TMI Blog2021 (10) TMI 1244X X X X Extracts X X X X X X X X Extracts X X X X ..... he learned lower authorities' action computing the assessee's impugned ALP at entity level than only pertaining to its international transactions with the AEs involving an amount in issue. We accordingly find prima facie merit in the assessee's instant foregoing argument and restore the instant former issue back to Transfer Pricing Officer (TPO) for his afresh adjudication as per law within three effective opportunities of hearing. Interest on receivables at ALP adjustment computed as per the SBI short term deposit rate - We find from a perusal of the TPO's order dt. 29.10.2019 page 61 that he appears to have gone by earlier estimation only whilst determining a credit period of 30 days only. As in Technimont ICB Limited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orted by cogent reasons, deserves to be condoned so as to make way for the cause of substantial justice. We accordingly hold that assessee's impugned delay of 33 days is neither intention nor deliberate but due to the circumstances beyond his control. The same stands condoned. Case is now taken up for adjudication on merits. 3. The assessee raises the following substantive grounds in the instant appeal: Based on the facts and circumstances of the case, Value Momentum Software Services Private Limited (hereinafter referred to as 'the Appellant') respectfully craves to prefer an appeal against the Assessment order passed under Section 143(3) r.w.s. 144C(13) r.w.s. 143(3A) 143(3B) of the Act by Additional/Joint/Deputy/Assi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicant in its transfer pricing study and in applying certain inappropriate filters to select new comparable companies. 4. On the facts and circumstances of the case and in contrary to law, the Ld. TPO erred and the Hon'ble DRP further erred in upholding/confirming the action of the Ld. TPO in accepting the following inappropriate companies as comparable to the Appellant: Rheal Software Private Limited R.S. Software (India) Limited Larsen Toubro Infotech Limited Tata Elxsi Limited Nihilent Technologies Limited Inteq Software Private Limited Persistent Systems Limited Infobeans Technologies Limited Aspire Systems (India) Limited Infosys Limited Thirdwa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st Solutions Limited Ace Software Exports Limited Sankhya Infotech Limited Harbinger Systems Private Limited 8. On the facts and circumstances of the case and in contrary to law, the Ld. TPO erred in and the Hon'ble DRP further erred in upholding/confirming the action of the Ld. TPO in considering provision for bad and doubtful debts as a non-operating expenditure while computing the Profit Level Indicator ('PLP) of the Appellant as well as the comparable companies. 9. On the facts and circumstances of the case and in contrary to law, the Ld. TPO erred in and the Hon'ble DRP further erred in upholding/confirming the action of the Ld. TPO in not allowing risk adjustment in accordance with the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the SBI's short term deposit rates instead of the LIBOR rate as the CUP to benchmark the impugned interest on delay in receipt of outstanding receivables even though the receivables are denominated in foreign currency. Consequential: 14. On the facts and in the circumstances of the case and in law, the Ld. AO erred in and the Hon'ble DRP further erred in upholding/confirming the action of the Ld. AO in levying interest and the said levy of interest being wholly unjustified, ought to be deleted. 4. Learned counsel stated very fairly at the Bar that the assessee seeks to press for its two substantive arguments only in the instant appeal. Its former contention is that the learned lower authorities have computed entity lev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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