2023 (2) TMI 1000

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....s u/s 143(3) r.w.s. 144C(13) r.w.s. 144BB of the Income Tax Act, 1961; in short "the Act". Heard both the parties. Case file perused. 2. The assessee raises the following substantive grounds in the instant appeal :- "Ground No. 1: General Ground On the facts and in the circumstances of the case, and in law, the National Faceless Assessment Centre, Delhi ('NaFAC') pursuant to the directions of the Learned Dispute Resolution Panel ('Ld. DRP'), erred in making a Transfer Pricing ('TP') adjustment of INR 84,50,662 to the income of the Appellant, by holding that the Appellant's international transaction of Sale of goods pertaining to the Manufacturing segment does not satisfy the arm's length principle envisaged under the....

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....cturing segment. Ground No. 3- Erroneously comparing the Appellant's margin at entity level with that of the comparable companies On the facts and in the circumstances of the case and in law, the Ld. DRP/Ld. TPO erred in comparing the Appellant's margin at entity level with that of the comparable companies' margin. Ground No. 4- Erroneously rejecting the segmental profitability statement as submitted by the Appellant On the facts and in the circumstances of the case and in law, the Ld. DRP/Ld. TPO erred in rejecting the segmental profitability statement submitted by the Appellant for determining the ALP of Sale of goods transaction pertaining to the Manufacturing segment. Ground No. 4- Erroneousl....

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....ementioned TP adjustment ought to be deleted. The above grounds are independent of and without prejudice to each other. The Appellant craves leave to add, alter, amend, or withdraw all or any of the Grounds of Appeal and to submit such statements, documents and papers as may be considered necessary either at or before the appeal hearing." 3. Learned counsel does not press for the assessee's ground nos.1, 2 and 7 being general in nature. Rejected accordingly. 4. Coming to the assessee's third substantive ground, it emerges during the course of hearing that it's sole endeavour is to get impugned arm's length price re-computed at transaction than entity level as per the provisions in Chapter X of the Act. Mr. Bafna submitted dur....