TaxTMI 
TaxTMI 
2021 (7) TMI 892
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....is appeal was filed belatedly by 3 days. The ld. AR explained the lockdown due to covid-19 as the reason for the late filing of the appeal. The ld. DR did not object to the condonation of the delay. We are satisfied with such a reason. The delay is condoned and the appeal is admitted for hearing and disposal on merits. 3. The ld. AR did not press ground Nos. 5 and 6 due to smallness of the amount. Such grounds are, therefore, dismissed as "not pressed". 4. The only other surviving issue in this appeal through various grounds is against the confirmation of transfer pricing addition of Rs. 14,56,09,180/-. 5. Briefly stated, the facts of the case are that the assessee is a company incorporated under the Companies Act, 1956. It was a 51:49 j....
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....d that the order passed by the Tribunal for the earlier years was not accepted by the Department and the appeal was recommended. He, therefore, rejected the TNMM and applied the Comparable Uncontrolled Price (CUP) method for this international transaction. Accordingly, he determined Nil ALP of the international transaction of Receipt of Advisory and other services" and proposed transfer pricing adjustment of Rs. 14.48 crore. The AO incorporated the transfer pricing adjustment in the draft order notified by him. The assessee carried the matter before the Dispute Resolution Panel (DRP) but without any success. The AO in the final assessment order made the transfer pricing addition of Rs. 14.56 crore against which the assessee has come up in a....
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....ssion for the year under appeal. It is prayed that the deduction of Education Cess and Secondary and Higher Education Cess should be allowed to the Appellant as a business expenditure under the provisions of the Act." 8. The Hon'ble Supreme Court in National Thermal Power Company Ltd. Vs. CIT (1998) 229 ITR 383 (SC) has observed that "the purpose of the assessment proceedings before the taxing authorities is to assess correctly the tax liability of an assessee in accordance with law. If, for example, as a result of a judicial decision given while the appeal is pending before the Tribunal, it is found that a non-taxable item is taxed or a permissible deduction is denied, we do not see any reason why the assessee should be prevented fr....