TaxTMI 
TaxTMI 
2018 (1) TMI 1604
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....contrary to law, Hyderabad Infratech Private Limited ('Appellant' or 'Company') respectfully craves leave to prefer an appeal against the final assessment order issued by Learned Deputy Commissioner of Income Tax, Circle - 2(2), Hyderabad ('Ld. AO') under section 143(3) read with section ('r.w.s.') 144C(5) & 144C(l3) of the Income-tax Act, 1961 ('Act') dated 25 September 2017. 2. On the facts and in the circumstances of the case and in contrary to law, the final assessment order issued under section 143(3) r.w.s. 144C(5) & l44C(13) of the Act, by the Ld. AO dated 25 September 2017 is bad on facts and the transfer pricing addition of INR 14,66,09,696/- under section 92CA(3) made to the income of the ....
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....d to the determination of arm's length price ('ALP') of the international transaction i.e., payment of interest on FCCDs issued to its Associated Enterprise (' AE') by not appreciating the following: 6.1 not accepting the economic analysis undertaken by the Appellant in accordance with the provisions of the Income-tax Act, 1961 ('Act') read with the Income Tax Rules, 1962. 6.2 not analyzing the details of search process carried out by the Appellant and arbitrarily disregarded the search process furnished by the Appellant on the reasoning that there was no specific mention for selection of tested party. 6.3 by disregarding the independent alternative analysis carried out and furnished by the Appellant, based....
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....ibunal in the case of Adama India Pvt. Ltd (cited Supra) at paras 8 & 9 of its order has held as under: "8. We have considered the issue and examined the rival contentions. There is no dispute with reference to the fact that the CCDs were issued in Indian Rupees. Accordingly, following the principles laid down by the Co-ordinate Benches and the Hon'ble High Court as relied on by the assessee in the submissions, we have to hold that TPO has wrongly treated the issuance of CCDs as a loan, by treating it as an external commercial borrowing, ignoring the fact that loan is a debt, whereas CCD is hybrid instrument in nature basically categorised as equity in nature. It was accepted by the Hon'ble Supreme Court in the case of Sahara Indi....