2013 (4) TMI 267

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....This appeal by the Assessee is directed against the order of the Assessing Officer dated 31.10.2011 passed u/s. 143(3) /144C of the I.T. Act pertaining to assessment year 2007-08. 2. The grounds raised read as under:- "1. The Ld. Disputes Resolution Panel and the Ld. ACIT (Ld. Assessing Officer) (following the directions of the DRP), erred on facts and in law, in enhancing the income of the app....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....le to the appellant in terms of functions performed, assets employed and risks assumed. 2.4 resorting to arbitrary rejection of low profit / loss making companies based on erroneous and inconsistent reasons; That the above grounds of appeal are without prejudice to each other. That the appellant craves to add, alter, amend or withdraw any ground of appeal either before or at the time of h....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....g Operating Profit (OP) / Total Cost(TC) as the Profit Level Indicator (PLI). Arms's length price (ALP as per TP Study No. of comparables 7 Comparables' mean OP/TC 4.93% Appellant's OP/TC 20.80% Conclusion At arm's length 3.1 However, the TPO rejected the analysis as carried out by the assessee in his transfer pricing documentation. Assessee's submissions in this regard was that TPO retained an ab....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ve order the Assessee is in appeal before us. 5. We have heard the rival contentions in light of the material produced and precedent relied upon. At the threshold, in this case the ld. Counsel of the assessee sought permission to file additional evidence in support of the grounds of the said appeal. The additional evidences sought to be admitted were with regard to the following i) Annexure-....