Transfer pricing comparability under TNMM: foreign exchange loss on ECB excluded from operating cost, and a functionally dissimilar comparator removed...
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The department challenged the transaction value declared by the respondents, enhancing the declared value and demanding differential duty. However, the Commissioner (Appeals) failed to analyze or make specific observations on the respondents' submissions regarding the contemporaneous prices relied upon by the department. Additionally, the queries raised by the department and the respondents' replies were not on record, making it impossible to conclude the grounds for doubting the declared transaction value and the respondents' defense. The orders of the Commissioner (Appeals) were not speaking orders and did not consider certain factual matrices bearing on the case's outcome. Consequently, the orders were set aside, and the matter was remanded to the Original Assessing/Adjudicating Authority, who will provide opportunities to the importer to produce evidence justifying the correctness of the declared transaction value in light of the department's queries.
The department challenged the transaction value declared by the respondents, enhancing the declared value and demanding differential duty. However, the Commissioner (Appeals) failed to analyze or make specific observations on the respondents' submissions regarding the contemporaneous prices relied upon by the department. Additionally, the queries raised by the department and the respondents' replies were not on record, making it impossible to conclude the grounds for doubting the declared transaction value and the respondents' defense. The orders of the Commissioner (Appeals) were not speaking orders and did not consider certain factual matrices bearing on the case's outcome. Consequently, the orders were set aside, and the matter was remanded to the Original Assessing/Adjudicating Authority, who will provide opportunities to the importer to produce evidence justifying the correctness of the declared transaction value in light of the department's queries.
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