TMI Blog2019 (9) TMI 1645X X X X Extracts X X X X X X X X Extracts X X X X ..... s directed against the assessment order passed by the AO on 30.12.2016 u/s. 143(3) r.w.s. 144C of the IT Act, 1961 as per the directions of the DRP for Assessment Year 2012-13. 2. The grounds raised by the assessee are as under. Based on the facts and circumstances of the case and in law, Novo Nordisk Service Centre (India) Private Limited (hereinafter referred to as NNSCIPL or the Company or the Appellant ), respectfully craves leave to prefer an appeal against the order passed by the Assistant Commissioner of Income Tax, Circle 5(1)(1) (the learned AO ), dated 30 December 2016, under section 143(3) read with section 144C(3) of the Income Tax Act, 1961 ( the Act ) in pursuance of the directions issued by Dispute Resolution Pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nternational transaction is not at arm's length. 6. The learned AO / TPO and DRP have erred, in law and in facts, by determining the arm's length margin/ price using only FY 2011-12 data which was not entirely available to the Appellant at the time of complying with the transfer pricing documentation requirements. 7. The learned AO / TPO have exercised powers under Section 133(6) of the Act to obtain information which was not available in public domain and relying on the same for comparability purposes. 8. The learned TPO / AO and the DRP have erred, in law and in facts, by accepting/rejecting companies based on unreasonable comparable criteria and also accepted certain comparables being functionally different to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s u/s 271(1)(c) of the Act. The Appellant submits that each of the above grounds is independent and without prejudice to one another. The Appellant craves leave to add, alter, amend, vary, omit or substitute any of the aforesaid grounds of appeal at any time before or at the time of hearing of the appeal, so as to enable the Hon'ble Tribunal to decide on the appeal in accordance with the law. 3. At the very outset, the ld. AR of assessee submitted a letter dated 28.08.2019 and pointed out that it is stated in this letter that out of total international transactions with the AE of the assessee, an amount of Rs. 73,43,08,443/- equal to 95.89% is in respect of AE in Denmark and this transaction is covered under MAP as per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly following this Tribunal order, we hold that in respect of transaction with non-Australian entities, the same basis should be adopted as have been agreed by assessee in the MAP resolution for transaction with Australian entities. As per the chart submitted by ld. AR of assessee, it is submitted that the agreed rate for software development segment in respect of Australian entities is 18.50% whereas agreed rate for ITES segment is 19.50%. The OP/OC rate for software development sector declared by the assessee is shown at 10.03% whereas the same for ITES sector is shown at 15.26% and therefore, the adjustment called for in software development segment is 8.47% i.e. 18.50% (-) 10.03% and for ITES segment, the adjustment called for is 4.24% i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
