TaxTMI 
TaxTMI 
2011 (1) TMI 84
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....s customers. The assessee has operations in various countries across the globe including United States, Netherlands, Malaysia, etc. All overseas NIT Group companies are associated enterprises of the assessee company. In conduct of its business during the year, the assessee company has entered into several international transactions with its AEs. In conformity with the Transfer of Pricing Regulations prescribed under the Act, in relation to the international transactions entered by the assessee with its AEs, the assessee furnish a report of accountant in Form No.3CEB as required under the provisions of section 92E of the Act. In report, it was stated that as per the Transfer Pricing Study commissioned by the assessee, the various internation....
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.... and 2003-04. However, during the course of TP assessment proceedings, the learned TPO rejected the multiple year data of comparables used by the assessee and proceeded to use the current year financial data i.e. F.Y. 2004-05. In the course of TP assessment proceedings, the learned TPO rejected 4 companies out of the set of 23 comparable companies selected by the assessee company in its TP documentation, on the ground that their current year financial data was not available. The learned TPO considered a revised set of 19 companies (i.e. 23 companies originally selected by the assessee in its TP documentation - 4 companies rejected by the TPO) and arrived at a revised average OP/TC margin of 30.94% using the current year i.e. F.Y. 2004-05 da....
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.... permission to file additional evidences in support of the grounds taken in the appeal by stating as under :- "May it please your Honour: 1. In the captioned appeal preferred by assessee, against the order dated February 27, 2009 passed by the Ld. Commissioner of Income Tax (Appeals)-XX, New Delhi ['Ld. CIT(A)'] under section 250 of the Income-tax Act, 1961, the appellant has raised grounds challenging the inclusion of certain companies in the final set of comparable companies used to benchmark the provision of corporate/support services by the appellant. 2. In this regard, the appellant humbly submits that the Ld. CIT(A), while opining on the comparability of the companies did not consider certain material information/documents, b....
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....sidered the rival submissions of both the parties on the assessee's application made under Rule 29 of the Income-tax (Appellate Tribunal) Rules, 1963. By way of this application, the assessee has made a prayer to admit additional evidences in the forming of annual reports/data based extracts of the following companies, which were not found available in the public domain at the time of submitting Transfer Pricing study or at the time when the Transfer Pricing assessment was taken by the learned TPO:- (i) Suprawin Technologies Limited (ii) Saffron Global Limited (iii) Fl Sofex Limited. 9. Further, the assessee has submitted the details of related party transaction of on....