), New Delhi ( AO ) has erred in passing the assessment order under Section 143(3) of the Income-tax Act, 1961 ( the Act ) after considering the adjustments proposed by the Assistant Commissioner of Income-tax, Transfer Pricing Officer - 1(1)(1), New Delhi ( TPO ) in his order passed under Section 92CA(3) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l statements were for a period other than 12 months). 6. The learned AO / TPO / DRP have erred in : a. Using single year data instead of multiple year data b. Determining the arm s length margins / prices using data pertaining only to FY 2010-11 which was not available to the Appellant at the time of complying with the Transfer Pricing ( TP ) documentation requirements; 7. The learned AO / TPO / DRP have erred in rejecting Ma Foi Global Services on the basis of erroneous application of negative net worth filter. 8. The learned AO / TPO / DRP have erred in rejecting certain comparable companies identified by the Appellant using Turnover less than INR 1 Crores as a comparability criterion. 9. The learned AO / TPO / DRP hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yesterday i.e. 21.6.2016. The Ld.Sr.D.R. Shri Gansar Dudeja submitted that, he was asked by the Income Tax Department to represent the cases of I-2 Bench, New Delhi today at 06.00 in the morning, and that he was not prepared. It was also submitted that the Ld.Sr. D.R. was unwell and hence could not represent the Revenue. On a query from the Bench, he submitted that this case may be posted for today i.e. 22.6.2016 and that he had already read and prepared the matter but as the paper book was not with him, he seeks a short adjournment of one day. Accordingly the case was posted for hearing today. 3. Today an adjournment application has been moved by the Ld.Sr.D.R. Ms. Anima Barnwal which reads as follows: the concerned Sr.D.R. has to tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f grounds have been raised, the assessee would be contesting the inclusion of the following +five comparables for the purpose of determination of the Arm s Length Price (ALP). a) Apitco Ltd. b) Global Procurement Consultants Ltd. c) Chemical Metallurgical Design Co.Ltd. d) TSR Darashaw Ltd. e) Cameo Corporate Services Ltd. 4.1. He submits that, without prejudice to the claim of the assessee in other years, he would not be arguing for the inclusion of three comparables sought by the assessee, i.e. IDC (India) Ltd., Info Edge (India) Ltd. and ICRA Management Consulting Services Ltd., and submitted that the same shall not be treated as a precedent. 5. No other issue is argued or pressed before us. On careful consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the business Centre operations can be taken as a comparable (see page 46 and 47 of the order of the TPO). 8. Before us the Ld.Counsel for the assessee filed the profile of Chemical Metallurgical Design Co. Ltd. with respect to business centre operations. This read as follows. Paharpur Buisness Centre (PBC) is rated as one of the healthiest office buildings in Delhi by Central Pollution Control Board, Ministry of Environment and Forest, Government of India and Chittaranjan National Cancer Institute, Kolkata. Located in the IT hub of South Delhi Nehru Place Greens, New Delhi, PBC offers different sizes of elegantly designed spaces for large or small offices, Conferences, Training, Interviews, Seminars, Product Launch, Cockt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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