9911796707
TMI Blog2019 (9) TMI 1645X X X X Extracts X X X X X X X X Extracts X X X X ..... ds 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 Panel (DRP"), Bangalore dated 18 October 2016 under section 144C(5) of the Act ("impugned order") inter-alia on the following grounds: That on the facts and circumstances of the case and in law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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 that of Appellant. The Appellant craves leave to contest selection of all comparables (whether or not mentioned specifically herein above) included by TPO or Hon'ble DRP in comparable set and upheld by Hon'ble DRP at the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 which it was agreed by India and Denmark that 17% markup should be considered over cost. He submitted that the appeal of the assessee regarding transactions with the AE of Denmark is to be rejected because it is covered by MAP. Regarding the remaining transacti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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.e. 19.50% (-) 15.26%. We direct the AO to examine these contentions raised before us and restrict the TP adjustment as per MAP resolution in respect of Australian entities for both the segments in respect of transactions with Australian entities as well as transact ..... X X X X Extracts X X X X X X X X Extracts X X X X
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