TaxTMI 
TaxTMI 
2013 (8) TMI 186
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.... at 17.02% as against 24.30% computed by the assessee in its Transfer Pricing Report. (b) Rejecting the claim of the assessee that while computing its PLI total sales be adopted at Rs.37,70,52,414/- i.e net of turnover discount of Rs.2,47,80,113/-. (c) Upholding/rejecting M/s HT India Ltd as a comparable. (d) Upholding/rejecting M/s MacMillan India Ltd as a comparable. (e) Not making appropriate adjustments to the PLUI of M/s Naveen Publications India P. Ltd to make the same functionally comparable. 4. That without prejudice on facts and in law the AO/DRP erred in not granting the benefit for adjustment of the Arms Length Price ("ALP") by + as per the proviso to section 92C(2). 5. That on facts and in law the DRP erred in not passing a speaking order while adjudicating upon the grounds of objection raised by the assessee. That the appellant prays for leave to add, alter, amend and/or vary the ground(s) of appeal at or before the time of hearing." 2. A perusal of the record shows that the assessee furnished a return electronically on 30.11.2006 by declaring NIL income and claimed a refund of Rs.41.04.516/- out of TDS and self assessment tax. On the basis of s....
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....shing of Newspapers & Magazines, though not entirely into a similar business line as the tested party from the point of view of functionality, but it still has a reasonable similarity in the business functions considering the fact that HT Media Ltd besides publishing Newspapers is also publishing magazines, which is comparable with the function performed by the tested party, viz publishing of books. The core point that needs to be understood here while using HT Media as a comparable is that the major Income of the Comparable is from Publishing activity, whether it is publishing of Newspapers or whether it is publishing of Magazines. This fact is further strengthened from the information given by the Company in its Audited Accounts for the Financial Year 2005-06, which is reproduced below:- In the Notes to the accounts of HT Media Ltd for the Financial Year 2005-06 "Schedule 23" (Copy of relevant pages Enclosed - Annexure "E"), the Company has detailed its Nature of Operations: Nature of Operations. The Company publishes 'Hindustan Times', an English daily and 'Hindustan', a Hindi daily and two monthly Hindi magazines, "Kadambini' and 'Nandan'. The company derives revenue from....
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....te forum. It is seen that vide its order dated 19.08.2010, the issue was considered in the following manner:- "The objection to draft assessment order was filed before the DRP on 29.1.2010. In response to notice for hearing of the case Shri Vidur Puri attended and argued the case. The assessee has objected to the reference by the AO to TPO, computation of operating profit ratio of gross turnover of Rs.40,18,32,527/- without excluding trading discount, rejection of M/s H.T. India Ltd. as a comparable on ground of difference of functional profile and rejection of M/s MacMillan India Ltd. on the ground that accounting year is different, as also not considering the additional cost incurred by the assessee in getting work done by third party. We have considered the draft assessment order, written submission of the assessee as also the arguments put forth by the assessee's representative. We do not find any infirmity in reference by the AO to TPO for determination of arm's length price in respect of international transaction of the assessee. The TPO has argued that AS.9 is not relevant in this case and based on OECD guidelines which has been found to be more relevant has compute....
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....olution Panel to enhance the variation shall include and shall be deemed always to have included the power to consider any matter arising out of the assessment proceedings relating to the draft order, notwithstanding that such matter was raised or not by the eligible assessee.] (9) If the members of the Dispute Resolution Panel differ in opinion on any point, the point shall be decided according to the opinion of the majority of the members. (10) Every direction issued by the Dispute Resolution Panel shall be binding on the Assessing Officer. (11) No direction under sub-section (5) shall be issued unless an opportunity of being heard is given to the assessee and the Assessing Officer on such directions which are prejudicial to the interest of the assessee or the interest of the revenue, respectively. (12) No direction under sub-section (5) shall be issued after nine months from the end of the month in which the draft order is forwarded to the eligible assessee. (13) Upon receipt of the directions issued under sub-section (5), the Assessing Officer shall, in conformity with the directions, complete, notwithstanding anything to the contrary contained in section 153 [or....