TMI Blog2020 (3) TMI 796X X X X Extracts X X X X X X X X Extracts X X X X ..... the relevant factors (cost, assets, sales etc.) of the enterprise in question, i.e. the assessee, as opposed to the AE or any third party. The textual mandate, thus, is unambiguously clear. TPO s reasoning to enhance the assessee s cost base by considering the cost of manufacture and export of finished goods, i.e., ready-made garments by the third party venders (which cost is certainly not the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CM APPL. 40531/2019 (delay in filing 117 days) By this application, the applicant seeks condonation of delay of 117 days in filing the appeal. For the reasons stated in the application, the delay is condoned. The application stands disposed of in the aforesaid terms. ITA 819/2019 The present appeal has been filed challenging the order dated 31st October, 2018 passed by the lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appellant s profit is unjustified. This Court is of opinion that to apply the TNMM, the assessee s net profit margin realized from international transactions had to be calculated only with reference to cost incurred by it, and not by any other entity, either third party vendors or the AE. Textually, and within the bounds of the text must the AO/TPO operate, Rule 10B(1)(e) does not enable cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e cost of manufacture and export of finished goods, i.e., ready-made garments by the third party venders (which cost is certainly not the cost incurred by the assessee), is nowhere supported by the TNMM under Rule 10B(1)(e) of the Rules. Having determined that (TNMM) to be the most appropriate method, the only rules and norms prescribed in that regard could have been applied to determine whether t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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