Transfer pricing comparables' operating margin adjustments and forex loss claims: non-speaking 144C directions remanded; TDS verification ordered

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....On TP adjustment relating to computation of operating margins of selected comparables, the directions were held non-speaking because the panel addressed only bank charges and failed to adjudicate specific objections on items such as treasury expenses and interest on working capital loans, violating section 144C(5)/(8) and principles of natural justice; the matter was remanded for verification from audited financials, fresh consideration of all objections, and recomputation of arm's length margin. On foreign exchange loss and related brokerage/commission, the disallowance was sustained on merits, but the AO was directed to verify the correct quantum of loss claimed versus disallowed. On section 40(a)(ia), the AO was directed to verify the claim of lower TDS based on certificate and pass orders accordingly, allowing the ground for statistical purposes. - ITAT....