TaxTMI 
TaxTMI 
2019 (6) TMI 1551
X X X X Extracts X X X X
X X X X Extracts X X X X
....ispute Resolution Panel for A.Y. 2012-13. Since appeals were heard together, these are being disposed of by consolidated order, for the sake of convenience. 2. ITA No. 6721/Mum/2010 - Revenue's appeal for A.Y. 2005-06 Though various grounds are raised, the issues arising are dealt with as under:- One issue relates to adjustment u/s. 92CA(4) of the Act of Rs. 2,14,25,160/-in respect of international transactions entered with the Associated Enterprise (AE). 3. Brief facts on this issue are that the assessee is a private limited company engaged in the business of providing market analysis and consultancy services to its clients and sometime also to clients of other FS group subsidiaries. In addition to above, it also provides low end ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r learned CIT(A) directed that the TPO did not expressly reject the company 'Crisil Marketwire Limited'. Hence he noted that this company is also being considered as comparable company. Learned CIT(A) further accepted assessee's submission that five of the companies selected by the TPO should be rejected. 5. Finally, learned CIT(A) came up to seventeen comparables list as under:- Sr.No. Company name OPM margin (OP/TC) 1 Allsec Technologies Limited 30.49% 2 Ace Software Exports Limited 15.46% 3 Cosmic Global Limited 19.08% 4 Goldstone Teleservices Limited (Seg) 15.95% 5 Saffron Global 24.89% 6 Transworks Information Services Limited 2.87% 7 Apex Advanced Technology Priva....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ded in comparable search. 8. As regards direction of learned CIT(A) that company namely 'Nittany Outsourcing Limited' came out of the same re-run of the search process is also acceptable. However, we find that learned CIT(A) has directed that the TPO did not expressly reject the company 'Crisil Marketwire Limited' which appeared as comparable company in set of comparables in assessee's transfer pricing study and hence he also directed this should be included in comparables. This direction of learned CIT(A) in our considered opinion is not sustainable. When learned CIT(A) is accepting that search process of twenty one comparables selected by the TPO should be adopted, then learned CIT(A) again cannot blow hot and cold and insist that one ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....val arguments made by both the sides, perused the orders of the AO and the Ld. CIT(A) and the paper book filed on behalf of the assessee. In our opinion, the matter requires verification at the level of the AO. Although, the assessee in Schedule F of the Balance Sheet had mentioned that the Sundry Creditors and others include advance received from Frost & Sullivan Inc. against capital expenditure of Rs. 1,13,84,034/-, we find during the course of assessment proceedings the assessee has given a statement that it has received advance towards market research analysis services rendered during the year. Therefore, the details given in the balance sheet and the submissions made during the course of assessment proceedings are contradictory to each....