9911796707
TMI Blog2016 (6) TMI 1265X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 the Act and subsequently partially confirmed by the Hon'ble Dispute Resolution Panel ("DRP"). Each of the ground is referred to separately, which may kindly be considered independent of each other and without prejudice to each other. That on the facts and circumstances of the case and in law, 1. The learned AO / TPO / DRP have erred in making an addition of INR 2,11,15,791/- to the total income of the Appellant on account of adjustment in the arm's length price ("ALP") of the international transactions related to busine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O / 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 have erred in rejecting certain companies which are comparable to the Appellant and adding following functionally dissimilar companies to the final set of comparable companies: * Apitco Ltd. * Chemical Metallurgical Design Company Ltd. * Global Procurement Consultants Ltd. * Cameo Corporate Services Limited * TSR Darashaw Ltd 10. The learned AO / TPO / DRP have erred by not making suitable adjustments to account for differences in the risk profile of the Appellant vis-avis the comparable companies. 11. The learned AO / TPO / DRP have erred i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 take care of some urgent official work as directed by his CIT." After considering this application for adjournment, we come to a conclusion that it is not a fit reason to get an adjournment. Hence we reject the same. On 20th June, 2016 and 21st June, 2016 all the appeals on the board had to be adjourned as the Revenue has been seeking adjournments on the ground of non availability of Sr.DRs and also on the ground that the Ld.Sr. D.R. is unwell. With some difficulty we could hear one small matter on Monday i.e. in ITA 2555/Del/16, as this was a simple case of setting aside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 of these submissions we find that Apitco Ltd., Global Procurement Consultants Ltd. and TSR Drawshaw Ltd. have to be necessarily excluded from the list of comparables approved by the Dispute Resolution Panel (DRP) for the purpose of computation of ALP, for the reason that the Tribunal in the assessee's own case in ITA 1233/Del/2015 for the A.Y. 2010-11 as directed the exclusion of these three comparables on various grounds including, difference in functional profile of the companies. There is no change in the facts and circumstances of the case of the assessee in this year, when compared ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... offers different sizes of elegantly designed spaces for large or small offices, Conferences, Training, Interviews, Seminars, Product Launch, Cocktail Parties, Hi-Tea, Corporate Lunches and Dinners. It is the best choice for arbitration, meditation proceedings, virtual offices, night BPO and hot-desking in a private and secured environment. It also has an in-house multi-cuisine restaurant. It offers a complete range of services office solutions and support services designed to fit the needs of the clients. PBC, a division of M/s Chemical & Metallurgical Design Co.Ltd. a Public Ltd. Company, is a medium enterprise in the mSME category, began its operations in 1990 with an equity capital of less than US $ 15,000. We currently have a net wort ..... X X X X Extracts X X X X X X X X Extracts X X X X
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