TaxTMI 
TaxTMI 
2016 (10) TMI 1318
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....the case, and therefore liable to be cancelled. 2. The Learned lower authorities erred in making a reference u/s. 144C without meeting the arguments/objections of the appellant as noted in para 6.1 to 6.4 of pages 3,4,5,6 & 7 of the order of the Learned DRP and as such, the reference u/s. 144C is invalid and the entire assessment itself is invalid. 3. The Learned AO should have appreciated that the appellant is not an 'ELIGIBLE ASSESSEE' as defined in section 144C(15)(b), since it is not a foreign company but an Indian/Domestic company, and therefore the provisions of section 144C do not apply. 4. The Learned AO has failed to appreciate that the DRP has no jurisdiction u/s. 144C on orders that have merged in the o....
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.... Transfer Pricing (TP) provisions do not apply to the facts of the appellant. b) The Learned DRP ad the lower authorities erred in holding that the deeming provision in Se. 92B(2) is attracted without first pointing out how the provisions of Sec. 92A(1) is attracted and also criteria laid down in Sec. 92A(2) is also simultaneously attracted. c) The Learned authorities failed to appreciate that in the absence of an A.E. as defined in Sec. 92A, there can be no application of Sec. 92B(2) of the Act. d) The Learned DRP has erred in holding that there is no basis for the argument of the appellant that the Transfer Pricing Officer (the TPO) has no jurisdiction to resort to an implied provisions of law or a deeming provi....
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....Gali Janardhana Reddy became one of the directors of M/s. GLA International PTE Ltd., for the purpose of section 92A. 10. DETERMINATION OF ALP: WITHOUT PREJUDICE THAT - a) The authorities should have appreciated that the contractual terms is material to the determination of ALP as per Clause (c) of Rule 10B (2) and therefore, the arms length price (ALP) should be determined by taking only such uncontrolled transactions which also had similar contractual terms, as NMDC and MMTC, whose financial data is available in public domain. b) It should have been appreciated that NMDC and MMTC could not be accused of entering into tainted agreements or exercising undue influence for the purpose of avoiding or shifting of prof....
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....ment in the books of account of the appellant assessee. 12. The Learned A.O and the DRP failed to appreciate there was no excess stock and ought to have accepted the explanation of the assessee which reconciled the stock figures/details. 13. The Learned Assessing Officer erred in initiating penalties afresh in the order when the penalties were dropped by the assessing officer on completing of the original assessment u/s 143(3) dated 32/12/2009 and further when there are no directions of the CIT u/s 263 in this regard. The Appellant seeks your leave to add, alter amend or delete any of the grounds urged at the time of hearing. 2 During the course of hearing learned counsel for the assessee has invited our attention to th....