2023 (12) TMI 1263

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.... Tax (Appeal) ('CIT(A)') erred on facts and in law in dismissing the appeal of the appellant in limine without adjudicating on the merits of grounds of appeal raised by the appellant. 1.1 That on the facts and circumstances of the case and in law, the CIT(A) erred in passing the impugned ex-parte order in gross violation of principles of natural justice, on the alleged ground that the appellant was not inclined to prosecute the appeal 2. That the Commissioner of Income Tax (Appeal) ('CIT(A)') erred on facts and in law in confirming the transfer pricing adjustment amounting to Rs 17,76,746 made by the Transfer Pricing Officer ('TPO')/Assessing Officer ('AO') allegedly on account of the differ....

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....in law in not appreciating that the associated enterprises and the appellant have incurred combined loss in respect of the international transaction of availing testing services and in absence of profit in the entire value chain, no transfer pricing adjustment in respect of international transaction of availing testing services was warranted. 2.6 Without prejudice, that the CIT(A)ITPO erred on facts and in law in not allowing adjustment on account of differences in working capital while computing the operating margins of the comparable companies." 3. Brief facts of the case are that the return of income was filed electronically on 28.11.2016 showing a total loss of Rs. 37,65,723/-. The case was taken up for scrutiny. The assesse....