2013 (7) TMI 699

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....arise from the common order dated 30.08.2012 passed by the Income Tax Appellate Tribunal, New Delhi in ITA No. 4187/Del/2012 and ITA No. 2766/Del/2011 relating to the assessment years 2004-05 and 2005-06, respectively. 2. The issue sought to be raised in the present appeals pertains to the adjustment made by the Transfer Pricing Officer and the consequent additions made by the Assessing Officer in the assessment orders pertaining to both the assessment years. The respondent / assessee entered into a service agreement with its associated enterprise in Singapore namely Verizon Communications Singapore Pvt Ltd. Since it was an associated enterprise, the Assessing Officer referred the matter to the Transfer Pricing Officer for determining th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....so filed cross objections in respect of both the assessment years, being aggrieved by the decision of the CIT (Appeals) in respect of question No.4. 5. The Tribunal examined the issue of whether the four comparables selected by the Transfer Pricing Officer were functionally comparable to the services rendered by the respondent / assessee to its associated enterprise. In this context, the Tribunal examined each of the four entities namely EIL, RITES Ltd, TCE Consulting Engineers Ltd and Water & Power Consultancy Services Ltd and found that these four entities were not functionally comparable in respect of the services rendered by the respondent/assessee to its associated enterprise in Singapore. It has been established on facts that while....