TMI Blog2021 (1) TMI 921X X X X Extracts X X X X X X X X Extracts X X X X ..... TP study and the fact that ITES is the primary business of the company? - HELD THAT:- From perusal of the relevant extract of the order passed by the tribunal, it is evident that the tribunal has neither considered evidence brought on record by the Transfer Pricing Officer and has neither considered the findings of the Transfer Pricing Officer as well as the dispute resolution panel and in a cryptic and cavalier manner has recorded a finding in favour of the assessee. No cogent reasons worth the name have been assigned by the tribunal for recording the findings. Therefore the order passed by the tribunal dated 23.06.2015 is hereby quashed. The substantial questions of law are answered accordingly. The matter is remitted to the tribunal for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ugh different units i.e., Software Technology Park (STP) and Non STP units. The assessee got merged with M/s Mphasis Ltd. The assessee was having interaction transaction with associated enterprises. During the financial year 2005-06, the assessee rendered IT enabled services and had earned margin of 14.26% on total costs. In the transfer pricing study maintained by the assessee, it applied the transactional net mariginal method as the most appropriate method and on selection of certain companies as comparables whose average margin stood at 19.67%, the assessee concluded its international transaction as being at arms length. The Assessing Authority referred the matter to the Transfer Pricing Officer by an order dated 10.09.2009 determined th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r to the material brought on record by the Transfer Pricing Officer. It is also urged that when the appellate authority ignores the evidence on record, the same gives rise to substantial question of law. In support of aforesaid submission, reliance has been placed on 'VIJAY KUMAR TALWAR VS. COMMISSIONER OF INCOME TAX', 330 ITR 1. 4. On the other hand, learned counsel for the assessee submitted that the decision of the tribunal that Vishal Information Technologies Ltd. And Nuclues Netsoft and GIS (India) Ltd. are functionally not comparable is a finding of fact and the revenue has neither challenged the same as perverse nor has brought any material on record to demonstrate its perversity and therefore, no substantial questions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proviso to Section 92CA of the Act. Other issues raised in grounds No.1.1 to 1.5 by the assessee do not require any adjudication in view of the above conclusions and as conceded by the ld. Counsel for the assessee. 6. Thus, from perusal of the relevant extract of the order passed by the tribunal, it is evident that the tribunal has neither considered evidence brought on record by the Transfer Pricing Officer and has neither considered the findings of the Transfer Pricing Officer as well as the dispute resolution panel and in a cryptic and cavalier manner has recorded a finding in favour of the assessee. No cogent reasons worth the name have been assigned by the tribunal for recording the findings. Therefore, in the facts and circumstanc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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