TMI Blog2023 (4) TMI 578X X X X Extracts X X X X X X X X Extracts X X X X ..... thod - HELD THAT:- According to us, the approach adopted by the Tribunal is wholesome. A perusal of the impugned order shows that the Tribunal was conscious of the fact that the assessee could enter into the APA with CBDT only from AY 2013-14. Thus, having regard to this limiting factor and given the complexity of the transaction which the respondent/assessee is involved in, the Tribunal thought it fit that the APA could be used to benchmark the transactions even for the AY in issue. As correctly pointed out by Respondent this direction is ring-fenced with the caveat that the TPO will have to determine as to whether the FAR in the given AY is the same as those which are covered in the APA.We may also note that the Tribunal has cited s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... serted in the statute, with effect from AY 2013-14. 5. There is no dispute about the fact that the Central Board of Direct Taxes (CBDT) and the respondent/assessee had executed the APA on 06.08.2019. 5.1. The APA covers the period spanning between 2013-14 and 2021-22. We are also told (and concerning which, there is no dispute) the APA covers eighteen (18) transactions. 5.2. Out of the eighteen (18) transactions, was agreed that sixteen (16) transactions will be benchmarked by using the other method while the remaining two (2) transactions will be benchmarked by using Transaction Net Margin Method (TNMM) and Resale Price Method. 6. It is in this context that the appellant/revenue has approached this court by way of the instant a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are its subsidiaries and affiliates and number more than a hundred (100). 9.5. It is, therefore, Mr Sinha s submission that it makes perfect sense to benchmark the transactions, keeping in mind the principles captured in the APA, with the caveat put in place by the Tribunal, which is that the TPO needs to verify as to whether the Functions, Assets and Risks (FAR) is the same. 10. We have heard the learned counsel for the parties and have perused the record. 11. According to us, the approach adopted by the Tribunal is wholesome. A perusal of the impugned order shows that the Tribunal was conscious of the fact that the assessee could enter into the APA with CBDT only from AY 2013-14. 11.1 Thus, having regard to this limiting fact ..... X X X X Extracts X X X X X X X X Extracts X X X X
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