2014 (3) TMI 885

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....the addition amounting to Rs. 7,23,59,322/- due to Transfer Pricing Adjustment proposed by the Transfer Pricing Officer u/s 92CA(A) of the Act. 3. Briefly stated the facts of the case are that the assessee is a part of Noble Grain Group which offers a range of highly diversified agricultural commodity products and technical services in connection therewith. Total International transactions undertaken by the assessee have been reported on page 2 of the TPO's order. The dispute about the Arm's Length Price (ALP) is confined to two sets of transactions, viz., 'Sale of traded goods' amounting to Rs. 71,06,26,003/- and 'Purchase of traded goods' amounting to Rs. 17,28,82,215/-. The assessee benchmarked these international transactions by usin....

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.... assessee is aggrieved against the addition. 4. We have heard the rival submissions and perused the relevant material on record. It is observed that the foremost point of difference between the assessee and the Revenue is the application of the most appropriate method and then the selection of comparables under TNMM. Whereas the assessee adopted CUP as the most appropriate method, the Revenue rejected it and insisted on the application of TNMM. The viewpoint canvassed by the Revenue in such rejection is that the necessary details required for the application of CUP method were not forthcoming from the assessee's side. Several Benches of the Tribunal has held that CUP is the most appropriate method in case of trading transactions provided....

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....arable uncontrolled transactions was available but the assessee could show the price actually charged by comparables. As regards the export of Iron ore of its AEs, the detail of which is available on page 67 of the paper book, the assessee tried to show that its invoices to its AE were comparable with that charged from non-AEs. In the like manner the assessee tried to show that the comparable data of non-AEs was very much available, which the authorities below have refused to look into. From the order passed by the DRP, we find that there is no worthwhile discussion about the objections taken by the assessee in Form No. 35A. It can be seen from the DRP's order that it is summary of the view canvassed by the AO/TPO for making addition of Rs.....