2018 (9) TMI 1161

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.... for the assessee, submitted that the first issue arises for consideration is selection of comparable cases. According to the Ld. representative, M/s Acropetal Technologies Ltd. was selected as comparable by the assessee initially. On reviewing of information available in the public domain, during the course of transfer pricing proceedings, the assessee came to know that there were some irregularities committed by M/s Acropetal Technologies Ltd. and proceedings were pending before Security Exchange Board of India, therefore, it has to be excluded. According to the Ld. representative, the assessee requested the Transfer Pricing Officer to exclude M/s Acropetal Technologies Ltd. as a comparable case. However, the TPO and DRP refused to exclud....

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....r once again to the Transfer Pricing Officer. The Transfer Pricing Officer shall consider the so-called information said to be collected by the assessee subsequent to filing of transfer pricing documentation and thereafter decide the issue afresh in accordance with law, after giving a reasonable opportunity to the assessee. The Assessing Officer shall follow the statutory provisions and pass the necessary orders as provided under Section 144C of the Income-tax Act, 1961 (in short 'the Act'). 5. The next issue arises for consideration is exclusion of expenditure incurred in foreign currency towards communication and insurance from the total turnover. 6. We heard Shri Sriram Seshadri, the Ld. representative for the assessee and ....