TaxTMI 
TaxTMI 
2021 (10) TMI 1244
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..../BNG/2019-20 involving proceedings u/s. 143(3) r.w.s. 144C(13) r.w.s. 143(3A) and 143(3B) of the Income Tax Act, 1961 ('the Act'). Heard both the parties. Case file perused. 2. We notice at the outset that assessee's instant appeal suffers form 33 days delay in filing. Learned counsel submitted that due to the outbreak of pandemic covid 19 unable to get the documents form the department which caused the impugned delay in filing of the instant appeal. Case law Collector Land Acquisition Vs. Mst. Katiji & Ors, 1987 AIR 1353 (SC) and University of Delhi Vs. Union of India, Civil Appeal No. 9488 & 9489/2019 dated 17th Dec., 2019, hold that such a delay; supported by cogent reasons, deserves to be condoned so as to make way for....
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....y unjustified are liable to be deleted. Transfer Pricing: 2. On the facts and circumstances of the case and in contrary to law, the Ld. TPO erred in and the Hon'ble DRP further erred in upholding confirming the action of the Ld. TPO in rejecting the transfer pricing analysis/study prepared by the Appellant, without appreciating that none of the conditions mentioned in clauses (a) to (d) of Section 92C(3) of the Act were satisfied. 3. On the facts and circumstances of the case and in contrary to law, the Ld. TPO erred and the Hon'ble DRP further erred in upholding confirming the action of the Ld. TPO in rejecting certain appropriate filters adopted by the Applicant in its transfer pricing study and in apply....
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....ely rejecting the following companies engaged in software development services selected by the Appellant as comparable companies in its transfer pricing study: * Evoke Technologies Private Limited * Akshay Software Technologies Limited * Sasken Communication Technologies Limited * Intense Technologies Limited 7. On the facts and circumstances of the case and in contrary to law, the Ld. TPO erred in and the Hon'ble DRP further erred in uploading/confirming the action of Ld. TPO in inappropriately rejecting the following companies which fulfill all the filters of the Ld. TPO and are functionally comparable to the Appellant: * Sagar Soft (India) Limited * Infomile Technologies ....
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....s under Comparable Uncontrolled Price ('CUP') method with the short term interest rates of the State Bank of India ('SBF), despite the fact that SBI is not in software development services and CUP method is not applicable. 12. On the facts and circumstances of the case and in contrary to law, the addition made by the Ld. TPO with respect to interest on outstanding receivables is untenable and be deleted since the addition has been made by computing interest on an invoice to invoice basis as against on a weighted average basis for all invoices raised during the year under consideration. 13. Without prejudice to the other grounds, on the facts and in the circumstances of the case and in law, the Ld. TPO erred in ....
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....gh court decision in CIT Vs. Firestone International (P) Ltd. (2015) 378 ITR 558 (Bom). We thus decline Revenue's vehement arguments supporting the learned lower authorities' action computing the assessee's impugned ALP at entity level than only pertaining to its international transactions with the AEs involving an amount of Rs. 78,13,59,281 in issue. We accordingly find prima facie merit in the assessee's instant foregoing argument and restore the instant former issue back to Transfer Pricing Officer (TPO) for his afresh adjudication as per law within three effective opportunities of hearing. 5. Next comes the latter issue pertaining to interest on receivables at ALP adjustment of Rs. 4,01,30,490 computed as per the SBI ....