2022 (9) TMI 1644

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....The appeal for AY 2012-13 arises out of final assessment order dated 03.11.2016 passed by learned Deputy Commissioner of Income Tax, Corporate Circle-(2)1, Chennai (AO) u/s 143(3) r.w.s. 144C(13) pursuant to the directions of learned Dispute Resolution Panel-2, Bengaluru dated 17.10.2016 u/s 144C(5) of the Act. 2.2 The assessee, vide petition dated 27.07.2022, seek permission to withdraw Transfer Pricing grounds in this year. The Ld. AR submitted that the assessee has received Mutual Agreement Procedure (MAP) resolution from the competent authority and accordingly, these grounds may be permitted to be withdrawn. Considering the same, the transfer pricing grounds raised by the assessee stand dismissed as withdrawn. The only grounds urged ....

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....decisions of Tribunal have taken the same view. Considering the same, we direct Ld. AO to grant the depreciation as claimed by the assessee. 2.5 The appeal for AY 2012-13 stands partly allowed. Assessment Year 2013-14 3. In this year, the assessee is aggrieved by Transfer Pricing Adjustments of Rs.988.97 Lacs. The assessee has filed similar petition dated 27.07.2022 wherein the assessee seek permission to withdraw Transfer Pricing grounds in this year. The Ld. AR submitted that the assessee has received Mutual Agreement Procedure (MAP) resolution from the competent authority and accordingly, these grounds may be permitted to be withdrawn. Considering the same, the transfer pricing grounds raised by the assessee stand dismissed as w....

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....ively, it was submitted by Ld. AR that the same ratio as applied in MAP resolution for Danish entity may be applied for this entity also. However, Ld. CIT-DR, drew attention to the orders of Ld. Transfer Pricing Officer (TPO) and submitted that the rendering of services is only supported by vague emails etc. and no benefit has accrued to the assessee. Having heard rival submissions, the appeal is disposed-off as under. 4.4 From the perusal of Ld. TPO's order dated 29.10.2018, it could be seen that the assessee has paid fees of Rs.119.14 Lacs to Singapore AE and benchmarked the same using Transactional Net Margin Method (TNMM). The Ld. TPO held that as per OECD guidelines, much of the services as enlisted in the agreement with AE falls wi....