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TMI Blog2018 (7) TMI 2289X X X X Extracts X X X X X X X X Extracts X X X X ..... ions of law arising from the Order of the Income Tax Appellate Tribunal, Bangalore Bench 'A', Bangalore in IT[TP]A Nos.332, 333 & 337/Bang/2011 dated 30.06.2015, relating to the Assessment Years 2004-05 and 2005-06 which are quoted below for ready reference. "1. Whether on facts and circumstances of this case, the Honourable Tribunal has erred in holding the Cost Plus Method as the Most Appropriate Method for the international transaction relating to the contract manufacturing activity of the appellant in light of the comparable companies chosen by the Learned TPO, considering that the functions of the comparable companies so chosen are not closely comparable to the Appellant's contract manufacturing activities? 2. Whether on facts and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. The TPO held that the assessee has not chosen comparables using an objective, consistent, logical and transparent basis. Thus, the TPO rejected the comparables chosen by the assessee and identified 4 comparable companies which were also in the business of manufacture of medical equipment. The assessee took a stand therein also that 'TNMM' may be adopted as the most appropriate method. The TPO therein rejected the assessee's contention and adopted CPM as the most appropriate method and proceeded to make transfer pricing adjustment. This issue had come up before the Tribunal for adjudication and the Tribunal, after considering the issue at length, has held at paras.32 to 53 as under: xxxxxxxxxxx 12. Subsequent theret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isions of Double Taxation Avoidance Treaties (DTAA), interpretation of provisions of the Income Tax Act or Overriding Effect of the Treaties over the Domestic Legislations or the questions like Treaty Shopping, Base Erosion and Profit Shifting (BEPS), Transfer of Shares in Tax Havens (like in the case of Vodafone etc.), if based on relevant facts, such substantial questions of law could be raised before the High Court under Section 260-A of the Act, the Courts could have embarked upon such exercise of framing and answering such substantial question of law. On the other hand, the appeals of the present tenor as to whether the comparables have been rightly picked up or not, Filters for arriving at the correct list of comparables have been rig ..... X X X X Extracts X X X X X X X X Extracts X X X X
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