TaxTMI 
TaxTMI 
2021 (10) TMI 960
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....to the assessment year 2013-14. 2. The only issue raised through various grounds in the Memorandum of appeal is against the transfer pricing addition of Rs. 88,41,429/-. 3. Briefly stated, the facts of the case are that the assessee filed its return declaring total income of Rs. 1,20,21,64,290/-. Certain international transactions were reported in Form No. 3CEB. The AO made a reference to the Transfer Pricing Officer (TPO) for determining the Arm's Length Price (ALP) of the international transactions. In the instant appeal, we are concerned only with the international transaction of "Provision of business support services" with transacted value of Rs. 15,52,55,349/-. The assessee applied the Transactional Net Margin Method (TNMM) ....
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....dered, the ld. AR submitted that no formal Agreement was entered into. In view of the fact that the TPO has not disputed the nature of services as Business support services, which is further corroborated by the Transfer pricing study report, we accept the nature of services as such. 5. The only effective dispute raised by the assessee in this appeal is against the inclusion of Just Dial Ltd. in the list of comparables by the TPO. This company was chosen by the TPO as comparable, to which the assessee objected by submitting that the services rendered and the functions performed by Just Dial were significantly different vis-à-vis. the services rendered by assessee. The TPO jettisoned the objections and included it in the list of com....
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....pproach on its entire search media platform to cater to the evolving requirements of its users". Page 13 of the Annual report states that: "In order to address the emerging needs of our users and SMEs, we have set up an R & D laboratory to develop innovative products and features on our platform. Our R & D investments will enable us to reach new levels of innovation in line with technology advancements, evolving market trends and meeting the consumer expectations". 6. On an overview of the Annual report of the company, it is overwhelmingly pellucid that Just Dial provides information to its users about the suppliers of goods and services. The source of revenue of Just Dial is subscription by the providers of goods or services, who enroll....
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....8. The assessee has raised an additional ground reading as under: "That the Education Cess paid during the relevant Assessment Year be allowed as a deduction expense which is not covered under the provisions of section 40(a)(ii) of the Act." 9. 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 th....