TMI Blog2018 (8) TMI 1820X X X X Extracts X X X X X X X X Extracts X X X X ..... le in the cases of Mentor Graphics [ 2007 (11) TMI 339 - ITAT DELHI-H] and Sony India [ 2008 (9) TMI 420 - ITAT DELHI-H] . Therefore, in view of the settled judicial precedents and further in view of the fact that the Ld. Sr. DR could not point out any legal infirmity in the direction of the Ld. CIT (A) for allowing working capital adjustment, we are unable to agree to the contentions of the Ld. Sr. DR and we find no reason to interfere with the findings of the Ld. CIT (A) on this issue. - Decided against revenue. - ITA No. 5155/Del/2015, ITA No. 5158/Del/2015 - - - Dated:- 14-8-2018 - SH. N.K. SAINI, ACCOUNTANT MEMBER AND SH. SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER For the Appellant : None For the Respondent : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction of the Ld. TPO in retaining certain comparables but directed inclusion of certain comparables as contended by the assessee. Apart from this, the Ld. CIT (A) also gave relief to the assessee by directing the Ld. TPO to exclude foreign exchange loss while computing the operating profit of the assessee. The Ld. CIT (A) held against the assessee with respect of claim for adjustment on account of incremental loss associated with import of goods and held that import duty adjustment could not be allowed. The Ld. CIT (A), however, held in favour of the assessee with respect to assessee s claim of working capital adjustment and directed the Ld. TPO to grant working capital adjustment based on OECD formula and by taking 10.25% as the Prime Lend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aking 10.25% as the Prime Lending Rate. 3. None was present on behalf of the assessee when the appeal was called out for hearing nor was any application for adjournment received on behalf of the assessee. A perusal of the order sheet entry shows that this appeal was earlier fixed for hearing on 19.07.2018 but the assessee was not represented on that date also. It is apparent that the assessee is not interested in pursuing its appeal and, therefore, we have no option but to dismiss the assessee s appeal for want of prosecution. Support is drawn from the order of Tribunal in CIT vs. Multi Plan India (P) Ltd. reported in 38 ITD 320 (Del.) and of the Hon ble M.P. High Court in Estate of Late Tukojirao Holkar vs. CWT reported in 223 IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Sony India reported in 114 ITD 448 (Del). Therefore, in view of the settled judicial precedents and further in view of the fact that the Ld. Sr. DR could not point out any legal infirmity in the direction of the Ld. CIT (A) for allowing working capital adjustment, we are unable to agree to the contentions of the Ld. Sr. DR and we find no reason to interfere with the findings of the Ld. CIT (A) on this issue. We dismiss the grounds raised by the department. 7. In the result, the department s appeal stands dismissed. 8. In the final result, the assessee s appeal as well as the department s appeal stand dismissed. (Order pronounced in the open court on 14th August, 2018). - - TaxTMI - TMITax - Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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