2021 (2) TMI 579

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....F. No. 148/CIT/DRP/2015 deleting section 92CA arm's length price adjustment "ALP" addition of Rs. 5.63 crores, in proceedings u/s. 143(3) r.w.s. 144C(1) r.w.s. 144C(5) of the Income Tax Act, 1961; in short "the Act". The assessee's appeal ITA 1656/Hyd/2018 for A.Y. 2012-13 on the other hand is directed against the CIT(A) - 3, Hyderabad's order dated 20/06/2018 passed in case No. 0523/DCIT-3(1)/Hyd/CIT(A)/2016-17 involving proceedings u/s. 143(3) r.w.s. 144C(1) of the "the Act". Heard both the parties. Case files perused. 2. The Revenue has raised the following substantive grounds in its appeal ITA 57/Hyd/2016:- "1. The Ld. DRP erred in law and on facts of the case: 2. The Ld. DRP erred in deleting the amo....

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....g & Logistics and Rs. 5.41 to Maxicon Container Line Pte. Ltd. Singapore. The Seaways Shipping & Logistics Ltd. would get an income of Rs. 5.41 cr. Whereas Seaways Shipping & Logistics Ltd. has charged the agency commission of Rs. 7.72 cr. based on the Agency Agreement. Seaways Shipping & Logistics Ltd. Has charged Rs. 2.31 crores more profit and accounted Rs. 7.72 crores in the Income Statement. As such the TPO has arbitrarily proposed to charge additional Rs. 5.63 crores on PSM which is not necessary as Seaways Shipping & Logistics Ltd. Charged Rs. 7.72 crores as agency commission. 3.2 It was also submitted that the revenue generated in India is accounted in Singapore correctly at Rs. 73.60 cr. as for the operations cost only Rs.....

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....the assessee and its overseas associate enterprise [AE] involving aggregate cost figures at Rs. 26,72,77,158/-. The assessee's case on the other hand supports the DRP's directions under challenge that the panel has rightly taken the aggregate of the total profits at Rs. 10.82 crores thereby reaching to the conclusion that its profits already declared of Rs. 7.72 crores turn out to be excessive than that in issue of Rs. 5.63 crores. 5. We have given our thoughtful consideration to the foregoing rival pleadings pertaining to the sole issue of aggregate figure to be adopted between the assessee and its overseas associate enterprise(s) pertaining to the international transactions in the nature of container line income/container line ....

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....nt. It shall be open for the assessee to place on record all the relevant data in consequential proceedings to be concluded within three effective opportunities of hearing. 7. This Revenue's appeal ITA 57/Hyd/10 is partly allowed for statistical purposes to the limited extent indicated hereinabove. ITA No. 1656/Hyd/2018 8. The assessee has raised the following substantive grounds:- "1) The order of the learned CIT(A) is erroneous both on facts and in law. 2) The learned CIT(A) ought to have provided proper opportunity to the appellant before deciding the appeal; 3) The learned CIT(A) erred in rejecting the petition for condonation of delay in filing the appeal without considering the fact that the app....