TMI Blog2017 (7) TMI 1213X X X X Extracts X X X X X X X X Extracts X X X X ..... me to the conclusion that the nature of business of said M/s. Cosmic Global Ltd. was distinct from the one carried out by the assessee as such, was not functionally comparable. The said finding appears to be a finding of fact. Moreover, the Assessing Officer had the opportunity to consider the functional comparability of M/s. Cosmic Global Ltd. with the assessee and it appears that the Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the Tribunal was not justified in setting aside the issue of Transfer Pricing Adjustment, relating to International Transaction to the record of the Assessing Officer to examine the relevant facts and then decide the functional comparable of M/s. Cosmic Global Ltd. with the assessee, so as to include or exclude from the list of comparables for determining the ALP in respect of the Internatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aining the said documents and not providing it, the Tribunal was not justified in setting aside the issue of Transfer Pricing Adjustment. According to the learned Counsel, the Tribunal was not justified in directing the Assessing Officer / TPO to determine the ALP interest by considering the London Inter Bank Operative Rate (LIBOR) plus 2% without appreciating that the Tribunal itself has given th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Assessing Officer has now decided the issue. 5. We have considered the submissions. So far as M/s. Cosmic Global Ltd. is concerned, the Tribunal has come to the conclusion that the nature of business of said M/s. Cosmic Global Ltd. was distinct from the one carried out by the assessee as such, was not functionally comparable. The said finding appears to be a finding of fact. Moreover, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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