2022 (8) TMI 1590

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....evity "the AO") are identical and having separate orders that were passed u/s. 143(3) r.w.s. 144C(13) of the Income Tax Act, 1961 (in brevity "the Act"), in different dates for the Assessment Years 2013-2014, 2014-2015 & 2015-2016 pursuant to the directions issued by the learned Dispute Resolution Panel-2, Bangaluru are taken together as there are common issues involved in all the three appeals. 2. Tersely stated facts of the case are that the Assessee, an Indian Company, a subsidiary of Iljin, Korea, an affiliate of Iljin Group, Korea, is in the business of manufacture of automotive components since July 1997. i.e. Iljin India operates its assembling plant in Chennai, and is a leading assembler of wheel bearings. The major products asse....

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....acturer and distributor of automotive service equipment in India. B-4 JBM Auto Systems Private Limited Engaged in manufacturing and sale of sheet metal components. B-5 Badve Engineering Limited Engaged in diversified activities which include - metal processing and plastic processing and surface processing. The product also includes home appliances. B-6 NRB Bearings Limited Ball and Roller bearings amount to 39% of the company's turnover, whereas bearings contribute only about 2% to the revenue of Iljin India. B-7 Talbros Engineering Limited Item wise, not comparable Assessee's comparable in the Transfer Pricing study : Sl. No. Comparables TPO's Contention A. Spicer India Private Limited ....

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....per-books which are kept on record. In this issue, the Assessee filed an objection which is also kept in the paper-book at Page Nos. 222 to 501. The learned DRP rejected the claim of the Assessee and it is not supported with necessary documentation ascertaining the nature of utilization of the nature of utilization of forex loss. The learned Counsel of the Assessee prayed that the foreign exchange loss should be treated as operating in nature. 4. The learned CIT-DR vehemently argued and objected the issue and accordingly the matter is being setting aside for further adjudication and the Assessee is directed to submit the paper-book and documents for adjudicating the issue. 5. The learned Counsel of the Assessee further agitated t....