2023 (8) TMI 291

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....ncome-tax (Appeal) (Ld. CIT (AY) has grossly erred on facts and in law in passing the impugned order on an ex-parte basis without providing adequate opportunity of being heard to the Appellant. To this extent, the order passed is against the principles of natural justice and liable to be quashed. Transfer Pricing Grounds 2 The Learned Assessing Officer (Ld AO) (along with the Learned Transfer Pricing Officer (Ld TPO)-under reference from the Ld AO) and Ld. CIT(A) has erred on facts and in law in making an addition of INR 2,28,49,247/- to the returned income of the Appellant. A. Provision of 'Technical Services' and 'Availing of Sub-Consultancy Services' 3. The Ld AO/Ld TPO/Ld CIT(A) erred on facts and in law in modifying....

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....y not computing the quant of transfer pricing addition on the value of international transaction, which stood at INR 27,29.08,356. 8. The Ld. AO/Ld. TPO/ Ld CIT(A) grossly erred on facts and in law by not appreciating the peculiar nature of transaction with associated enterprises viz. EINTL- EI JV (PRAMC) and EINTL- AARVEE-EI JV, which are Special Purpose Vehicle (Association of Persons (AOPs) and has no functional asset or risk profile. While doing so, the Ld AOI/Ld. TPO/ Ld CIT(A) grossly erred in not acknowledging that: a. These AOPs are taxed at same rate of tax as the Appellant and there was no profit shitting motive b. These AOPs are incorporated as per mandate of the Govt's Projects and have been assessed to meet the arm&#3....

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....ailability of Comparable Uncontrolled Price Method for benchmarking the alleged International transaction "outstanding receivables". 16. The Ld AO/Ld TPO/ Ld CIT(A) grossly erred on facts and in law by not appreciating the peculiar nature of transaction with associated enterprises viz EINTL EI JV (PRAMC) and EINTL AARVEE-EI JV, which are Special Purpose Vehicle? Association of Persons (AOPs) and has no functional asset or risk profile. While doing so, the Ld AO/ Ld TPO/ Ld CIT(A) grossly erred in not acknowledging that a. These AOPs are taxed at same rate of tax as the Appellant and there was no profit shifting motive. b. These AOPs are incorporated as per mandate of the Govt's Projects and have been assessed to meet the arm's....

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....UP - 873980 4. Payment Of Finance & Administration Charges CUP - 17.48,423 5. Bank Guarantee Other Method - - 6. Reimbursement of Expenses TNMM OP/OC 4,09,39,634 5. The Ld. Assessing Officer ("AO") referred the case to Ld. Transfer Pricing Officer ("TPO") who passed an order on 28.10.2019 under section 92CA(3) of the Income Tax Act, 1961 (the "Act") proposing the cumulative adjustment of Rs. 2,28,49,247/-. Accordingly, the Ld. AO served upon the assessee a draft assessment order requiring the assessee to submit its response under section 144C(2) of the Act. The assessee neither filed any objections before Hon'ble DRP nor submitted any reply to the Ld. AO within the stipulated period. The Ld. AO therefore proceeded to pass ....