TaxTMI 
TaxTMI 
2011 (7) TMI 154
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....) on 28-10-2009 and also the order of the Dispute Resolution Panel (DRP) at Chennai dated 23-9-2010. 2. The assessee-company is engaged in the import of coal and supplying the same to various consumers in India like Tata Power, GNFC, TCP Ltd., Malabar Cements Ltd., Mysore Paper Mills, Madras Cements etc. The assessee-company makes import of coal from its Associate Enterprise (AE). In effect, this is a Transfer Pricing Appeal. M/s. Coal & Oil LLC, Dubai is the AE which supplies coal to the assessee for importing the same to India. 3. The Assessing Officer referred the question of determining the Arm's-Length Price (ALP) to the TPO on the basis of this relationship and the quantum of transactions that had taken place between the assessee-co....
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....nt case, the DRP came to the conclusion that the decision of the ITAT, Mumbai Bench is limited to the facts of that case and cannot be treated as a precedent to be followed. The DRP after examining the facts of the case held that the meaning of the CUP method itself is the comparison of variables in an uncontrolled price factors, and particularly, in the present case, comparison of uncontrolled prices, is the most appropriate method. The DRP accordingly, upheld that proposal of the TPO. Finally, the proposal was converted into adjustment by the assessing authority resulting in an addition of Rs. 3,49,14,706. The assessee is aggrieved and therefore, the appeal before the Tribunal. 5. We heard Shri Vikram Vijayaraghavan, Advocate appearing f....
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....se. But on the other hand, it depends upon large volume of international data classified according to internationally accepted protocol. Therefore, it is not possible to say that the credibility of the price rate furnished by customs authorities needs to be discounted. 7. It is always possible for an assessee to establish its case for a different price other than the customs price provided the assessee has produced acceptable materials to support its proposition. In the present case, except its own internationally generated price, the assessee has not furnished any comparable data. Therefore, the assessee has no locus standi to question the credibility of the customs data relied upon by the TPO. 8. The Advocate appearing for the assessee ....