TaxTMI 
TaxTMI 
2019 (3) TMI 144
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....ficer and Honorable Dispute Resolution Panel) have erred in passing the Order which is bad in law and disregarding the principles of natural justice. Legal Grounds relating to Transfer Pricing:- 2. The AO has erred in making a reference to Transfer Pricing Officer for determining arm's length price of international transactions. The learned DRP has erred in confirming the action of the AO. 3. The lower authorities have erred in a) Not appreciating that there is no amendment to the definition of "income" and the charging or computation provision relating to income under the head "Profits & Gains of Business or Profession" do not refer to or include the amounts computed under Chapter X and therefore addition ....
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....without prejudice to one another. 6. The Appellant craves leave to add, alter, vary, omit, substitute or amend the above grounds of appeal, at any time before or at, the time of hearing, of the appeal, so as to enable the Income-tax Appellate Tribunal to decide the appeal according to law. The Appellant prays accordingly. 2. Though various grounds are raised, but they all relate to the exclusion of 2 comparables i.e., M/s. Kerala Travels Interserve Ltd., and Cox & Kings Ltd., from the final list of comparables for determination of the arm's length price on international transactions entered into between the assessee and its AE. The facts in brief borne out from the record are that the appellant company is engaged in pro....
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.... no objection with regard to inclusion of India Asia leisure services Ltd. He raised an objection with regard to inclusion of Cox & Kings Ltd., and Kerala Travels Interserve Ltd. He accordingly sought exclusion of both the comparables. 5. With regard to Kerala Travels Interserve Ltd., the learned Counsel for the assessee has contended that the income of Kerala Travels Interserve Ltd., is more than 50% from the airlines commissions. The appellant further contended that the assessee is engaged in tours and travels within India which is totally different from the business of Kerala Travels Interserve Ltd. He has also invited our attention to the annual report of Kerala Travels Interserve Ltd., appearing at page Nos. 246-271 of the compilati....
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....ngaged in wide range of services and is having a high brand value along with the high turnover. In support of his contention, he invited our attention to the annual report of Cox & Kings available at page Nos. 160 to 245 of the compilation. From the profile, the learned Counsel for the assessee invited our attention that this company owns brand value and is engaged in different types of tours and activities. They have also received awards and recognition. Details have been listed out at page No. 189 of the compilation. From the financials, it is also been demonstrated by the learned Counsel for the assessee that out of total revenue from operations, travel and tours commission was of Rs. 34,627 lakhs and other operating income was only of R....
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.... from operation was of Rs. 37,227 lakhs out of which income from travel & tour commission was at Rs. 34,627 lakhs and other operating income was only Rs. 110 lakhs. Therefore, the main revenue of this company is not generated from the tour operation in India. The main revenue is generated from the travel and tour commissions. We have also carefully examined the judgments of Hon'ble Delhi High Court in which it has been held that the brand of the company plays its own role in price or cost determination. While dealing with the brand value of Wipro Ltd., their Lordship of the Hon'ble High Court has held that the brand value plays an important role in price or cost determination. The relevant observation of the Hon'ble High Court is extracted ....