TMI Blog2019 (5) TMI 1069X X X X Extracts X X X X X X X X Extracts X X X X ..... in the negative i.e. in favour of the Assessee and against the Revenue. The Court notes that in the impugned order, the ITAT has remanded to the TPO the consideration of one of the comparables proposed by the Assessee viz., Ma Foi Management Consultants Ltd. and one other as suggested by the DRP i.e. Nirbhay Management Services Pvt. Ltd. The Court is of the view that the entire issue of determining the TP adjustment if any in respect of the transactions in the staffing segment of the Assessee should be considered afresh by the TPO uninfluenced by his earlier order. Accordingly this Court remands the entire issue of determining the TP adjustment if any in respect of the transactions in the staffing segment of the Assessee to the T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional transactions entered into by the Assessee with its Associated Enterprises, referred the case to the Transfer Pricing Officer ( TPO ) for determining the arm's length price ( ALP ) of the said international transactions. 5. Admittedly before the TPO as part of the Transfer Pricing Study, the Assessee had put forth two comparables as regards the staffing segment. Both these comparables were rejected by the TPO. On the other hand, the TPO introduced another comparable i.e. HCCA Business Services Pvt. Ltd. (hereafter HCCA ) and after determining that the margin of the said comparable was 20.05% recommended an adjustment of ₹ 1,03,61,078/- on the staffing services segment earnings of the Assessee. 6. Aggrieved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Transfer Pricing Adjustment does not give rise to any substantial question of law and this has been the settled legal position as explained in several decisions of this Court as well as other High Courts. 10. While it is correct that the mere exclusion or inclusion of a comparable may not per se give rise to any substantial question of law, in the present case the Court finds that the only comparable on the basis of which the Transfer Pricing Adjustment has been recommended by the TPO is HCCA. The two comparables proposed by the Assessee have been excluded by the TPO. These two comparables were Ma Foi Management Consultants Ltd. and Overseas Manpower Corporation Ltd. The Court further finds that when the matter went before the DRP, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t has hinged only on one comparable, viz., HCCA the objection to the inclusion of which by the Assessee required a detailed consideration, the Court is of the view that the impugned order dated 11th July 2018 of the ITAT cannot be sustained in law. The question of law is accordingly answered in the negative i.e. in favour of the Assessee and against the Revenue. 15. The Court notes that in the impugned order, the ITAT has remanded to the TPO the consideration of one of the comparables proposed by the Assessee viz., Ma Foi Management Consultants Ltd. and one other as suggested by the DRP i.e. Nirbhay Management Services Pvt. Ltd. 16. The Court is of the view that the entire issue of determining the TP adjustment if any in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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